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Renko chart (Obsolete)

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Re: Renko chart.

Postby TheEdge » Wed Jan 11, 2012 4:08 pm

Hello,

One more thing I noticed that needs to be address, we need the option to select the starting date and time that we want the bricks to start from.

As it is now I'm not sure how far back it's getting it's data but the bricks are not located in the same place when if you restart TSII...this is cause major problems when trying to use this system .

This is a feature in Strategy Trader.
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Re: Renko chart.

Postby Apprentice » Wed Jan 11, 2012 4:41 pm

Your request has been added to the developmental cue.
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Re: Renko chart.

Postby Fosking » Thu Feb 09, 2012 5:52 pm

Hey Apprentice!

Have you had any luck on a fully operational renko chart?
The work you guys have done so far is great but it keeps crashing Marketscope.
I have tried searching for a proper MT4 renko chart but have had no luck.

I am looking forward for you guys to crack this!
Many thanks :)
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Re: Renko chart.

Postby Apprentice » Fri Feb 10, 2012 4:47 am

Can you provide us with crash report.
It is located within FXTS2/crash folder.
It is imperative that you copy its contents,
prior to the restart of the TS.
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Re: Renko chart.

Postby TheEdge » Thu Apr 05, 2012 10:12 am

Apprentice,

I have not been able to create a crash since updating TS2, however if you select Renko bars of 5pips and try and load 120 or more days of data say in the 4 hour time frame it will lock up TS2.

As I said before I think the option to select the look back days would be the fix.

Here are some issues with these and some possible solutions for any one wanting to use these.

Issues First:

These Renko bars are time dependent and they shouldn't be dependent on time. If, you watch the charts and compare these to Candle charts you will see that price often moves more than 5pips (the setting for the Renko Bar) but a new bar doesn't print, new bars only seem to print after the close of the Candle.

A true Renko closes and opens everytime price exceeds the default value, if the Renko is set at 5pips than at 5pips the first bars closes and the next bar opens.

It seems these are using candle data to to determiner when to open and close. This is not bad except that if a candle goes in your favor say 50pips before closing you would not see this in the renko instead you see price leave your renko bars behind, conversely if price where to move against you wouldn't known it had until the close of the candle. (The Renko3.lua seems to have this problem more so than the Renko2m, but I like the added features of the Renko3 better)

I suggested before that maybe the fxcm team needs to pull the code from strategy trader and add the renko bar as a standard option rather than an indicator.

So the next question is it possible to code this to use tick data with a look back period rather than using the candle data?

Using these renko bars on TS2 as they are now,

I suggest renko2m.lua on a 1minute chart with the Renko set at 5pips, once on the chart zoom out so the maximum data is downloaded from the server this will give results similar to Strategy Trader. Just keep in mind if price moves you will not see the result until the 1minute candle closes.

I have a strategy I think would be good fit for renko bars if the issues can be ironed out.

If not can you guys encode an indicator for Strategy Trader?

Renko2m on left, Renko3 on right

Renko2m and Renko3 Comparison,
It would seem the Renko3 did a better job of showing price closer to the top, but Renko3 seems to allow price to move much farther away before printing bricks.

BUT when compared to Strategy Trader Renko2 does a better job.
As a matter of fact if we set the look back period the same 24hrs. we get almost the exact same price top by .00007 pips.

If you want to use renko bars use Renko2m,
Attachments
Capture.PNG
Renko2 on Left Renko3 on far Right
Renko Compare TS2-StratTrader.PNG
Strategy Trader and Renk2 and Renko3
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Re: Renko chart.

Postby Apprentice » Fri Apr 06, 2012 4:04 am

When I find time, I will try to offer a solution.
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Re: Renko chart.

Postby GideonHanekom » Wed May 09, 2012 3:05 pm

Hi Guys

I've been trading using Renko2.lua with settings 5 pips on a 15 minute chart and it works just fine for my scalping strategy. Would it be possible to change the indicator just a little so that the wick remains after a new brick is formed. How this helps is your pivot levels and support and resistance indicators are more accurate as the levels are often really a little further away from the open or close of the brick. Also with back testing and stop loss determination this would help as well.

Kind regards

Gideon
Attachments
Renko2.lua
(4.52 KiB) Downloaded 1048 times
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Re: Renko chart.

Postby GideonHanekom » Thu May 10, 2012 2:54 am

Thank you apprentice, I'll hang on for dear life!

Kind regards

Gideon
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Re: Renko chart.

Postby GideonHanekom » Thu May 17, 2012 6:26 am

Hi Apprentice
Just for info, I found that even Renko2.lua does not print the bricks absolutely correctly. Renko chart should really make a new brick after the specified brick size, 5 pips or whatever, and should not be time bound.

Hope you find time

Kind regards

Gideon Hanekom
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Re: Renko chart.

Postby TheEdge » Thu May 17, 2012 8:10 am

GideonHanekom wrote:Hi Guys

I've been trading using Renko2.lua with settings 5 pips on a 15 minute chart and it works just fine for my scalping strategy. Would it be possible to change the indicator just a little so that the wick remains after a new brick is formed. How this helps is your pivot levels and support and resistance indicators are more accurate as the levels are often really a little further away from the open or close of the brick. Also with back testing and stop loss determination this would help as well.

Kind regards

Gideon


How are you compensating for the fact that indicators do not stay with the bars? Are you refreshing all the time? How also do you compensate for the time effect...meaning it takes 15 minutes for the bars to print as they only seem to print after the close of the 15 minute or what ever time frame one is using?

I am very interested in using these but I don't like the time effect as the bricks lag to much for my trading style. Very interested how you are managing to compensate for these effects.

Thanks in Advance,

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