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Wapen's Renko auto-trading EA
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=501		 Page 1 of 6
Author:  SteveHopwood [ Sun Apr 22, 2012 4:42 pm ]
Post subject:  Wapen's Renko auto-trading EA
SERIOUS WARNING
  • Most Forex traders lose all their money.
    Using the robot posted here in trading Forex does not guarantee success.
    Trading this robot could lead to serious financial loss.
    Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
    This is not a set-and-forget ea. There is no such thing and anyone who tells you there is, is either a liar or an idiot. This EA will need manual intervention when NoOfTrades buys and sells are open, and the only recourse from there is to manage the basket manually.
    At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
    To trade this robot, you have to understand:
    • - How to use EA's.
      - Renko candles.
DO NOT TRADE THIS EA ON A LIVE ACCOUNT. IT IS EXPERIMENTAL.

Ehup all

Intro

Wapen sent me this pm last week:
"Hi Steve,

If you can write one more EA. For the community.

One more for the Renko bars.

On every new bar open a trade in the same direction as the one just closed. Example the candle just closed and it was a up candle then open immediately a buy. SL is 2x this bar. TP can be 1 bar or 0. If 0 follow with candle trailing stop off 2. Every time a new bar is formed open a new trade. Thus multi trades will be in the market if it move up for more than 2 bars.

I have calculated the EURJPY out of all 131 candles (4 Aprill 2012 – current) the total possible pips was 240 with a max of 3 negative trades in a row. Following the 1 bar TP.

All your work are appreciated!

Thanks and regards
WAPEN"

Those of you unfamiliar with Renko, read the attached pdf for details and how to set up your Renko chart. RenkoLiveChart_V3.2 is an EA, and so needs to go into your Expert Advisor's folder.

Trade exit
Either:
  • - set TakeProfit and StopLoss to a >0 value and set both TpBricks & SlBricks to zero. Or
    - set TpBricks to > 0 to use the Remko brick size multiplied by this input to produce a take profit. Ditto SlBricks. These inputs override TakeProfit and StopLoss inputs.
The EA automatically detects the Renko brick size.

Other stuff
The usual stuff is included - Hanover, CBI, trend determination, ATR for stops/tp's etc. Find a copy of my Shell user guide which has explanations for a lot of the inputs. Ignore inputs described in the guide that you cannot find in the EA inputs.

More warnings
Renko is seductive when you look at it on a chart - those rising/falling bricks seem soooooo clear. Be warned that I have yet to code an EA that has traded them profitably.

b]In conclusion[/b]

Have fun, if you can.

:D

Matters of general interest

Read this post:
http://www.forexfactory.com/showthread. ... ost4923611 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration. There is a thread devoted to Sam's trading method at http://www.forexfactory.com/showthre...25#post5118825

Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179

EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... p=803#p803, at the bottom of the post.

Useful utilities/EA's/scripts
Matt's chart-population script at http://www.stevehopwoodforex.com/phpBB3 ... 5733#p5733. Use this every time you start a fresh platform.
MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
Account equity analyser: http://www.forexfactory.com/showthread. ... ost4693716 Also at http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... p?f=5&t=15
Author:  ROBST3R [ Sun Apr 22, 2012 5:37 pm ]
Post subject:  Re: Wapen/s Renko auto-trading EA
This looks like the ea i posted yesterday! Mine Also uses à grid, but i found out this often results in à loss! All THE options for an sl tp be sets trailstops, candletrails are included.
Sl of 2 times candle is because that is when THE colorchange happends. Will this ea Also directly buy ore sell à trade when Previous trade is closed? Maybe we can work together with our idea's?
I Also trade this system live às à scalper and found out that this is profitable, but very stressfull to trade manual! With an ea we can catch all THE moves and when you do some visual tests you find out we can make to 100 pips à day on 1 pair!

Greets,

Robert
Author:  FreddyFX [ Sun Apr 22, 2012 7:38 pm ]
Post subject:  Re: Wapen's Renko auto-trading EA
RENKO is a nice way to trade, but as mentioned above, very misleading at times.

I will DEFINITIVELY give this setup a spin.
Author:  Wapen [ Sun Apr 22, 2012 8:31 pm ]
Post subject:  Re: Wapen's Renko auto-trading EA
Thanks Steve,

Will set up the demo account later tommorow and link it here with myfxbook.

Wapen
Author:  Wapen [ Sun Apr 22, 2012 8:32 pm ]
Post subject:  Re: Wapen/s Renko auto-trading EA
ROBST3R wrote:This looks like the ea i posted yesterday! Mine Also uses à grid, but i found out this often results in à loss! All THE options for an sl tp be sets trailstops, candletrails are included.
Sl of 2 times candle is because that is when THE colorchange happends. Will this ea Also directly buy ore sell à trade when Previous trade is closed? Maybe we can work together with our idea's?
I Also trade this system live às à scalper and found out that this is profitable, but very stressfull to trade manual! With an ea we can catch all THE moves and when you do some visual tests you find out we can make to 100 pips à day on 1 pair!

Greets,

Robert

Hi ROBST3R,

On what currencies have you traded this. I'm thinking of currencies that range a lot like AUD, CAD, NZD but with lo spread as this can ruin the profit.

Wapen
Author:  ROBST3R [ Mon Apr 23, 2012 10:50 am ]
Post subject:  Re: Wapen/s Renko auto-trading EA
Wapen wrote:
ROBST3R wrote:This looks like the ea i posted yesterday! Mine Also uses à grid, but i found out this often results in à loss! All THE options for an sl tp be sets trailstops, candletrails are included.
Sl of 2 times candle is because that is when THE colorchange happends. Will this ea Also directly buy ore sell à trade when Previous trade is closed? Maybe we can work together with our idea's?
I Also trade this system live às à scalper and found out that this is profitable, but very stressfull to trade manual! With an ea we can catch all THE moves and when you do some visual tests you find out we can make to 100 pips à day on 1 pair!

Greets,

Robert

Hi ROBST3R,

On what currencies have you traded this. I'm thinking of currencies that range a lot like AUD, CAD, NZD but with lo spread as this can ruin the profit.

Wapen
I`m using it on eu gu! spread 0.5 to 1

I also use this system live sometimes with good succes, but like i said, very stressfull!
Author:  Wapen [ Mon Apr 23, 2012 11:28 am ]
Post subject:  Re: Wapen/s Renko auto-trading EA
ROBST3R wrote:
Wapen wrote:
ROBST3R wrote:This looks like the ea i posted yesterday! Mine Also uses à grid, but i found out this often results in à loss! All THE options for an sl tp be sets trailstops, candletrails are included.
Sl of 2 times candle is because that is when THE colorchange happends. Will this ea Also directly buy ore sell à trade when Previous trade is closed? Maybe we can work together with our idea's?
I Also trade this system live às à scalper and found out that this is profitable, but very stressfull to trade manual! With an ea we can catch all THE moves and when you do some visual tests you find out we can make to 100 pips à day on 1 pair!

Greets,

Robert

Hi ROBST3R,

On what currencies have you traded this. I'm thinking of currencies that range a lot like AUD, CAD, NZD but with lo spread as this can ruin the profit.

Wapen
I`m using it on eu gu! spread 0.5 to 1

I also use this system live sometimes with good succes, but like i said, very stressfull!
Hi ROBST3R,

I what to link myfxbook, how do one go about doing this exspecialy multy accounts.

Thanks
Author:  ROBST3R [ Mon Apr 23, 2012 1:02 pm ]
Post subject:  Re: Wapen's Renko auto-trading EA
It`s explained in myfxbook! You have to set your fxbook account in your Empty4 and then ad you widget
http://www.myfxbook.com/widgets
Author:  Wapen [ Mon Apr 23, 2012 2:11 pm ]
Post subject:  Re: Wapen's Renko auto-trading EA
Hi All,

Please see below the results of this EA at the myfxbook below.

One setting has been change. The SL are 2 and not 1 as per OOTB.

Note that the lot/risk are high and I will note trade life with this big risks. I believe in testing more aggressive than one would trade life.

Currently I only test the following currencies, AUDUSD, CADJPY, EURJPY, EURUSD, GBPCHF, USDCAD.
This is to prevent over exposure and cross correlation.

Wapen
Author:  pt2004 [ Mon Apr 23, 2012 3:26 pm ]
Post subject:  Re: Wapen's Renko auto-trading EA
Hi Wapen,

What brick sizes you are using???

Best Regards
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