- 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.
Intro
Phanti contacted me privately last week, with details of a Renko trading strategy that he wanted me to code into an EA. As coded:
- the trade setup is the bot identifying a trend using my favourite D1 RSI(20). scooby-doo recommended this many a long month ago and I have used it to great effect ever since. scoobs is a professional trader; we should listen when he contributes. You do not need the indi on your charts; I attach it here so that you can if you want to. Trend detection works like this:
- Value is > 55: trend is up, so only trade long.
- Value is < 45: trend is down, so only trade short.
- Value is in between: market is ranging, so either stay out or use a range-trading strategy.
- trade trigger is:
- a resumption of the trend after a retrace, when the bricks turn colour back in the direction of the trend.
- trade confirmations are:
- MACD Main 10, 20, 10 (the bars) are above the Signal line (the red dashed line) for long, or below for short. Remember to change the default settings if you drag Macd onto the chart.
- The median price of a period of time that you select. The formula for calculating the median is (high-of-the-period + low-of-the-period) / 2
- market is above the median: trade long
- market is below the median: tradeshort
- MedianTf is your selected time frame in minutes, so the D1 tf is 1440.
- MedianLookbackCandles tells Rennie how far back in time to look for the hi-lo.
- read the post at http://www.forexfactory.com/showpost...4&postcount=16 for a full explanation.
- trade exit:
- any of the mptm functions
- Renko trailing stop
- standard stop loss or take profit
- Change of brick colour and/or Macd direction
Most of the inputs are obvious. A few might need clarifying:
- TradeLong and TradeShort allow you to control trading direction manually. Remember to turn off the auto-trend detection thingies if you want to do this.
- TakeProfit and StopLoss send 'hard' stops if you set them to >0. Left at zero, they will be ignored.
- LookBackBricks stops you getting into a move too late. If the candles have not changed colour within this number of bricks, there is no trade trigger.
- the trade management functions come from mptm and are a cut-down version of the manager. Get the user guide from http://www.forexfactory.com/showthread.php?t=89371
The purpose of this thread
I just thought of a name for the bot; let's call it Rennie?
Rennie's puspose is not yet to offer a complete trading strategy, so don't go rushing out and putting it on live charts. As coded, it represents a very good looking strategy, but this strategy is copyright and includes some proprietary indicators that cannot be posted here. Besides, if The Brains here at FF cannot come up with something better, we had best all go home.
This thread invites discussion abut Renko trading and strategies to use that can be coded into Rennie. So if you:
- have already used a Renko strategy to make your first gazillion and it can be automated, post it and I can add it to Rennie.
- have any fav trend-detectors/trade triggers/trade confirmatory methods, post them and I can add them to Rennie.
- can suggest ways in which Renko bricks can be used in conjunction with some of the other promising-looking bots, sing out.
There is a pdf attached for those of you unfamiliar with Renko bricks and how to set up the charts. I have little experience of them, so I would appreciate a couple of Renko experts casting an eye over the pdf and posting any corrections needed.
Let's see if we can develop and 'I am right or I am out' bot to rival TOP, without the associated drawdown.
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Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and shudder at the recollection of some of the questions you asked. I do. http://cdn.forexfactory.com/images/s..._the_floor.gif Go to your profile page; there is a link to the FF page that describes the voucher process.
Do not attempt to get around this by sending me pm's asking for help with your basic problems. Doing so will earn you an automatic ban from all of my threads.
I have set up a partner thread to this one and Nanningbob's at http://www.forexfactory.com/showthre...66#post3948666
There, you can post the questions that you cannot post here, about anything you need to know. Someone with the knowledge and experience you need will answer - just not necessarily me.
Traders/coders with experience who have not yet been vouched for, can get around this restriction be being added to my 'buddy' list; all you have to do is pm me to ask me to do this.