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2009.12.16 13:49
Renko Charts

Renko Charts - expert for MetaTrader 4

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26535
Rating:
votes: 9

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.

Translated from Russian by MetaQuotes Software Corp.
Original code: http://www.mql5.com/ru/code/9358

Last comments | Go to discussion (10)
korvix
korvix | 25 Sep 2013 at 12:44

what is strange symbol name option ?

vip3371
vip3371 | 20 Feb 2014 at 08:38

thanks

Alberto Tortella
Alberto_jazz | 21 Feb 2014 at 23:12
Is there a version for the new MT4 build 600? Thank you!
MQL4 Comments
mql4_comments | 3 Mar 2014 at 19:29

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

Vladislav Andruhenko
Vladon | 22 Mar 2014 at 06:40

renkolivechart для нового терминала

New RenkoLiveChart v 6.0 for bild 6xx