Mr.Nims, Renko Ashi Scalping System. - page 131
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https://www.mql5.com/en/forum/178540
has anyone tried this other range bar indicator and how good it is??
thank you.
just to show what i am talking about open up a renko 10 size on EU. look at yesterday afternoon....
1 brick goes from 1.3578 upto 1.3610 im sure you can do the maths... the advantages in the system are lost as you would have got in on a price time chart a lot earlier with your indicators.
the production of bricks definitely needs improving.
This may have been talked about before but it certainly hasnt been answered.Francis. If you have a box that is 32 pips long for 10 pips box, then your renko chart is not working properly. The highest a 10 pips reversal box can go is 29 pips. On my chart that day the highest I got was 29 which is normal.
QUOTE=francisfinley
dont get me wrong i see real value in renko.
i just want it to work properly!
as i say combined with a price/time chart and some of the indicators in another thread on this site it is very powerful.
just be aware of the limitation of any indi only getting you in on the second renko bar and in its current vein we are talking wick+candle+following brick like yesterday you are not getting in until 42 pips later + spread on top
kerty9;333651]I also like renko but I find its reversal bars to be too big and too late for entries. Why can't we have Renko reversal bars that are of uniform pip size as all other renko bars? That would definitely enhance Renko Charts without taking anything away from it.
Hi Francis and kerty
1. I think there is communication gap here. From all your posts on Renko chart formation Francis did NOT state exactly what the issues are.
2. Going by the BASIC principle, a proper renko chart of 10pip box can only form a new box if you have 10 pips movement above/below the previous. So it will have maximum wick of 19 pips for a reversal box (actually 9 pips since a box already formed on top/below).
The RenkoLive 3.2 EA version (Note we have 3.2 script version) works exactly. It is also tick driven.
3. I use 3.2 EA version It works properly as Renko should work. On LIVE chart it is tick driven. If you have your MT4 connected to your broker for couple of days you get charts based on tick data. I believe what Painless is trying to do is to permanently acquire the tick data.
4. Compared with candle, IMO renko is better since it reduces the noise.
5. I believe the problem is NOT renko but the indicators. While MT4indicators are designed for time based charts with constant Open value. renko does not have constant Open variable on current box. Indicator that base its calculation on previous closed blocks (and HL) will minimise the issue of 3 boxes reversal entry.
6. The main challenge is establishing the major trend and trading in that direction only. Renko give us perfect entries.
7. As you know, the SL will be 34 to 43 for 10 pips box and 3 spread. Hence our strategy should be such that our target achieves at least RR of 1. This is not difficult to achieve on fast pair e.g GU, EY or GY.
In trading the MOST important thing is CONCISTENCY. Renko seems very promising in achieving this.
Thanks.
You talk to the wrong person
every chart you post your setup changes. something is not quite right there... surely you find a format that works and rinse and repeat?
from one of the charts it actually states xpma.
you havent added any value to the topics i have raised.
i cant see any real value from what you are doing apart from being rude to people... calling them names.
what you have written here is contradictory and it has been rewarded with the response it deserved.
now orinin as i keep saying and others are now writing on this topic how have you dealt with situations where you are getting in 40 pips behind the move on a 10 pip brick?Wow...sorry,
If you read the whole thread, you will find that I m also just person who come and contribute into this forum, just like you dude.
As the original creator of this forum, you should ask Mr Nims.
May I suggest that since you cant get the proper answer of your problems, do some research by yourself then come to this forum again with solution. You keep saying that entry is the big problems with renko, so back to trading with ordinary chart.
You did not contribute at all in this forum rather than keep asking for spoon feeding and the most is negative perception of renko trading system.
Think about it. You better learn how to trade..I m being rude to you bcoz I got fed up with your posting which is keep giving negative opinin but has never come up with solution. Stop..
Now we recreated the famous orinin's commercial system by collective efforts of forum partici_pants....
You lol Pava,
I said I cant give the indicator publicly bcoz that indicator are commercial one and not good to give free others commercial indicator. I have no intention at all to sell it to anyone here.
You lol Pava,
I said I cant give the indicator publicly bcoz that indicator are commercial one and not good to give free others commercial indicator. I have no intention at all to sell it to anyone here.
None of us want from you to provide us the indicator, which is commercial, however you can tell us the indicator name &/or the website, where you purchased it.
Regards,
GrZack
and the beat goes on
Hi all,
Permanently acquiring tick data from MT4? I already posted an ea to do that some time ago. Sorry but I am very lazy when it comes to posts. It is just my nature, GOB. (Grumpy Old Bastard) Here are some bar types I have invented, used and tested. Tested on my own software not someone else's.
Range Bars(1988) and Step Bars(1989). If you invented them before I did then let me know
and I will forego all my royalties and bequeath them to you.
P&F, Renko, Volatility Based Bars and Logarithmic Bars in various formats.
No need to fight about which bar is best. They are suited to different applications. Using trend based systems and based on laborious testing with large samples of tick data across various instruments. Log bars in step format were the best for stock index futures and other instruments that are affected by large changes in value over their trading life eg gold. However I did not try logarithmic renko bars. Step bars were best for most of the rest. A step is a constant value from one open to the next, or greater if it gaps. Please avoid using anything that pads gaps without good reason. I know you can pay money for MT4 EAs that create some of these bar types but I suggest avoiding that unless you are dead certain that it is what you need. You could mod the Renko 3.2 ea to do your own step bars if you want. No doubt some of those geniuses can rip this off too and try to charge 70 Euros for it. Hey Pava let us know how that NN indicator works out please.
cheers
Hi all,
Permanently acquiring tick data from MT4? I already posted an ea to do that some time ago. Sorry but I am very lazy when it comes to posts. It is just my nature, GOB. (Grumpy Old Bastard) Here are some bar types I have invented, used and tested. Tested on my own software not someone else's.
Range Bars(1988) and Step Bars(1989). If you invented them before I did then let me know
and I will forego all my royalties and bequeath them to you.
P&F, Renko, Volatility Based Bars and Logarithmic Bars in various formats.
No need to fight about which bar is best. They are suited to different applications. Using trend based systems and based on laborious testing with large samples of tick data across various instruments. Log bars in step format were the best for stock index futures and other instruments that are affected by large changes in value over their trading life eg gold. However I did not try logarithmic renko bars. Step bars were best for most of the rest. A step is a constant value from one open to the next, or greater if it gaps. Please avoid using anything that pads gaps without good reason. I know you can pay money for MT4 EAs that create some of these bar types but I suggest avoiding that unless you are dead certain that it is what you need. You could mod the Renko 3.2 ea to do your own step bars if you want. No doubt some of those geniuses can rip this off too and try to charge 70 Euros for it. Hey Pava let us know how that NN indicator works out please.
cheersit doesn't...it's a nice toy...not more than that....
remember im not a renko hater just trying to push it forward and stop misinformation continuiung on this thread. remember this thread started as scalping. ...
10pips box is equivalent to 30m TF on most pair (check the average time it takes to form a box). If you want to scalp with lower SL you should be looking at smaller time frame hence a smaller box size (say 3) on renko.
QUOTE=francisfinley
dont get me wrong i see real value in renko.
i just want it to work properly!
as i say combined with a price/time chart and some of the indicators in another thread on this site it is very powerful.
just be aware of the limitation of any indi only getting you in on the second renko bar and in its current vein we are talking wick+candle+following brick like yesterday you are not getting in until 42 pips later + spread on top
kerty9;333651]I also like renko but I find its reversal bars to be too big and too late for entries. Why can't we have Renko reversal bars that are of uniform pip size as all other renko bars? That would definitely enhance Renko Charts without taking anything away from it.
Hi Francis and kerty
1. I think there is communication gap here. From all your posts on Renko chart formation Francis did NOT state exactly what the issues are.
2. Going by the BASIC principle, a proper renko chart of 10pip box can only form a new box if you have 10 pips movement above/below the previous. So it will have maximum wick of 19 pips for a reversal box (actually 9 pips since a box already formed on top/below).
The RenkoLive 3.2 EA version (Note we have 3.2 script version) works exactly. It is also tick driven.
3. I use 3.2 EA version It works properly as Renko should work. On LIVE chart it is tick driven. If you have your MT4 connected to your broker for couple of days you get charts based on tick data. I believe what Painless is trying to do is to permanently acquire the tick data.
4. Compared with candle, IMO renko is better since it reduces the noise.
5. I believe the problem is NOT renko but the indicators. While MT4indicators are designed for time based charts with constant Open value. renko does not have constant Open variable on current box. Indicator that base its calculation on previous closed blocks (and HL) will minimise the issue of 3 boxes reversal entry.
6. The main challenge is establishing the major trend and trading in that direction only. Renko give us perfect entries.
7. As you know, the SL will be 34 to 43 for 10 pips box and 3 spread. Hence our strategy should be such that our target achieves at least RR of 1. This is not difficult to achieve on fast pair e.g GU, EY or GY.
In trading the MOST important thing is CONCISTENCY. Renko seems very promising in achieving this.
Thanks.Francis, excellant summary of the issue with Renko that is most indicators do not add any value as you can trade with a screen and blocks only. Trends are obvious support and resistance and momentum are the key issues
For pairs other that EY, GY, GU use 5 pip blocks, it allows tighter stops hence more leverage.
regards
Peter