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Cunparis, dont try to automate your strategy, instead use the medianrenko for manual visual trading. I personally use the Eco2new indicator by Sharky. It works especially great on MedianRenko charts.
The paintbars have awesome accuracy and the default settings will work on most instruments. Its a wonderful indicator gifted by Sharky to the forum.
Actually I was just running a strategy I had already written. I don't really autotrade but I do use strategies to test out ideas. Usually pieces of ideas. I then combine them in my manual trading.
Thanks for sharing the idea. I'm having fun playing with it. Was testing Jeff's sharkfin chart and next I"ll play with the eco.
I like CL......+10.....6 times......this is a great discovery !!
The reason I re-entered twice on the last trades was I also had a 16 tick MedianRenko chart up and it kept going neutral then pushing up....so I kept re-entering....and I'm glad I did.
I'm playing around with the eco bars and I think you're right, they do seem to work well with the median renko.
Do you enter intrabar or wait until the close? What's weird is you can get filled several ticks above/below where the close is.
Where do you put your stop? Typically with 5m bar charts I put my stop above the signal bar (usually the 2 bar high or low) and then once the entry bar is closed I put it above the entry bar. I'm testing out a 12 tick median renko bar and the reversal bars (where I often enter) are 33 ticks long. That's a big big for a stop for me. I'm debating going down to a lower level like 10 tick. But part of CL is having large stops I know that, even on 5min bars they can be 30+ ticks (I tend to skip any trade with a stop larger than 40 ticks so that I can focus on the lower risk entries).
Thanks for your help, I appreciate it. So far from what I see my setups seem to have less false alerts with the renko due to it being smoother.
Cunparis, I dont use Stops. Sounds wierd I know, but makes sense and you will make more from the markets.
The key is to find rock solid indicators that seldom fail and which give timely reversal signals. Proper chart setting is equally important.
What are Indicators ? Look to them as your Guide for achieving your goal in the markets. We need a guide at every step of our life. Parents are our first guides upon birth, Teachers in school... If you are on a spiritual path, a guide is called a 'GURU'. Right Guru can lead you to liberation ...
As you can see, the Eco2new painbars do a great job in catching a trend early and reversing soon as the swing ends. Try slowing the chart to a bigger setting if the painbars change colour often. The idea is to catch the major swing.
I trade the Indian Markets, so cant help you on your instruments, but I am sure you will find a proper setting as you play with different chart settings.... and yes, I enter only on bar close.
I like Jeff's concept of slower charts with faster indicator settings. Just look at his charts ( post #1554). Do you feel the need for using Stop Loss ? The dots are doing an excellent work...
How do you get your chart settings for the "MedianRenko 200 Ticks" as shown in your chart snapshot ?
How many "Days back/Bars back" do you set your "Format Data Series-->Range Settings" to ? Or Do you have your "Tools --> Options --> Quote currencies (FX) in" set to "HalfPip" or "TenthPip" ?
Lolu, the chart settings for Range bars and MedianRenko bars are a function of the Tick Size you have set for your instrument. A value of 200 means 200 x ticksize.
The tick size for NIFTY is set to 0.05 as shown in your last snapshot. So, 200 x 0.05 = 10. So, I expect your chart to be "MedianRenko 10 Ticks", but it is "MedianRenko 200 Ticks".
For example, in my own case, tick size for 6E is 0.0001; what would be the "MedianRenko" tick setting ? When I set it to "MedianRenko 100 Ticks" with "Days back/Bars back" set between 30 days - 90 days, I have just 3 - 5 bars.
Please, what am I not understanding in all these ?
