Thread: Renko Charts Trader

Anyone still following up on this ea? Would greatly appreciate it if it is modeled according to bulkbiz's method; go long when blue renko bar appears after red renko bar, and go short with red renko bar appears after a blue renko bar. SL is basically the value of 2 renko bars (whichever the value you input for your renko_2 indicator).

I agree with bulkbiz that renko are superb for trend trading, I have a friend who showed me his live account and is rolling in +7400 (thats about $74000 in standard lots) floating pips from about 5-8 currency pairs over 2 months by purely trading from renko charts and NO other indicators. If an EA is developed according to this I am sure alot of people would be happy about it!

i use 5pips as my box size to trade for a while...the result looks good...hope can get the ea..which open position when new renko appear then close when 2 opposite color come out.....
anybody can help me to do it?

Hi Monsieur Funyoo,

I realize this is a fairly old ea... by your standards... but I have been trading renko for years almost exclusively... I just found this thread and am doing some experimenting... My first observation, is that if you place the ea on a 1min chart (any pair) (porog 20) you will see that it is closing trades prior to opposite signal ie prior to 4 closed bricks (of the underlying 1min chart). Can you fix this and then I will test further? Also, when I place this ea on my offline m2 renko chart it does not function properly... it would be nice if it did and it placed trades on the close of an underlying m2 renko.

Thanks

Mr Funyoo,

Here is the mq4 ea for offline m2 renko if you do not have it... simple place renkolive ea on 1min chart... then open offline m2 chart. For testing you may want to make renkolive brick small. To see how your ea functions on m2 offline chart ie on bar close.

Thanks again

Here is an example, the ea should not of closed this short trade... 4 up bricks never formed on a 1 min close... btw imho for those not experienced with renko... trading bricks prior to underlying bar close is FUTILE.

You're the best

thanks

Here is an example of H1 usdcad where we had a H1 close with 4 up bricks and the ea did not open a trade... Ok, sorry I think this enough examples

cu

Over 1600 pips since December 16 trading 10 pip renko bars simply on color alone.

Originally Posted by Maveri4k

...I have a friend who showed me his live account and is rolling in +7400 (thats about $74000 in standard lots) floating pips from about 5-8 currency pairs over 2 months by purely trading from renko charts...

Hi Maveri4k,

Could you ask your friend please, which TF/porog settings does he use? I'd like to start with this strategy.
Thank you.

I don't understand something. If I change TF, the bricks are also change. Why? Isn't this system based on price not time?

It is because the indicator uses bar open prices, so if you change TF you get a different series of prices. The idea is that using bar close prices rather than current prices it smooths out noise in the price movements.