Price goes up 8 pips after a closed up box, you go long on the close, and than price goes down 18 pips, closing a new down box. I imagine you can use ATR Renko to make the size of the blocks.. Because as your balance grows your lot size increases and if you balance falls your lotsize reduces. Instead of using the open-high-low-close OHLC bars like standard candlestick charts, the Heikin Ashi technique uses a modified formula:. Thanks for the post.
trading tools for MetaTrader 4, Multicharts/Tradestation and JForex
And thanks for the link. I can see there are good systems on the link. The link was understandably deleted by a moderator. Let me attach the Ea here. Hi PzTrading, This is the forum related to Metatrader 5. So please attach mql5 code for this EA. This technique should be used in combination with standard candlestick charts or other indicators to provide a technical trader the information needed to make a profitable trade.
Exit rule is Simple, as Renko chart form first Blue candle exit trade on closing of candle. How would you approach the renko settings? I imagine you can use ATR Renko to make the size of the blocks.. You could even go lower than 20 if you so desire.
You would have to play around with it to see which works best for you. But if you want to be more precise, using the traditional setting and adjusting the Box size is the way to go. To change Renko settings, click on any Renko bar and then right click on your mouse. You will see the settings option. I hope that helps. Why the hell you can select mins, days, weeks and months in Tradingview? My idea is this.
Once a trade produces a loss, lets say a sell trade, you should not enter another sell trade within a defined zone even if the HA and HAs align again. The defined zone would be recent low to recent high. Now once the Price Action leaves the zone, and conditions to enter a trade are aligned, you should enter the trade. The idea is to minimize loses during range. So, traders, what do you think about such an approach?
My hope is to hear some discussion, criticism and some new perspectives. Thank you for your valued input. I absolutely agree that Heiken Ashi is a visual smoothing, and basically when applied to a Renko chart, you are smoothing out something that is already smoothed. Applying the Heiken Ashi Smoothed, is going one step further and smoothing that.
The main advantage is that once a HA candle is formed, either on regular or renko chart, it does not repaint further down the road after the current bar closes. Please correct me if i am wrong. I hope that posting a link will not upset the admin. My hope here is to examine the feasibility of improving upon such an approach without further addition of oscillators and other indicators. Keeping it as simple as possible…If it can be done.
I could be totally wrong about this approach, and the worst thing is that i could do is waste is little time exploring it. I see this issue time and again regarding repainting as some say certain indicators repaint when its not actually what happens.
In the case of zigzag its a predictive indicator so it definately will paint differently. This is what is referred to as repainting. In the case of HA it is not predictive so a side from the current bar changing which it does as the current HA bar is forming the previous bars will always look the same. Yes, you are absolutely correct.