I set up an EA to read chart data into an offline M2 Chart,
(The EA is free and can be found online its called Renko Live charts 3.2)
I do not like the default Renko that much and so I use tails for back testing and checking proper EA setup
(I use Mr. Nims free scalping package just for the quick layout that comes with it. Google that)
To setup the Renko look for details on the websites you got it from to get it running
EA settings
--------- 10 pips typically for box size
--------- rest default Note the 10 pips is all dependent on the volatility Choose a box size that gives you the longest tails and the least "Turn arounds"** This optimization is important to the success optimize for last 20 boxes
Fun fact!!! A Turn around is when the Renko boxes close in a different direction than the previous box.
GAME TIME!!!
Safety
Set stop loss and Take profit unless you have all day
Program me an EA (not really a safety precaution but I would like one)
If you lose a trade once STOP UNTIL A TREND PICKS UP
Trends are 2 boxes that close in same direction the reason for this is when there is a consolidation period
this system will F*ck you if the renko boxes are just flip flopping up down up down.
How to play
We are playing of retraces and renko boxes make it simple
Now my picture might explain the whole system but I will type it out.
You trade with the trend.
(buys when previous box closed up, sells when previous box closed down)
You will enter following rule #1 when the current price retraces AT LEAST the full body of the previous
box.
You trade with great money management
(You have to have your winners cover around 3-5 losers)
(Achieve this through setting take profit to 3-5 times higher than stop loss)
(Depending on box size your stop loss will be at the price where a turn around would occur)
(Take profit will be at the price where the current box closes, continuing the trend)
Example:
2 renko boxes
both 20 pips tall
both closed up
current box opens so just watch price
price falls down 20 pips (full body of previous box)
we keep waiting cause we want higher R:R
price falls 10 pips more (total of 1 and a half boxes)
Enter with a stop loss at 10 pips
and a take profit at 50 (50 pips is from the 30 pips retrace + 20 pips to close with trend)
it’s working out a bit trickier than I thought, as we’re trying to deal with bar forming price action, and I’ve not come across a script that does that accurately (even the commercial ones). It might have to be forward tests. and I’ve not even got confidence in that.
All that to say you could probably set buy and sell limit orders at the Open of the previous bar, that could work no?
Is there anybody who knows where I can find a template/indicator-file to the mt4 demo?
I’ve searched and searched… Everytime I’m trying to compile a mql4 into ex4 - it says ‘‘could not launch compiling’’.
Anybody who has some ex4 files? or can decompile mql4 files?
ht tp:// forexfactory /showthread.php?t=237979
Hello is this what you are looking for this system is great believe me
i have built my robot on it but it trades on RSI im slowly building other indicators in , its amazing i love this system turned my first 1000 dollars into about 1235 in a week i was brand new then but now its amazing!
i fund someone copy this strategy or make the same is quite nice look
go to youtube and past it : Forex Simple Renko Price Action EA BackTest.
i don’t have enough post to put the link
is price action renko ea
maybe if we work on it can make a good ea ?
