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hey guys this is my first post here I don't want to disappoint you but what you guys call to be a renko chart in fact it's not. may be is it a derivate from the real renko chart.
A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount.
for a better understending of renko chart I suggest you to look in steve nison book.
Renko charts have a pre-determined "Brick Size" that is used to determine when new bricks are added to the chart. If prices move more than the Brick Size above the top (or below the bottom) of the last brick on the chart, a new brick is added in the next chart column.
prices may exceed the top (or bottom) of the current brick. Again, new bricks are only added when prices completely "fill" the brick. For example, for a 5-point chart, if prices rise from 98 to 102, the hollow brick that goes from 95 to 100 is added to the chart BUT the hollow brick that goes from 100 to 105 is NOT DRAWN. The Renko chart will give the impression that prices stopped at 100 in this situation.
a real renko chart will look like this (see below chart),if someone can redirect me where I can find one it will be helpful
As you can see from the posts, we're looking for reliable indicators to tell the EA to trade in the direction of the current trend, and close all open orders following the old trend.
bshcom, Are you using a 10 pip TP/SL? or you let it run to the next arrow no matter what?
Thanks
Bschom,
Yes, wt TP and SL are you using? Also, could you please post your template? As I loaded all of the indicators that you posted but my chart doesn't look like yours. TIA!
Linear Mode
