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I just recently discovered the Flex Renko in MultiCharts. I set it up and installed my strat with 6 months loaded and got a ridiculous strat performance report. (showed 800K in profit within 6 months on one contract of ES!)
I went to check the "Show Wick" box in the instrument settings, but nothing happened. Does anyone know what to do to see the wicks since I can get a better idea as to what is really going on. Also, does anyone have any experience trading off these types of charts. Any insight will be helpful. Thanks
Can you help answer these questions from other members on NexusFi?
In Format Instrument go to the Style tab and Select Candlestick as your Chart Type instead of Renko box. Now yo should see the wicks. Also you should probably select Show Real Open in the Settings tab.
that worked... crazy thing is... I am even in more disbelief... it really seems too good to be true... I need to do more study and put it on the demo next week I suppose.
The problem is that a Multicharts backtest uses the price and time as displayed. In real-time, when those bars are drawn as "closed" -- the price has long since moved on, depending on the renko settings. So in many cases, both your entries and exits could be a few ticks from where they looked like they should be in the backtest, which easily can turn what was a very happy backtest -- into a forward-test that is not so happy .
Doing some demo testing is a good idea just to see this in action for your particular strategy.
Yes, on the surface I see that it's entering in the open of the candle which is IMPOSSIBLE since I am using an offset hence the FLEX option. so the open of the next candle is favorably pulled back because of the trend offset setting. However, it does still look promising. Removing the proper benefit of the offset manually from the results x the number of trades, it still shows an incredible profit.
I am looking forward to some demo testing to see what the real deal is. Also, I clicked on the Track time and price and put a tick chart next to my Flex renko chart and I can see what is going on. I am cautiously optimistic as I am seeing some really good signals come from this chart and a MAJOR reduction of bad/poor/false signals so, only time will tell
IMHO backtests made on non-regular charts are not trustable because the signal simply buy/sell at prices that could have not been ever touched. When I was moving my first steps with multicharts and easylanguage ( I'm still studying btw ) I've created some strategies using HEIKIN ASHI candles and I had a strategy that was showing the same earnings as yours.... but when I left the strategy open for a day on the chart doing real time entries it was losing money the most of the time and cannot be compared to the backtest...
So I came up to the conclusion that strategies must be backtested on regular candles chart... if you need the use other candles then I suggest you to "manually CODE" those other candles in your signal logic and then trigger entries only on real values. A second option would be to set up DATA1 as regular chart where you're going to apply your signal and another chart (renko or whatever) using DATA2. By this way you can refer to data 2 inside your code to perform all the logic but execute orders on data 1 in order to have trustables results.
I the same Tradestation chart I have 1 minute (Data1) and 120 minute (Data2). I have put the strategy in Data1. One of my conditions is to buy when MACD of Data2 is below 0 and is rising. But when I test the strategy it neglects that condition (Condition1 …
-- into a forward-test that is not so happy 
.
