The RobotFX Renko Chart is an expert advisor that allow the creation and use of the renko bars charts on Metatader. As you probably know already, the Metatrader doesn’t have renko bars and its default charts are candlesticks, line and bar charts.
Before you load the EA on the chart it is recommended that you switch to the M1 time-frame and uncheck the chart autoscroll box (see above). Then keep pressing the Page Up on your keyboard so the chart will scroll back a few months to load the history data. By default, the Renko Chart will build renko charts of 10 pips bar size. You have the possibility to change the bar size with any other value you want or use the automatically calculated ATR bars.
Don’t forget to click the AutoTrading button.
After the EA loads and creates the renko chart (default timeframe is M2) you should see the instruction in the right corner of the M1 chart, as in the picture above. Now click the menu File > Open Offline and choose the M2 chart of the pair you changed into renko.
You can choose any other timeframe for the renko chart but make sure it is not one of the Metatrader default timeframes (ie 1, 5, 15, 30, 60 etc).
In the image above there is an example of a renko chart generated by RobotFX Renko Chart EA, with some indicators attached. Renko charts being price bars do not depend on the time, like the candlesticks for example. However, you can choose in the chart Properties to display the period separators.
Please watch the following video to understand how it works.
