Just wondering if any clever knowledgeable person can give opinion on below chart. First, i should say that yes it’s from back test and i know that if it is not set up in the proper conventional way it can give false results, however i think the chart is interesting.
It can be seen that if the closed bar reversal is traded positive pips is made each time. So, the question is could it be possible to make it run on live tick?
What i did was run a median flip renko with 25 pips bar and 20% shift to get M1 chart using mt4 via Tickstory application. Once i have the M1 chart with flip renko i use it as the base chart to put a renko indicator that is called pointo onto it using 5 pip bar, then run the back test to create this chart.
Any comments, thoughts or ideas etc appreciated.
Hello wolf schiller
I sometimes use tickstory for back testing here (www.tickstory.com), a free download as it uses ticks instead of only the four data points for the minute bars available in mt4. One has to download the tick data from some where such as dukascopy to run tickstory. The completed bars compare well with broker minute bars, but using an EA on mt4 back testing with tickstory allows for a much bigger likely hood of trades opening and closing in the right place, where as with minute only bars the trades can be at the wrong end of the bar so give worthless results.
The renko pointo indicator has an online verification code as its a bought indi so can’t share, hope you understand. There is of course kiads really good renko indi, and there are other renkos on the net, one i think called parallels which i believe is similar to pointo but may need updating.
I’ve done a lot of other testing and set ups since the above post, so don’t remember too much about the detail aside from the detail in the post.
Sorry i can’t be of much help. Don’t know if you’re newer to renko than i am, but if you have questions i’ll help if i can.