Accuracy Score:
  • 1 Votes - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
EUR/USD 2-pip Renko (Pierce & Reverse)
Fri, Dec 23, 2011, 03:18 AM
Post: #1
Photo EUR/USD 2-pip Renko (Pierce & Reverse)
CHART TYPE: Renko, 2-pip (20 fractional pips)
INDICATORS USED: TradeBuilder - Classic Edition v4.8, Renko Chart Script
COMPOUNDING: Double Moving Average, MACD, Parabolic Stop and Reverse (PSAR), Average Directional Index Strength (filter)

This template is featured in's Pierce and Reverse Strategy publication.

If you're going to use Renko charts with a trend-loving indicator like TradeBuilder Classic, you need to setup the chart so it accentuates the pair's frequent directional runs. In terms of settings, this means constructing a Renko chart with smaller brick lengths (under 6-pips). Generally speaking, the larger the length, the more range-bound the chart will be, and while this may be good for scalping strategies, it certainly won't give you the long unidirectional slopes we all look for in trend-based strategies.

The first thing you need to do is create and open a real-time, offline Renko chart. If you need the script or instructions for creating one, see THIS THREAD.

Once you have the chart open, simply right-click on it, select Templates, and then tb-classic-eurusd-2pip-range-pierce-and-reverse.

To filter signals even further increase, ADX component's Period and MinStrengthADX parameters.

MAKE SURE you understand the Pierce and Reverse strategy if you want to trade this template. It is not ideal for trading arrow-to-arrow, but performs exceedingly well with most TP:SL configurations.

More Pierce and Reverse templates are on the way.

Marko Nikolic
Chief Developer and President, Build-a-Signal Software
December 23, 2011, Toronto, Canada

Attached File(s)
.tpl  tb classic-eurusd-2pip-range-pierce-and-reverse.tpl (Size: 8.14 KB / Downloads: 38999)
Tue, Dec 27, 2011, 02:23 PM
Post: #2
RE: EUR/USD 2-pip Renko (Pierce & Reverse)
This is such a good system you developed. Thank you very much.

I actually tried something similar a while back, but on time-based charts. Doesn't work as well because TF bars tend to cover too much ground without much uniformity.

But the use of Renkos with the "slicing" strategy is just brilliant.

Ingredients to win%: money-management, consistency, probability.
Sun, Jan 15, 2012, 07:24 AM
Post: #3
RE: EUR/USD 2-pip Renko (Pierce & Reverse)

when adding the renko script to the chart what will be the "Boxsize" value? should it be the default which is 100?

Thank you
Thu, Jan 26, 2012, 10:56 AM
Post: #4
RE: EUR/USD 2-pip Renko (Pierce & Reverse)
If your broker is 5-digit, it'll be 20. If it's 4-digit then 2.

The 5th digit in 5-digit feeds is the fractional pip. 1 pip = 10 fractional pips, so 2 pips = 2x10 = 20 fractional pips


(Sun, Jan 15, 2012 07:24 AM)migmac Wrote:  Hi,

when adding the renko script to the chart what will be the "Boxsize" value? should it be the default which is 100?

Thank you

Related articles
Article: Author Last Post
  Need filtering for Range/Renko bars Sinisa Wed, May 20, 2015 04:17 AM
Last Post: Sinisa
Photo EUR/USD Daily HenryP Thu, Jan 08, 2015 02:07 PM
Last Post: Marko
  XAU/USD (Gold) M15 Trend Marko Wed, May 14, 2014 06:31 AM
Last Post: crossj7jinhee
Photo EUR/USD M1 Underlying Trend Marko Mon, Mar 26, 2012 07:45 AM
Last Post: macsoft
  Euro USD M15 tb 4.9 + EuroUSD 4H Alex M Mon, Mar 12, 2012 02:15 AM
Last Post: Ade
  USD/CHF M5 Filtered Trend (Classic4) Marko Mon, Feb 27, 2012 06:58 PM
Last Post: Marko
Index EUR/USD M1 Swing Trading Marko Sat, Feb 18, 2012 03:27 PM
Last Post: Jeewesh
Photo EUR/USD M5 - Trend Following Marko Tue, Feb 14, 2012 09:37 PM
Last Post: Tami

Category Jump:

New Posts
New Posts
No New Posts
No New Posts
RSS Feeds