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This Expert Advisor is for
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Name:
Renko Charts [ ru ]
Author: LastViking (2009.12.16 14:49)
Rating: 10
Downloaded: 20714
Download:
 RenkoLiveChart_v3.2.mq4 (13.9 Kb) View

Description:

The Renko charts are constructed as follows: the close price of the current period compared with minimal and maximal prices of the previous "brick" (white or black).

If it grows above the high of the previous "brick" at least the size of the "brick", then the graph is drawn in new columns, one or more white "brick".

If it falls below the minimum of the previous "brick", not less than the size of the "brick", the chart is drawn with one or more of the black "brick".

If the price moves below the minimum or maximum of the previous "brick" by more than one "brick", but not enough to form two "bricks", is drawn with only one "brick".

As Renko Charts was created to determine the main trend, the Renko chart itself gives many false alarms, especially on flat or short trends, but it almost always allows you to catch the main part of a larger trend.

The Renko Charts are always built on the basis of closing prices for the period to which they are, so when you create them from other types of chart with different periods, the result may be different. The larger scale of the Renko Charts leads to the larger probablity to show its main disadvantage - so its better to draw it using tick or minute data.

You can apply the conventional technical analysis methods to the Renko Charts, but it is necessary to bear in mind the following thing: The minimal and maximal values of the white "brick" on the Renko Charts are always the same as the open and close prices correspondingly. And contrary - the minmial and the maximal values of the black brick, are the same as the close and open prices of that "brick". So that's why the results will be incorrect if you will use it in the technical indicators, which compares the open, close, high and low price values inside the one brick.

The Renko chart has no volumes, the volume indicators will not work at all.

Installation:

Copy RenkoLiveChart_v3.2.mq4 to C:\Program Files\MT4\experts

Run terminal. Allow experts and DLL use:


Now attach the expert advisor to the necessary chart.

Enable expert advisors:

Waiting for new tick...



Editor's remark:

Note that it's a mirror translation of the original Russian version.

If you have any questions to the author, suggestions or comments, it's better to post them there.

If you have found this code useful for trading or educational purposes, don't forget to thank author.
10 comments  To post a new comment, please log in or register

renkolivechart для нового терминала

New RenkoLiveChart v 6.0 for bild 6xx

22.03.2014 07:40 Vladon

Hello LastViking,

Trying to use this on MT4 build 610 I found that it did only work after updating the script to care for the "Offline Charts in the New MQL4" (http://articles.mql4.com/1140).

I changed from:
HstHandle = FileOpenHistory(SymbolName + RenkoTimeFrame + ".hst", FILE_BIN|FILE_WRITE);

to:
HstHandle = FileOpenHistory(SymbolName + RenkoTimeFrame + ".hst", FILE_BIN|FILE_WRITE|FILE_SHARE_WRITE|FILE_SHARE_READ);

Now it works like a charm :-)

Thanks
/Timid


03.03.2014 20:29 Timid
Is there a version for the new MT4 build 600? Thank you!
22.02.2014 00:12 Alberto_jazz

thanks

20.02.2014 09:38 vip3371

what is strange symbol name option ?

25.09.2013 14:44 korvix
why it show wicks?
02.09.2012 14:41 rlpaludo

LV

Great EA. I use it for all my visual charts because you don't have to re-build the Profile, its automatic. One question I can't get it work on Live auto-trading. I have to use the Script from forex-tsd to auto-trade. I have a 1-5-15-30min etc broker who needs a 5min chart. The 2 min charting works visually but I need to build a 5min chart to autotrade. Using the script allows auto trading but it must be done and redone in a very methodical fashion at least 4 steps. When I load the EA on the 1 min chart I have changed the time frame to 5 min but the info that shows up in the left corner never appears and the off line chart is out dated.

Is there anything you can do to get the 5 min chart built like the 2 min charts.

08.01.2010 20:03 traderdukeFX

Working good, giving it a try now thanks

23.12.2009 23:11 neta1o

Dear Sansara, have you compiled it?

If not, please compile it in MetaEditor and try again - it should work.

21.12.2009 00:03 Quantum

Hello LastViking,

i am new here and i want to use the renko charts. I followed your instructions, but i could get the renko chart. Do you or anybody else can help me out.

Thanks

Sansara

19.12.2009 00:15 Sansara