[HolyGrailFX]

Poocher wrote:

HolyGrailfx this goes in mql4/ scripts. Then highlight your 1 minute chart that forms the renko chart and run the script. It immediately updates you renko chart even on weekends.

 

Thanks do you have the mq4 file? I would like to try to convert into an EA that sends a tick every second

Thanks

[HolyGrailFX]

MTH2014 wrote:

HolyGrailFX wrote:

Kiads I have been happily using your great indicator for my live trading, and thank you very much I have always set TimeBrickStep to false, but I started to play around a bit today. And could you just remind me (my feeble brain knows you ahve explained before, but I ahve forgotten…) what exactly the TimeBrick fucntion does. In my understanding it creates a new candle, exactly equal to the previous candle if no new renko bar has been formed within the TimeBrick Minutes? Correct? And is this function working correctly as it does not seem to do what I think it shoudl do. As usual hope I am making sense! Gideon

Hi Brother, Yes TimeBrickStep create new brick equal to previous brick if price don’t go outside the ‘range’ of the brick during certain time. TimeBrickMinutes only working correctly if you use external program that force MT4 to create pseudo tick in every second (but this will need heavy CPU resources power..). While if you use this ‘equal’ brick options with default MT4 server tick, then it will not work properly, but actually you could still use it in many way in your trading strategies. For example if you consider your brick ‘size’ as a ‘breakout range/box’ then you could ‘see’ that row of equal bricks could shape like ‘breakout box’ and it depend on ‘where’ they show up to form some ‘shape’ of supply or demand area.. then you could see some consolidation / negotiation in process. Also if you understand how to combine it with ‘channel indicators’ like BB, etc.. you could analyze further.. to sharpening your decision. Hope it help and best regards MTH

Thanks for my late reply.  Do you have a an external program to force a pseudo tick? I would like to try that

Thanks

[HolyGrailFX]

Kiads

I have been happily using your great indicator for my live trading, and thank you very much

I have always set TimeBrickStep to false, but I started to play around a bit today. And could you just remind me (my feeble brain knows you ahve explained before, but I ahve forgotten…) what exactly the TimeBrick fucntion does.

In my understanding it creates a new candle, exactly equal to the previous candle if no new renko bar has been formed within the TimeBrick Minutes? Correct?

And is this function working correctly as it does not seem to do what I think it shoudl do.

 

As usual hope I am making sense!

Gideon

 

[HolyGrailFX]

Welcome back, good to hear your better. Hope you get back to fill strength soon!

 

G

[HolyGrailFX]

Neocount wrote:

Saver0 wrote:

limprobable wrote:

When you have a bad trade. Means trend change and price didnt reach TP for several hours, several days. You cant trade anymore (long and short at same time is forbidden), till the price reach your tp or margin call. So you take counter trade with less probabilty? If you find the trend, why take only 1 pip ? Your probablity based on the trend, but if your are sure of the trend, why take only 1 pip? Then if your are note sure of the trend, it means that is random. The market is reccurent, so 1 pip up and down have a very hight probability.

Very valid points you make and it something to consider for sure. Let me explain the theory again perhaps in a different way. Based on tick data, there is a 94% probability (94/100) of a trade being successful within 24 hours if placed randomly without regard to direction if the trade is for a total TP of 3pips (we need 3pips to count for spread, etc at least). So this means ever 6 out of 100 trades, if taken randomly, we would be wrong and could possibly face a margin call. This means the rate of failure is 6%. And let’s say that you can tell the trend direction AT THE LEAST for these 3pips with a 70% accuracy (Should be much easier than catching 10, 20, 50, 100 pips etc). What this means is there is a rate of failure of 30% in you determining this very easy trend detection. I’m sure we all would agree that its much difficult to catch larger amounts of pips with a single trade and for smaller amount of pips its easier. At the end, what you end up with is the following: 6% failure rate to start with and with the trend a 30% failure rate to end up with a final failure rate of 1.8% or 98.2% success rate. In reality, with enough practice, I believe its possible to achieve > 95% accuracy in trend detection and for the times which we are wrong, the 5% of the time, we have the 6% failure rate working for us to end up with probabilities > 99.9% I hope I am being clear. Let me say it again, so for the times which we fail to tell the trend correctly (the bad trades), we actually have the recurrence nature of the market working for us (since we aren’t using a SL) to increase the chance of getting that small TP.

Great explanation Saver!! I already had a good handle on the theory but this helped a lot.

 

So if you continue in this logix this also means that after 24hours we could start some sort of damage mitigation, in order to close out the losing trade with the least possible loss, in order to prevent margin call…

[HolyGrailFX]

Jhlewis10 wrote:

And watch commissions. With Tradersway ECN they take 70-80% for 1 pip.

If Saver0 is willing he can add an option to add commission to the TP target,

I would think that an ECN with an average spread of 0.4 and 6usd roundturn commission would hit the TP more often then a nonECN with av spread of 12 ….

[HolyGrailFX]

OPen your trading terminal, then go to file/open data folder

put the respective files in the correct MQ4/Experts or MQ4/indicators folder

then restart

 

good luck

[HolyGrailFX]

Saver0 wrote:

probability of success with a TP of 3pips the probability of success came out to be 92.324% for a trade to end successfully within 24 hours!

Very interesting! Any idea what a strategy of trailing the trade with 3pips or 30babypips, would yield. I started adding trades without tp and sl, but with a 30babypips trail, and it has been very effective, and the same trade with a simple 10babypips profit, and no stoploss. All of these trades have closed out in profit but the trail method yielded much more profit, for 61 trades almost 50% more in profit, 47% to be exact.

What would you think about an agressive trail instead of fixed TP? Same probability of not having a losing trade ?

 

Saver0 wrote:

I added a bit of debug info to this version of the EA. Please try it out and copy and paste the message you get after the error code.

Concerning the retest, I will run it this evening

 

Cheers and thanks for the very interesting statistics

[HolyGrailFX]

OK thanks, That is what I did

So the problem is not there

I still get the 130error when pressing buy or sell button

the 130 error is a price problem, right?

I tried changing size, but no joy, still error messages

let me know if you need me to test other possibilities

[HolyGrailFX]

Thanks for the update and the EA

What are your settings for the Fxblue tickchart EA

When I press the sell or by button, it gives me error 130, any ideas

Thanks for sharing

[HolyGrailFX]

Interesting read, and strangely compelling. I have to admit it always compelling when someone starts mentioning millions….

What if we use the excellent renko indicator to determine trend, I have been using a simple renko of 10, with a 15%shift and a huge 400% flip, no accelaration, I then use a 9, with a 15% shift and 100%shift to confirm. I attahc a screenshot of todays 10pips and 9pips charts.

 

Have a look

 

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[HolyGrailFX]

It is attached on the first post

Cheers

[Author]

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