Renko Martingale Scalper

[SpacyTrader]

Anybody interested in making a simple EA that buys and sells at the first candle in the other direction, multiplying lot size after loss and closing if a candle closes against you ? I'm thinking of using it with 20 pips + spread SL and 20 pips + spread TP, also trying with 10 pips + spread TP.

 

It would be nice if it could be coded for jforex as well as for mt4. I've got 1000 dollars on dukascopy on which this would be a simple way to run a storm of orders. :)

 

EDIT: Made EA with 22 pip SL 11 pip TP (changeable) for 10 pip renko bricks filtered with the 13 SMA: http://www.multiupload.com/IYBD0GH5TI Please test. Now modified to use 2 magic numbers since there may be 2 buy or sell orders open at the same time and they may both lose

 

Also here's RenkoLiveChart_v3.2 for creating the renko chart: http://www.multiupload.com/SPO7TE7FZB

Edited June 5, 2011 by SpacyTrader

[⭐ E2U]

Hi Start with this ;-) http://www.forexfactory.com/showthread.php?t=282465

[SpacyTrader]

Hi Start with this ;-) http://www.forexfactory.com/showthread.php?t=282465

 

That's an entirely different beast. A breakout trend rider. Problem with it is if it gets caught with open orders in the opposite direction of the breakout it misses its entry and then only gets stuck with the losses missing the possible winers.

[cbs11]

hi,SpicyTrader,

Yes,I am interested,i am currentlly working on same concept.

Edited March 13, 2011 by cbs11

[WmWm]

Anybody interested in making a simple EA that buys and sells at the first candle in the other direction, multiplying lot size after loss and closing if a candle closes against you ? I'm thinking of using it with 20 pips + spread SL and 20 pips + spread TP, also trying with 10 pips + spread TP.

 

It would be nice if it could be coded for jforex as well as for mt4. I've got 1000 dollars on dukascopy on which this would be a simple way to run a storm of orders. :)

 

yahh it is a very good thing. I have not use jforex yet, is this platform better?

[SpacyTrader]

hi,SpicyTrader,

Yes,I am interested,i am currentlly working on same concept.

 

Does that mean you'll make an EA on these lines ? If so and you wanna make it public please mention it here when it's done. I could make it with an EA generator but that doesn't give me the source code.

[SpacyTrader]

yahh it is a very good thing. I have not use jforex yet, is this platform better?

 

Better ? Not really. Just different. Dukascopy who uses jforex however is one of the best brokers. If you want you can test their platform on demo. That way you can also test their EAs from their monthly EA contests.

Edited March 17, 2011 by SpacyTrader

[cbs11]

Does that mean you'll make an EA on these lines ? If so and you wanna make it public please mention it here when it's done. I could make it with an EA generator but that doesn't give me the source code.

 

Hi,Have you tested your logic mechanically with 20 pips+spread or else size,I mean multiplying lots if trade hits SL,what is your experience,I think,We could develop it with some changes in your strategy so scalping may become enjoyble,

[SpacyTrader]

Hi,Have you tested your logic mechanically with 20 pips+spread or else size,I mean multiplying lots if trade hits SL,what is your experience,I think,We could develop it with some changes in your strategy so scalping may become enjoyble,

 

Backtesting renko is kinda difficult and I didn't make an EA with the generator to test it yet. Maybe I should starting on Monday. But it seems promising. Looks to me it shouldn't lose more than 4-5 times in a row in the worst case scenario. Of course that means you need to start with very little leverage to make it safe. Perhaps putting it on a few uncorrelated pairs would compensate for the little leverage used.

 

What changes did you have in mind ?

[cbs11]

SpacyTrader,

 

Do you thinking same logic as in following EA

hxxp:/[email protected]/martingale_m@[email protected]

 

Or do you have that EA

 

I am checking the changes once again,I definatlly inform you,but you please Also check following link,can it be used in your strategy,I too checking it

 

http://championship.mql4.com/2008/news/366

Edited March 21, 2011 by cbs11

[SpacyTrader]

I made an EA with EA generator and after fixing a bug looks like it's mostly caught up on USDJPY- it's whipsawing badly and it's at the 5th martingale multiplication. It seems I picked a bad time to add it on that pair. :) We'll see how it does.

 

EDIT: I just looked at the number of trades on USDJPY- a couple did not increase the lot size because of the bug, a couple more were stopped at BE by the EA I set to move the SL to BE. Normally the number of losses would have been 10. I had my misgivings about USDJPY but this settles it. It may not happen often but this is not good at all.

 

Hmm- in fact I just spotted a similar zig-zag on EURUSD wich would also give 10 or 11 losses in a row if you follow with trades at every change. :|

Edited March 23, 2011 by SpacyTrader

[SpacyTrader]

I came up with a different approach- using a filter like the 13 SMA for ex. to make sure it can only get caught in half the whipsaw that happens in a range and using a 11 pip TP instead of 22 should make things easier too + and 22 pip SL considering a spread of 2 pips. (The 22 pip SL would mean an order gets closed if there's a 10 pip brick in the opposite direction) That's enough for martingale to recover a loss without any profit. I'll be making an EA on those lines, buying or selling on each new renko brick. Of course it'll have to take into account that when it has to open a buy order another one may still be open so I'll have to use 2 order IDs. EDIT: Actually just opening orders only on the exact bar open and checking if orders are in profit or not before opening new ones should be enough.

 

Anybody has any thoughts on my idea ? Constructive criticism or any glaring faults they may see ?

Edited May 18, 2011 by SpacyTrader

[SpacyTrader]

I made an EA. If anyone cares to test it: http://www.multiupload.com/HKB01EPB2M

 

Link added to first post.

 

EDIT: Maybe I should be increasing the version number. I made quite a few modifications. Anyway if you downloaded it before this edit please get it again.

Edited May 19, 2011 by SpacyTrader

[SpacyTrader]

Bug fix update: http://www.multiupload.com/ZXD6PZQXUB Updated first post too.

[SpacyTrader]

Grr- and now another bug fixed that would make it trade regardless of the direction of the last candle. Those that got the previous version please update: http://www.multiupload.com/06EGTDKS9N Updated post 1 too.

[SpacyTrader]

Some problems with opening orders against the previous brick direction remained. Now they should be fixed. Also made a couple tweaks: http://www.multiupload.com/93C75F2CSU

[SpacyTrader]

Heh- just figured out the lot size doubling with a SL twice the TP only recovers the losses of the previous order. If you have more than 2 losses in a row you're stuck with the losses generated by the first orders. Here's a version with lot multiplier set to 2.8 or you can always change the multiplier in the EA for the 4 orders: http://www.multiupload.com/OP66GJ10FN

[SpacyTrader]

And a change insuring that no bars qualifying for new orders are left without opening those orders (doesn't happen a lot but still): http://www.multiupload.com/0GK8269G9N

[SpacyTrader]

I think I may have improved functionality a bit: http://www.multiupload.com/L8XSAQ7L5P

 

Another way to trade this would of course be with a 20 pip + spread TP and SL and a 2x lot multiplier. There would be more losses in a row but then again it could also survive more losses. With 2.8x and starting with 1:1 leverage you'd run out of leverage after the 6th loss on a 500:1 account.

 

Anybody tested it yet ? I put it on EURUSD the last 3 days of last week, it did well.

[SpacyTrader]

New build: http://www.multiupload.com/PKJJ04ZCC3 A few logic and functionality modifications. Updated first post too.

[konorti]

Hi SpacyTrader,

I see that you are making this EA with quite a bit of enthusiasm. Can you please prepare some documentation (or just a screenshot in first post and a short description) how should it be used and do you have a trading history on demo with it, can you please post it?

thanks,

konorti

[SpacyTrader]

Hi SpacyTrader,

I see that you are making this EA with quite a bit of enthusiasm. Can you please prepare some documentation (or just a screenshot in first post and a short description) how should it be used and do you have a trading history on demo with it, can you please post it?

thanks,

konorti

 

Tks. :D About the description- I thought it was clear enough. The EA opens (or tries to) orders on every new brick (if price is lower or equal to the close of the last brick) in the direction of the last brick filtered mostly with the 13 SMA as trend filter. The TP and SL are made for 10 pip renko bricks (you can use RenkoLiveChart_v3.2 for that) 11 TP 22 SL. Btw- did some more calculations and realized a 3x multiplier instead of 2.8 doesn't add any additional risk considering 500:1 leverage and starting at 1:1 leverage. So here's a version with 3x lot multiplier (or you can modify yourself the previous version's defaults): http://www.multiupload.com/IYBD0GH5TI

 

Also RenkoLiveChart_v3.2 while I'm at it: http://www.multiupload.com/SPO7TE7FZB

 

It should work with 22 pip TP/SL too, but perhaps it would need a modification for that to ensure new orders are not added every brick but every 2 bricks. It should work as it is but maybe with a bit more losses (and profit too obviously being martingale)

 

For demo test results: https://www.myfxbook.com/portfolio/renko-martingale-ea/116091 I see nobody else reported results. :| The first day or 2 there were plenty of bugs and wrong multiplier.

Edited June 5, 2011 by SpacyTrader

[konorti]

There is a problem with lot calculation:

The history doesnt contain just 3 pieces 0.1 lot loss of sells. Can you please modify the EA so it sends in the error message what lot quantity was tried? I think in the Ordersend you should use Normalizedouble to 1 digit.

Thanks

http://img541.imageshack.us/img541/9881/screenshot20110610at074.png

Edited June 10, 2011 by konorti

[mograst]

hi, i like this..... jus downloaded and will test...

[SpacyTrader]

@konorti I can't do that. It was made with an EA generator. Are you saying it doesn't open any orders ? But the error is quite clear- your broker doesnt support the lot size used. If no orders are opened at all it means for some weird reason your broker doesnt support 0.1 lots, if it does that after a few losses i have no clue what that means cause it should support 0.3 0.9 and 2.7 lot orders as well. Anyway it's clearly a problem with your broker. Ask them about supported lot sizes.

 

And about the chart- it doesn't look like renko- looks like constant range bars- which for one thing means that if a bar closes in the other direction it will close with a 10/12 pip loss instead of 22 as it should, quite likely resulting in more losses in a row and blowing the account.

 

@mograst- great, looking forward to your results. You can follow my test here: https://www.myfxbook.com/portfolio/renko-martingale-ea/116091

Edited June 10, 2011 by SpacyTrader