Upcoming Article on generating Non-Standard charts (such as Renko), using MT5’s “Custom Symbols” (similar to “Offline Charts” in MT4). - page 4

[Marco vd Heijden]

Okay well renko is a visualization technique.

It removes jitter or noise it is a noise suppressor.

A 40 pip brick is still 40 pips on a regular chart.

There is no real advantage to it.

There is no difference other then the symmetry of the bricks making it look ordered, and our brains respond heavily to symmetric forms.

The more symmetric something is, the more beautiful it appears to be to us.

But it's just a trick.... 

If you really want something comparable and useful just draw from low to high and high to low and watch the clock...

That will expose the real amplitudes and you won't be fooled by aesthetics.

[Chris Mukengeshayi]

Marco vd Heijden:

Okay well renko is a visualization technique.

It removes jitter or noise it is a noise suppressor.

A 40 pip brick is still 40 pips on a regular chart.

There is no real advantage to it.

There is no difference other then the symmetry of the bricks making it look ordered, and our brains respond heavily to symmetric forms.

The more symmetric something is, the more beautiful it appears to be to us.

But it's just a trick.... 

If you really want something comparable and useful just draw from low to high and high to low and watch the clock...

That will expose the real amplitudes and you won't be fooled by aesthetics.

I want this Renko visualize chart, how can i be in hold of it? so I can use it in my MT Platform !

I want to test an old technique on this chart to see it it can be reliable.

[Marco vd Heijden]

Chris.

I have already looked for it yesterday but it is buried in a folder with 1000+ old projects and i do not know which one it is.

If i find it i will let you know.

[Chris Mukengeshayi]

Marco vd Heijden:

Chris.

I have already looked for it yesterday but it is buried in a folder with 1000+ old projects and i do not know which one it is.

If i find it i will let you know.

Alright thanks.

[Stanislav Korotky]

Stanislav Korotky:
It should be a non-trading expert IMHO. I have one for that exact purpose, but it has some issues at the moment due to some bugs in the newly introduced custom symbol functions. [Long-long] Awaiting for the build 1700, which has been finally just announced, to check out.

Here is the follow-up in my blog.

[Sergey Golubev]

MetaTrader 5: Build a Market to Suit Your Strategy — Renko/Range/Volume, Synthetics, and Stress Tests on Custom Symbols

In this article, we will explore the practical aspects of working with custom instruments: data storage structure, the basic MQL5 API, tick aggregation algorithms, and history modification. Let's look at how to adapt standard EAs to route trading orders from a custom symbol to a real trading instrument.