Hi renko lovers lol,
I myself am a fan renko and love to test things out with renko. Just like many of you i too am a simple rookie trader with no coding experience. So let me tell you a summery of my journey so far with renko.
I first got to know renko about from one of renko threads here. Than saw MathTrader renko chart generator. From there did experimenting with his renko eas posted and spend a shit load of time back reading several years into the thread. Most of it is pretty out dated information and as for MathTraders EAs he keeps them updated with his available time. As i spent more time reading and finding new ways, i started using STGs renko charts and it made my life a little easy since i can change pip value easily.
I am like most people, sure as hell don't have the time look at the screen all day long and i prefer scalping than swing trading. May be its because im still a rookie trader and don't have the patience for swing trading, i don't know. The emotions that comes with trading etc i learnt with my little experience that trading with a robot was much better FOR ME
So just like the mass majority, i started to look for Free EAs, not all are ideal for renko trading the ones i found at least wasn't recommended from using in the past. But still i looked for alternatives. I bought a few EAs after understanding the logic behind the eas trade conditions, place the same indicators on a renko chart and see if its works.
But I face THREE problems,
The first being i may want to use a different indicator but that required paying to build for a new ea again which i wasn't too keen on.
The second being MT4 takes such a long time to back test and if you try to do optimization from it than RIP.
The third issue being back tests vs demo was very very different.
So i first spent for time finding out why the results were so different and the more i spent i time on it more i learnt of MT4 restrictions and finally decided to migrate to MT5.
Mainly 2 reasons to why the results differ.
1. Most of us using floating spreads and in the back tests it is not represented and the spread section from the tester is not good enough
2. Backtests process all tick data and demo/live process the most recent tick so there is no lag in price.
More time spent leaning on how to run renko charts on MT5, how to backrest properly and realized i needed to learn to code or at least the basics for small changes and ended up finding "EA Building Websites" and it was holly grail for me lol.
I still needed to learn the platform read forums and do troubleshooting myself because even if i dont have to code in this situation i still needed to have a good understanding on how ea executes conditions and indicator buffers.
Still, MT5 doesn't you place trade on a custom symbol and i after spending some time i managed to find a walk around.
So i decided to share my journey so far and share a MT5 Ea that can trade on custom symbols.
The purpose of making a new thread is for anyone interested in taking the time to optimize for best parameters via backtests, share results, teach people on how trade renko on MT5 and see how far we can develop it.
I will post it depending on the number of people interested. By default its limited to demo only.
The EA is pretty straight forward and simple. It uses HMA and its displayed with candles rather than a line.
A moving average (exponential).
Condition for buy/sell is HMA color and pip distance from last candle close.
Like i said its very basic. A system doesn't need to be too complicated to make it profitable so if people are interested in sharing their experience with renko so far and strategies lets try to automate them on mt5
I myself am a fan renko and love to test things out with renko. Just like many of you i too am a simple rookie trader with no coding experience. So let me tell you a summery of my journey so far with renko.
I first got to know renko about from one of renko threads here. Than saw MathTrader renko chart generator. From there did experimenting with his renko eas posted and spend a shit load of time back reading several years into the thread. Most of it is pretty out dated information and as for MathTraders EAs he keeps them updated with his available time. As i spent more time reading and finding new ways, i started using STGs renko charts and it made my life a little easy since i can change pip value easily.
I am like most people, sure as hell don't have the time look at the screen all day long and i prefer scalping than swing trading. May be its because im still a rookie trader and don't have the patience for swing trading, i don't know. The emotions that comes with trading etc i learnt with my little experience that trading with a robot was much better FOR ME
So just like the mass majority, i started to look for Free EAs, not all are ideal for renko trading the ones i found at least wasn't recommended from using in the past. But still i looked for alternatives. I bought a few EAs after understanding the logic behind the eas trade conditions, place the same indicators on a renko chart and see if its works.
But I face THREE problems,
The first being i may want to use a different indicator but that required paying to build for a new ea again which i wasn't too keen on.
The second being MT4 takes such a long time to back test and if you try to do optimization from it than RIP.
The third issue being back tests vs demo was very very different.
So i first spent for time finding out why the results were so different and the more i spent i time on it more i learnt of MT4 restrictions and finally decided to migrate to MT5.
Mainly 2 reasons to why the results differ.
1. Most of us using floating spreads and in the back tests it is not represented and the spread section from the tester is not good enough
2. Backtests process all tick data and demo/live process the most recent tick so there is no lag in price.
More time spent leaning on how to run renko charts on MT5, how to backrest properly and realized i needed to learn to code or at least the basics for small changes and ended up finding "EA Building Websites" and it was holly grail for me lol.
I still needed to learn the platform read forums and do troubleshooting myself because even if i dont have to code in this situation i still needed to have a good understanding on how ea executes conditions and indicator buffers.
Still, MT5 doesn't you place trade on a custom symbol and i after spending some time i managed to find a walk around.
So i decided to share my journey so far and share a MT5 Ea that can trade on custom symbols.
The purpose of making a new thread is for anyone interested in taking the time to optimize for best parameters via backtests, share results, teach people on how trade renko on MT5 and see how far we can develop it.
I will post it depending on the number of people interested. By default its limited to demo only.
The EA is pretty straight forward and simple. It uses HMA and its displayed with candles rather than a line.
A moving average (exponential).
Condition for buy/sell is HMA color and pip distance from last candle close.
Like i said its very basic. A system doesn't need to be too complicated to make it profitable so if people are interested in sharing their experience with renko so far and strategies lets try to automate them on mt5
Attached Image