SIMPLE RENKO EA REQUEST

[Gffx]

Good afternoon,

i was just looking around if it was possible to program a simple based renko EA.
I backtested it manually on some renko charts with (5-10pips) and had some good results in the past months.
But without an ea wich makes the trades it is not possible to get all the trades.

There are just a few rules.

Lets say that 1 bullish renko is GREEN and 1 bearish renko RED.

ENTRY BUY: AFTER 2 GREEN RENKO BRICKS (BRICK PIPS SIZE DEPENDING ON CHART)

STOP LOSS: 1 BRICK UNDER THE LOW OF THE ENTRY PRICE. EXAMPLE: 20 PIPS IN A 5 PIP RENKO CHART.

BREAK EVEN CLOSE: ONCE THE PRICE MOVED 2 GREEN BRICKS BUT THEN MOVED 1 BRICK BACK (RED) THEN CLOSE IN BREAK EVEN (GOING TO LOOSE THE SPREAD).

TAKE PROFIT: ONCE THE PRICE MOVED FURTHER THOSE 2 GREEN BRICKS WE WAIT 1 RED BRICK TO TAKE PROFIT.

IF THE PRICE CREATES 6 OR MORE GREEN BRICKS STARTING FROM ENTRY PRICE THEN WE NEED 2 RED BRICKS TO TAKE PROFIT.

FOR SELL TRADES THE SAME RULES BUT INVERSE.

When we have a stop loss and we obviously had 2 same bricks in the moment our SL whas hit then we enter the next opposite trade. So if the SL of our BUY is activated then we enter straight on in a sell trade.

I hope i was clear enough if somebody could help me with this i would be thakfull.
Any questions just tell me.

Thank you.

[SteveHopwood]

There is a problem with Renko.

It looks sooooooo seductive on those charts. All those bricks marching determinedly in one direction, to be followed by a change of direction then a determined march back in the opposite direction. Even those 'choppy' groups of blocks could not have cost all that much, could they? Surely not?

Trouble is, on the ground and waiting for those bricks to form things do not appear to go as planned. No idea why, they just don't.

I have been programming EA's since 2006. I must have coded a fair few Renko thingies; they were all failures.

There is a saying in life: if it looks too good to be true, then it probably is too good to be true.

That sums up Renko perfectly.

Frankly, if Renko worked then we would all be rich already. It doesn't so we aren't.

Do yourself a favour and forget it. There are threads here that will teach you to trade. Use them instead of wasting your time on ephemera.

[siriusfx]

i have made a renko algorithm that works pretty well and can be optimized for all pairs..

the trick to renko bars is not guess whats the next price but to able to follow and trap the price in the safest manner possible..

Here is just the very basic examples of the algorithm..

[nanningbob]

i have made a renko algorithm that works pretty well and can be optimized for all pairs..

the trick to renko bars is not guess whats the next price but to able to follow and trap the price in the safest manner possible..

Here is just the very basic examples of the algorithm..

I see people often use MYFX or other summaries and I often see drawdowns of 20,30,40% or higher. Does that mean you are carrying a live DD of 40+% on open trades?

[siriusfx]

No it means thats the max drawdown in equity that has occurred, currently only 1.5% drawdown...

These current settings should yield 3000$-10,000$ a month, and risk can be greatly lowered if needed i doubt it will ever get over 40% DD that was a 450 pip trend that did that and they arent too common...

[nanningbob]

The problem I have had with Renko is I have never found one that worked well with Empty4 so I could study it. So it has never gotten a strong interest from me even though I fidn the concept interesting.