Any suggestion for Renko Chart !?
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Hello
Do you have any suggestion for start to make renko chart EA ?
How Rebko chart work ?
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hi, renko is tricky ... because first what is renko ... it is generated in specified pips range as current price is oscillating up and down ... most of renko generators are holding all renko candles generated from time when generator started - this means if you want good history of renko candles, you need leave runing generator long time without restart, but when it is restarted, renko chart is generated from new time and all history bars are lost ... most of renko generators have function "generate history bars from M1 candles" -- this is good, but not perfect because you have not real ticks in these candles and they are generated only on price range of M1 chart - the smaller renko candle is, the less accurate in history candles, and opposite ... this small perfection detail is in renko big problem, because in most cases you cant test your EA in tester - you can test is if it is working as open/close, but you cant test it for profit in tester ... the only way how to test renko is forward demo (this take months and most probably fails in all scenarios
) ...renko generators in most case generate offline charts in some period (in settings can be specified), like M2 ... this means timeframe == 2 ... so in fxdreema insert your timeframe in constants/inputs as int type and in condition timeframe apply this constant:
example below is well known renko strategy (2 new candles in same color opens trade in direction and one opposite it close) ..
https://fxdreema.com/shared/XgbcqQb9d
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i suggest you don't work on renko they all lose in 99% modeling quality test.
because of the range period.
it is most of the time ranging so you've got one or two renko bars for each direction.
it makes the expert lose.
if you created a renko ea check it with renko fxt builder on tick data and you'll see they all lose. -
Be careful ! Metatrader is not good in making a chart of Renko. It creates BRICKS that look like candles .... BUT THEY ARE NOT. In a Renko chart (on MT4) the values for open high low close are useless. The only value that is correct is the close value, at the instant of closing (formation) of the brick ONLY. If you make an EA that use "once per bar" it will react on the bar open. But this value is only created retrospectively in a Renko chart. If you want to invest time in Renko ... make EAs that ONLY take the brick close for action ...(good luck with that)
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Thanks so much for your help
