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Must renko bars be synced to time?

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shazzmoe
14
shazzmoe  

I've been having trouble locating renko bars for MT5. 

From what I can gather, it's not possible to program custom bar types for MT5, but instead a custom indicator needs to be created in order to see renko bars. The examples I've seen, look as though the renko bars sync up with the underlying time frame.

Is it possible to create renko bars that don't sync with time? In otherwords I don't want a new renko bar to plot each minute, but instead a new renko bar should plot once price has moved the brick size. 

Marco vd Heijden
Moderator
5299
Marco vd Heijden  

There are some available for offlince charts so the idea is to detach the indicator from time and have it draw solely on price changes.

https://www.mql5.com/en/search#!keyword=renko&module=mql5_module_codebase

shazzmoe
14
shazzmoe  

is there a guide on how to detach the indicator from time? The only ones I'm finding seem to base the renko bars off of 1 minute bars

Ideally I'd like to have accurate time stamps for each renko bar, but it seems like the renko bars have to be time stamped with the parent (1 minute for example) time frame

Marco vd Heijden
Moderator
5299
Marco vd Heijden  

Why do you need a time stamp for each renko bar?

There are several types of renko indicators.

Some have a fixed brick width, but there are also other examples where it simply will draw wider bricks over time.

Here's an example: https://www.mql5.com/en/forum/86344

This one will show you the time stamp for each brick.

Indicators: Tipu Renko Live
Indicators: Tipu Renko Live
  • 2016.05.25
  • www.mql5.com
Tipu Renko Live: Author: Kaleem Haider...
shazzmoe
14
shazzmoe  

The reason is that I'd like to be able view a chart both in real time and historically and know the time when certain patterns take place. 

For example if I was using a standard renko chart with a brick size of 5 I would expect a new brick to from after there is a vertical move of 5 or more pips. Example of what I'm looking for is attached. It's not forming a new bar every minute, but instead it forms as soon as price dictates. 

Sorry if I'm misunderstanding some of the core MT5 functionality as I am new to the platform, but I do have programming experience. 

Files:
Marco vd Heijden
Moderator
5299
Marco vd Heijden  

Like i said.

Time has been remove or it will vary the brick width.

There are several types of indicators and the one you are showing is among them.

Michael Maggi
1667
Michael Maggi  

You will find more Renko bar types in the Market section, MT4 or MT5, and search Renko.

There are also lots of commercial bar types you can get via Mr. Google or even YouTube.

If you use a time based brick like the Tipu_Renko then any indicator you use will be based on the timeframe and not the bricks. You will have to use a real Renko chart to get the indicator to conform to the Renko bricks since the purpose of the Renko chart is to eliminate the timeframe considerations and only use price.

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