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This non-trading expert uses the functionality of custom symbols (also available from MQL) to build renko charts based on the history of the selected standard symbol and update them in real time upon the arrival of fresh quotes. It also transmits real ticks to the Renko chart, which allows other Expert Advisors to trade on Renko and build indicators from Renko.

The RenkoCharts Expert Advisor should be placed on the chart of the working tool. The less original the timeframe, the more accurate will build Renko, but the smaller the number of Renko bricks will be obtained, as available history is limited to a constant number of bars specified in the terminal settings in the box to the Max bars in chart, and the same number of bars, for example on M1, and covers the period is 60 times shorter than H1. The larger the original timeframe, the deeper the history will be covered by renko, but the lower its accuracy will be. The decrease in accuracy applies only to historical data, and all changes in online quotes (when RenkoCharts is launched) will generate absolutely accurate renko bricks – even more accurate than from the M1 history.

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The Renko chart always has a timeframe of M1. The start time of each “minute” bar on it coincides with the start time of the formation of the corresponding renko brick. The end time of such a “minute” bar is fictitious, instead of it, you should look at the start time of the next “minute” bar. Switching the renko chart to a different timeframe does not make sense.

After placing RenkoCharts on the chart, the Expert Advisor generates the missing boxes of the custom symbol and outputs a comment like:

Processing bar: i / N

Processing bar: i / N

where i is the current processed bar of the original timeframe (numbering from the maximum value to 0), and N is the total number of bars.

When processing is complete, the comment displays:

RenkoChart (100pt): open EURUSD_M1_renko / 10000 bars

RenkoChart (100pt): open EURUSD_M1_renko / 10000 bars

where 100pt – size brick Renko, EURUSD_M1_renko – the name of the custom character, the 10,000 – the number of the generated Renko bricks (first run of the EA is real the total number of received bars on the user symbol, but for future runs, for example, in the new session, the terminal number can be significantly less because drasticially only Renko boxes, missing since the previous calculation).

RenkoCharts opens one chart for your convenience, but you can open more of them.

RenkoCharts generates quotes for a custom symbol, so you can open an arbitrary number of charts with different trading advisors and indicators for it. It doesn’t make sense to run RenkoCharts multiple times for the same working symbol/timeframe/box size. You cannot run multiple copies of RenkoCharts with the same custom symbol name.

RenkoCharts generates quotes for a custom symbol, so you can open an arbitrary number of charts with different trading advisors and indicators for it. It doesn’t make sense to run RenkoCharts multiple times for the same working symbol/timeframe/box size. You cannot run multiple copies of RenkoCharts with the same custom symbol name.

Due to some technical limitations of the MetaTrader 5 renko charts may not work properly under certain conditions. For more information, see the “Discussion”section.

Due to some technical limitations of the MetaTrader 5 renko charts may not work properly under certain conditions. For more information, see the “Discussion”section.

RenkoCharts does not work in the tester, there is a separate demo version.

RenkoCharts does not work in the tester, there is a separate demo version.

  • RenkoBoxSize – the size of the renko brick in points, by default-100;
  • ShowWicks – flag for displaying shadows, by default – true;
  • EmulateOnLineChart-tick translation flag, default-true;
  • OutputSymbolName – the name of the custom symbol for the generated renko, by default-an empty string – the name is formed in the form of “Symbol_Period_Type_Size”, where Symbol – the current working symbol, Period – the current working timeframe, Type – “r” (renko) when displaying shadows or ” b “(brick) without shadows, Size-RenkoBoxSize; example: “EURUSD_M15_r100”;
  • Reset-indicates the recalculation of the entire renko chart again, by default – false; setting it to true and waiting for the result, it is recommended to return it back to false, so as not to provoke a recalculation every time the terminal is restarted; this mode is useful in cases where the formation of renko for one reason or another failed in some place; usually the option is always disabled, because the Expert Advisor is able to economically continue the calculation, starting with the last available renko brick;
  • Throttle – minimum period between ticks in seconds (default is 0);
  • CloseTimeMode – if true, the boxes are formed entirely during closing (1 tick per box); by default, false.

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Published

06 June 2018

Updated

13 September 2019

Current Version

1.4

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