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2012.12.12 10:57
Indicators

AdaptiveRenko - indicator for MetaTrader 5

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The real author:

Svinozavr

The NRTR Moving Average from Konstantin Kopyrkin for trailing stops and trends display. Dotted line is the upper and the lower boundaries of the channel (bricks). Solid lines are support/resistance lines. 

The restriction on the minimum thickness of the brick (field WideMin eliminates false switching to thin market) and judging by the standard deviation are added.

Also display of the trend determined by the logic of the author (support/resistance) is added.

Restriction on the minumum thickness allows using a fixed thickness as in a classic Renko (brick = 4 pips).

It should be noted that the indicator depends on the starting point of its calculations and if, for example, the maximum number of bars in the window in the terminal settings is changed, then the location of the indicator on the chart will change!

This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 05.04.2010. 

Fig.1 The AdaptiveRenko indicator

Fig.1 The AdaptiveRenko indicator 

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1177

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