RenkoChart by Paulo Henrique
- Utilitys
- Paulo Henrique Da Silva
- Version: 1.10
- Aktualisiert: 7 März 2024
The Renko Chart tool presents an innovative and highly flexible approach to visualizing market data in MetaTrader 5.
This indicator creates a custom symbol with Renko bricks directly on the chart, displaying accurate prices at the respective opening date/time for each brick. This feature makes it possible to apply any indicator to the Renko chart.
Note:
- The renko generated at indicator startup offers up to 95% accuracy for small renkos (5R) and 100% accuracy for larger renkos (from 10R) when compared to other platforms such as TradingVIEW.
- During trading hours, the renko generated has 100% accuracy, as it uses trading ticks received from the platform in real time as a data source.
- The time required to generate the Renko chart when starting the indicator varies depending on some factors: number of bars on the 1-minute chart, and the size of the brick. For bricks smaller than 5R, it often takes a few seconds or minutes, while for larger bricks, the graph is generated almost instantly.
- To generate renko charts from synthetic symbols (e.g. DXY or user-created symbols), you need to use a workaround ( https://www.mql5.com/pt/market/product/114337 ) instead. Because when trying to attach this indicator to a synthetic symbol, the Renko chart will be generated and displayed, but it will not be updated.
- If this indicator is attached to a chart, the renko chart is generated and displayed but not updated, you will likely encounter a log message indicating the following error: "Renko Chart initialization error: Depth Of Market can not be added [4901]". This error indicates that your broker does not provide market depth for the symbol in question. Given this, there are two options: either choose a broker that provides market depth for the desired symbol, or use an alternative solution ( https://www.mql5.com/pt/market/product/114337 ) instead. This other tool is an expert advisor, which allows you to update the renko chart using a timer, specifying a time interval in milliseconds for the chart update to occur normally.
Input Parameters:
- Type (Ticks, Pips, Points or R. Default is Ticks)
- Size (default is 20)
- Show Wicks (default is true)
Thanks to Paulo for this fantastic Renko bar indicator! It simplifies chart analysis and enhances trend identification. Great tool for traders!