Hi, this is my first proper post here on Big Mike's so here goes....my apologies if I haven't posted in the right place.
I'm developing an EA using the MT4 platform in demo mode. My intention is to go live using a spreadsheet based platform such as FXone. Has anybody used this?
At present, I'm in the early stages of developing the strategy and observe that a strategy which simply follows renko bars gets killed during periods of chop. Not surprisingly a simple renko strategy where positions are opened following change in trend indicated by bars in the opposite direction performs best in smoothly trending markets.
Can people suggest different indicators or filtering methods for identifying / filtering chop and consolidation zones? The indicators would need to identify this kind of price action quickly and also identify a new trend quickly in order to minimise lost signals. I've looked at some of the indicators on MT4 (ADX is an example) but none appear to do what I'm trying to achieve very well. (Maybe I'm not setting the indicators up properly). I've also looked at differentials in fast MA e.g. change % in 5 period SMA and that is a possibility in a sideways choppy market however it doesn't deal with a choppy trend.