Renko Charts and D1 charts for reality checking have proven to me that it can be a reliable trading strategy for multiple days of trading the daily swing in some markets: the SPX500 and USDollar CFDs are my favorites now. Both CFDs trades during all markets and give repeat Renko chart movement patters that are tradeable every day.
The entry and exit points are determined by Renko charting methods but they can sometimes blind you to the obvious at tops and selling at bottoms that Renko won't highlight.
Attached are two pairs of charts: SPX500 that is normally a much larger daily swing in the daily range. The USDollar CFD is doing especially well right now with good potential for upside profits.
The advantage of Renko is also that it shows a history of these Ws and Ms forming back to back for several days.
Indicators aren't necessary since the price chart focuses on price movement itself and eliminates the time factors.
Renko charts have to have good brick sizing to be accurate. In my charts I use at least 2 or 3 spreads so that the number of 2-brick reversals are minimized.
I also use profit targets to enter Renko at predetermined points in the direction I am trading with a plan to take around $20 profit with each trade.
The third trade with SPX500 D1 has a blue box that shows the multiple opportunities for trading the daily range. Renko charts give an edge in showing the short term direction.
My profile page shows more of the actual trading done using this system.
Comments invited. I am not selling anything. I am just a trader interested in a discussion.
The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.
Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price. Setting a necessary virtual order and entering the market in
Times & Sales is a famous (and old!) trading tool. However, it is not present in MetaTrader 5 as a built-in tool.
DeltaTrader now presents this indicator for MetaTrader! It has the following characteristics:
Two flag modes: FOREX and EXCHANGE
FOREX: black color: last price = 1-Minute opening price / blue color: last price < 1-Minute opening price / green color: last price > 1-Minute opening price. EXCHANGE: black color: last price = between quotes / blue color: last price = bid price / gre
This is an utility for automatic scaling of a chart and making at least 140 bars visible in it. This is necessary for a correct wave analysis according to the Bill Williams' strategy "Trading Chaos". The utility can be used on any timeframe available in МetaТrader 5.
It draws a vertical line through the first bar the calculation starts from. This line allows you to see the probable starting point of the wave sequence along with a sufficient number of bars displayed in the chart. It also makes t
qAutoActivation indicator is one of the main components of Trading Chaos Expert trading expert panel. The indicator displays the current trend on the current timeframe. This is the first indicator that is attached to the chart and saved in the trading complex template. It defines what trading signals from the expert panel should be automated for market entry (bullish or bearish ones).
When the trend changes, the indicator changes the line color and, at the same time, highlights the trading pane
ROMAN5 Bollinger Bands TrailingStop includes BreakEven facility. TrailingStop automatically moves the Stop Loss with the Bollinger Bands level. You can place ROMAN5 Bollinger Bands TrailingStop in any chart. It comes with an alert that will sound whenever a new signal appears. It also features an email facility. Your email address and SMTP Server settings should be specified in the settings window of the "Mailbox" tab in your MetaTrader 5.
Bollinger Bands Parameters:
BB Period - The averagin
Percent Crosshair is a powerful and easy percentage measure tool.
Measure the chart percentage very quick! Don't waste your time anymore!
Just attach the Percent Crosshair indicator in the chart, select crosshair mode at toolbars or press "Ctrl+F" and start using the crosshair as you always do! The percent measure will be next to the indicative price.
Customize your indicator the way you want!
There are 4 entry parameters:
Positive % color: set the desired color when % is positive. Negat
The script allows users to easily close positions if their profit/loss reaches or exceeds a value specified in pips.
Please set slippage value first. Sometimes some positions do not close due to high volatility of the market. Please set larger slippage or restart the script.
The indicator determines and marks the short-term lows and highs of the market on the chart according to Larry Williams` book "Long-term secrets to short-term trading".
"Any time there is a daily low with higher lows on both sides of it, that low will be a short-term low. We know this because a study of market action will show that prices descended in the low day, then failed to make a new low, and thus turned up, marking that ultimate low as a short-term point. A short-term market high is just
The indicator plots horizontal support and resistance levels using grouping of extrema. The levels are displayed as lines whose color depends on how many times the level was a support or resistance line over the specified interval. You can also display counters for support, resistance and age of the level in text format. The age of the level indicates how many bars back the level had the most recent impact on the price (on the chart time frame as specified in the settings). Given the age of the
The economic calendar is made in the form of an Expert Advisor that downloads the data from one of the most popular Forex sites (forexfactory.com/calendar.php). The data is presented in two ways. The first (primary) is represented as icons with detailed information about the event. The second is displayed as a line with a news description. Economic Calendar downloads published news in real mode with the possibility to adjust the spacing of data validation and user-friendly customizable graphical
VirtualTradePad - is a contol panel for working with orders in МetaТrader 5 : buy, sell, buystop, buylimit, sellstop, selllimit, close, delete, modify, tralling stop.
VirtualTradePad won 2nd prize in the "Best Control Panel in the MQL5 Language" Contest.
The panel consists of 5 tabs.
VirtualTradePad PositionsStyle VirtualTradePad Ordersstyle VirtualTradePad SignalsStyleDemo version of the panel - VirtualTradePad LiteProfit or Loss PadINFO PadYou can also try this panel for
We present you an effective software solution for arbitrage between brokers.
The Arbitrage on the market became widespread due to decentralization. There are many liquidity providers, whose quotes differ for various reasons. By tracking the dynamics of changes in the quotes of different brokers, it is possible to determine the delayed and leading brokers, thereby predicting the future prices of the delayed broker for a short time. Knowing these prices and using efficient built-in software filte
The indicator calculates the quantum frequencies using the current market data. The quantum frequencies are used in Spectrum analysis of automated trading systems to create quantum filters for selecting signals, i.e. skipping trades that are likely to be unprofitable.
How It Works
It analyses the trade results of automated trading system for each frequency (512 frequencies are used). Calculation of the frequency response to search for "profitable" and "unprofitable" f
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Source - new and improved multi-terminal positions copier for your real / demo account, works faster, requires less, flexible in managing and upgrading, new information support. This expert is designed for terminal MetaTrader5 from which the position will be copied.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention Buttons for re
This is a panel for controlling the profit/loss in dollars, pips or % of balance. A new function for trailing profits has been implemented.
The panel can be used as a virtual Stop Loss or Take Profit.
It also features the emergency button - CLOSE ALL.
You can also try the full version of the VirtualTradePad for mt5 panel, as well as the Profit or Loss for mt4 panel
Other versions in this collection:
VirtualTradePad for mt5 Digit Market Time Pad Market Time Pad Scalper PadMain f
The script is intended for automatic placing of Sell Stop pending orders, Stop Losses and Take Profits on the user specified levels. This script is not that useful as "Virtual pending buy stop", since short positions are opened as Bid price crosses the levels. Thus spread widening is not dangerous. Nevertheless, you need to have this script to prevent unwanted hitting of the Stop Loss levels.
Automation of the process of placing the Sell Stop pending orders, Stop Losses and T
Fast Copy MT5 allows to copy trades between different MetaTrader 5 (netting)(hedge) and MetaTrader 4 accounts in any direction and amount, quickly and easily (without loading the system).
Any type of copying is available
MT5 —> MT5 MT5 —> MT4 MT4 —> MT5 MT4 —> MT4
* For any interaction with the MT4, it is necessary to additionally install Fast Copy MT4
One tool for sending and receiving transactions: [master] > [slave] operation mode can be selected in
The indicator is intended for determining the spread and swap size, the distance for setting stop orders and stop losses from the current price allowed and the risk per 1 point in the deposit currency.
The indicator informs a trader about possible additional expenses and profits connected with transferring a position to the next trade session of the financial instrument. It also informs about the spread size and the distance of pending orders, stop loss and trailing from the current price. In a
Informer for VPS - report on the state of your account via e-mail. Useful for controlling your Expert Advisors that run on a VPS or a dedicated computer. Information about open positions and last deals for a day, week, month or year grouped by currency pairs.
Adjustable periodicity of reports and depth of deals included in the report. A possibility to add own comment to each report. You will receive reports on e-mail with specified periodicity: from 15 minutes to once a day. The reports are se
The script creates account summary report in a separate window.
The report can be created for all deals and on deals for selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
The script creates account summary report in a separate window.
The report can be created for all deals and for deals of the selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
This is an extended version of Heiken Ashi indicator with the ability to average (smooth) the values for the specified period of bars and select the applied price: considering "Open price" or not. The description is provided in the parameters. Three screenshots are displayed below: standard version (1 bar), 3 bars and 5 bars.
МetaTrader 4 version: https://www.mql5.com/en/market/product/7326
The Expert Advisor uses the strategy of trading the Fibonacci levels. As the basis for placing a grid, the EA uses the ZigZag indicator (included in the standard MetaTrader delivery).
First, the EA determines the trend direction. To do that, according to the Dow theory, it uses the last two Highs and last two Lows of the ZigZag.
If the last High is higher than the previous and the last Low is higher than the previous, the EA considers the trend to be ascending. If the last High is lower
Auto Trade Driver is an automatic powerful tool (run as Expert Advisor) that helps you to manage risk and control orders and maximize your profit in multi-protect/trailing-stop rules.
This tool is very useful for both scalpers and trend followers. It not only calculates the trade risk exactly, but also protects and maximizes your profits in real-time.
With this tool, the only thing you have to do is to enter trade by your own strategy, then it will auto-drive your position with exit strategy y
The PZ Day Trading indicator detects reversals in a zig-zag fashion, without repainting or backpainting. Based on breakouts of variable lengths, the indicator uses only price action to pick trades and reacts to the market very fast. The positional accuracy of its signals offers huge opportunity for profits, easily up to 80% winners.
Amazingly easy to tradeChart statistics will help you to optimize your tradingIt works on every single timeframe without fine tuningThe indicator analyzes its own q
This product is similar to Tick volume analizer Expert Advisor, however it is implemented as an indicator. Release of this product is stipulated by the fact, that it is not possible to run two EAs in the same window.
Tick volume is equal to amount of ticks at the unit of time. There is direct correlation between tick volume and real amount of deals. Every change of the price is a result of a real request to perform a deal. Consequently, fewer requests we have, the less price changes we get, an
Trading Chaos Expert Lite is a light version of Trading Chaos Expert. In the Lite version it is not possible to receive the table of trading signals, automatically place pending orders based on them and maintain open positions for multiple symbols at the same time in one window. Only the Current Chart mode is available. In all other features the panel is fully consistent with the basic version of the Expert Advisor.
This is, rather, a well thought out trader's assistant which is not easy to do
Pipfinite creates unique, high quality and affordable trading tools.
Our tools may or may not work for you, so we strongly suggest to try the Demo Version for MT4 first. Please test the indicator prior to purchasing to determine if it works for you.
We want your good reviews, so hurry up and test it for free...we hope you will find it useful.
Exit Signals are NOT to be used in entering a trade!
Exit means closing your trades to avoid correction/reversal which can wipe out existing
The trade strategy is based on three moving averages. To determine the trend, it uses three exponentially smoothed moving averages: FastEMA, MediumEMA and SlowEMA.
Buy signal: FastEMA>MediumEMA>SlowEMA (upward trend).Sell signal: FastEMA<MediumEMA<SlowEMA (downward trend).Input parameters:
Inp_Signal_ThreeEMA_FastPeriod = 8;Inp_Signal_ThreeEMA_MediumPeriod = 38;Inp_Signal_ThreeEMA_SlowPeriod = 48;Inp_Signal_ThreeEMA_StopLoss = 400;Inp_Signal_ThreeEMA_TakeProfit = 900;Inp_Money
Safe Automatic is a safe MetaТrader 5 trading robot working autonomously on a VPS server. The good results are achieved on EURUSD.
The EA applies modified versions of a trend-following strategy, half-pyramiding, scalping, Elliott Wave method and speculating trading with a deposit protection. The EA switches the strategies automatically. The robot does not trade at night from 10 p.m. to 4 a.m. (server time).
The robot was tested in the special tester on real ticks. Empirical e
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Receiver - new and improved multi-terminal positions copier for your real/demo account, works faster, requires less, flexible in managing and upgrading, new information support. This Expert Advisor is designed for the MetaTrader 5 terminal, trades will be copied into this terminal.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention
As i understand correctly to apply renko chart on MT4 we need Renko Chart Indicator or Expert Adviser to display offline chart, m1, m2, m3 and so on.
But on this thread you doesn't show any setup so that's why Sergey asked you to upload it.
Sergey has written articles about Renko systems so I did not understand that was the question.
There are many Renko chart EAs that all build carts and are freely available including in Market. I use more than one and will attach the EA to build the chart.
There are also EAs that now build Renko charts with online charts but I have not found one that adds any value to the trading.
To build an OFFLINE Renko chart, download as much M1 data as possible using the History Center for the individual pair or CFD.
On the M1 chart run one of the Renko chart converters, either your own or one one supplied below. When you run the converter it will build a new history file as M2 or another non-standard time frame. Wait for the confirmation message.
Open a new OFFLINE chart with that pair or CFD on the timefame of the Renko data, example M2.
Minimize but do not close the M1 chart or the Offline chart will stop updating.
On the offline chart you can attach any indicator you might want to choose.
I use the properties to change the display of the boxes: click CANDLES on the toolbar for nice boxes (usually black and white) -- in properties you can change colors. I like to look at green and red.
These Renko boxes are built with no overlap. There are other Renko converters that will make half overlapping boxes called Median Renko bricks. It shows a smoother trending but doesn't have any different information.
In Market you can search Renko and get some other options, including
Renko MACD, Renko Price Channel, and others.
It is all personal taste in charting as the bricks themselves are the price action.
There is also a Renko Cloud but they are all just ways to look at the same price data
Optimizing Renko: The only real way I have found to make a difference in the usefulness of Renko charts is to vary the number of pips used for the boxes.
For example, if there is a lot of chop in the bars they become untradeable. To filter the noise you increase the box size from xx to xxx pips. If the default is 10 you might try 15 or 20. My default setup is 3x the spread of the pair or commodity.
The reason to optimize the box size is that you are trying to see how big a risk is required to eliminate as many false 2 brick reversals as possible.
Typically a person will go long on two green bricks and short or 2 red bricks. You can exit at one brick or two. This can produce a lot of false reverse trades and big losses. If you optimize the trend so that the boxes absorb two brick reversals into either no reverse or 1 brick reverse then your trading can be more reliable.
HOWEVER you gain clearer signals by increasing the size of your risk and the lateness that you enter a trade. It is like moving from 1 hour charts to 4 hours charts.
I think this is mq4 source code.
and as per "MLADEN" saying "
"About the differences between EA and indicators : you can have just
one EA on a chart, but you can have as much indicators as metatrader can
handle (and your PC of course). So, you can attach multiple indicators
producing different offline charts at one single chart, while you would
have to open new chart + 1 offline chart for each EA you would like to
use to produce offline chart. And you can not run a "normal" EA on such a
In this case, having it as indicator has more than one advantage."
so here is one indicator version too by MLADEN.
The converters I posted work with the current MT4. I use them all the time on my live FXCM UK MT4 account.
You can also go to the MARKET tab here and search RENKO and file EAs, online and offine, and converters for free or cheap.
The EAs I have not found profitable, even the ones I paid to develop. This is why I trade manually.
There are a variety of Renko packages available which also provide neon-style Renko charts with stars, bars, moving averages, color changing bricks, ... very dazzling but all Renko charts give you the same information.
Simplicity is the whole point of Renko charts: to look at the price action as cleanly as possible.
The only realistic way to optimize the bricks I have found is to vary the brick size. I based it on 2x or 3x the spread of that particular chart. This is solely to minimize the number of 2 brick reversals which tends to produce more reliable trends.
There are also slightly different Renko charts on the market: median charts, with and without wicks, etc., but again it is all the same information presented slightly differently.
The only addition I use to the Renko chart is the daily or H4 chart to generally know where the Renko chart is headed. If you don't step back in some way and look where you are going you can end up buying all the tops and selling all the lows on the higher time frames. I don't use the higher time frames to trigger a trade but I do take a broader look to see where I am in the total market.