Experts: Renko Live Charts v4.13 - page 6
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Hi Tim,
After setup, it says to open m2 chart, but how is it possible in mt4?
I am not Tim, but you will find it under File -> Open Offline Chart ;).
What I first saw seems to be a little bit faulty. In my opinion green boxes can't have an upper wick and red ones no lower cause when a box is finished and drawn the new box has to be created immediately.
Then there will be two possibilities: a) price reaches level of the next step to draw a box or b) it doesn't. If it does not and runs in the opposite direction then you can have wicks. So only upper wicks at red boxes or lower wicks at green ones.
What do you think?
I think, you're right to a certain degree. What you describe is renko, of course, but it's completely based on real-time approach. When you process incoming ticks one by one, the algorithm is certainly such as you say. But when you process price history (using bars, not ticks), you know when price reached specific up- or downward box, and you know how price moved inside this box. For example, if renko is in uptrend, there can be many cases where price moves up, but do not reach next box size and retreat, and only after a while it hits the next box level. All this places can be marked by upside wicks just as a result of uniformed calculations of (all) wicks. Why should we hide this important information about price evolution during box formation? I admit, we can remove such wicks artificially just to pretend that the chart is completely built from ticks or to adhere to classical look and feel. But I think the information is helpful and I decided to keep it. As the sources are available anyone can adjust this behavior.
For example, if renko is in uptrend, there can be many cases where price moves up, but do not reach next box size and retreat, and only after a while it hits the next box level. All this places can be marked by upside wicks just as a result of uniformed calculations of (all) wicks. Why should we hide this important information about price evolution during box formation?
I think we don't mean the same. Or maybe not exactly. I will try to explain it with numbers - might be easier.
Ok, let's say we have a 10 box Renko chart (10 is easy to understand). Our last green box reaches from 1,10 to 1,20 (Box A). Now the price is at 1,25 - this has to be in the next box and not as an upper wick. If it reaches 1,30 it is included in the 1,20-1,30 box (Box B1), if it goes down to 1,00 you have an upper wick at 1,25 at the red 1,10-1,00 box (Box B2). That is with live ticks.
But what is about history?
Same story. Maybe the last M1 candle had a high of 1,18 so Box A is not drawn by now! Next M1 candle has a high of 1,22. What has to happen then? Box A has to be drawn 1,10-1,20 and the high of 1,22 has to be memorised and taken over to our Box B. No information is lost!
Even if you don't know when the High 1,22 in the historical chart came exactly it never can be an upper wick in a green box (A or B1). Only in a red one (B2)! Box A always ends at 1,20 at the upper side, Box B1 at 1,30.
What do you think?
I think we don't mean the same. Or maybe not exactly. I will try to explain it with numbers - might be easier.
What do you think?
No, it seems we are talking about the same thing. I admit that your description fits classical algorithm, yet my modification is intentionally calculated slightly different - it shows completed boxes in history, and until a box is completed insufficient price movements are reflected in preceding bar wicks. This is just an algorithm. There are a lot of different zigzags, and there are a lot of different renko implementations (try a number of them, and everyone is likely to show different results).
Most interestingly, what is your findings about the issues which you were about to check initially?
Most interestingly, what is your findings about the issues which you were about to check initially?
It seems that your EA gets all the Highs and Lows right but because of the "wrong" wicks I switched back to the other one. Maybe I can fix it own my own.
Try this fast modification. Let me know how it works for you.
First look is nice. Will keep checking. Thanks mate!
Update: just saw a little "error" in the actual "box". Will try to explain again in numbers :).
Last finished box is e.g. green and goes from 1,0670 to 1,0680 (EURUSD). The High after 1,0680 was 1,0687 so it is not enough to finish a new box.
Now this happens: if the actual price is below the open of the actual (green) box (Open is 1,0680), the last High is displayed correctly. If the price is above the Open the High is missed and the actual price is shown as High.
In numbers:
price 1,0675 -> High shown correctly as 1,0687
price 1,0681 -> High shown as 1,0681
Haven't checked if it also occurs on the down side.
History seems to be fine on first sight :).
Update 2: Error also occurs on the down side (missing Lows when actual box is red and price is below open).
Again in numbers :). Price drops below 1,0670 and was not higher than 1,0689 so that the actual box turns red. Last low was 1,0662.
price 1,0675 -> Low shown correctly as 1,0662
price 1,0668 -> Low shown as 1,0668
A picture is worth hundred words. Screenshots are very helpful.
If you have Skype I can show you via screen sharing. Might be worth more than thousand words :D.