expert Advisor for producing custom renko charts with real-time updates. This is the equal of “offline” MT4 charts, that’s very easy to use.
it is possible to install any indicator or template for MT5 on the renko chart and perform technical analysis.
A free demo version is available here: https://www.mql5.com/ru/market/product/30300
- Bars size (in points) – the size of the candle body in points.
- Retracement variable (0.01 to 1.00) – offset of the opening level of a brand new candle relative to the closing level of the candle (0.01 = 1%, 1.00 = 100%).
- Asymmetric reversals (yes/no) – type of reversals relative to the closing level of the previous candle.
- Show wicks (yes/no) – display of shadows of candles.
- ATR based bar size calculation (yes/no) – automatic calculation of the candle body size based on the values of the ATR indicator on the daily chart.
- ATR period (1 to…) – the period of the ATR indicator.
- Use percentage of daily ATR (1 to 100) – the percentage value used.
- Show history for number of days (0 to…) – the number of days on the history to display.
- Apply offset to first Renko (yes/no) – parameter to synchronize the opening level of the first renko candle based on the offset parameter below.
- Offset value (0 to 100) – offset.
- Synchronize first bar’s open on a new day (yes/no) – synchronize the opening level of the first candle at the opening level of the daily candle.
- Override default custom chart name with (chart name) – override the default chart name and set a custom value
- Apply template to custom chart – custom name of the template to be applied to the renko chart. If you have saved the “default” template, it will be applied by default.
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Below are the settings for creating several commonly used chart types:
- Median renko values
- Retracement factor = 0.5
- Asymmetrical reversals = yes
- Show wicks = yes
- Classic renko with shadows
- Retracement factor = 1.0
- Asymmetrical reversals = yes
- Show wicks = yes
- Turbo Renko
- Retracement factor = 0.25
- Asymmetrical reversals = yes
- Show wicks = yes
- Hybrid renko
- Retracement factor = 0.25
- Asymmetrical reversals = no
- Show wicks = yes
- Point-O
- Retracement factor = 1.0
- Asymmetrical reversals = no
- Show wicks = yes
- Retracement factor = 0.5
- Asymmetrical reversals = yes
- Show wicks = yes
- Retracement factor = 1.0
- Asymmetrical reversals = yes
- Show wicks = yes
- Retracement factor = 0.25
- Asymmetrical reversals = yes
- Show wicks = yes
- Retracement factor = 0.25
- Asymmetrical reversals = no
- Show wicks = yes
- Retracement factor = 1.0
- Asymmetrical reversals = no
- Show wicks = yes
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