I am embarking on developing an EA to trade a renko chart.
From what I've read it appears I will need an ea placed on a live chart whose function is to send price information to an offline renko chart. Then a second EA sitting on the renko chart which will analyse trade criteria, place and manage trades.
Is this a good approach, or am I missing something that will simplify it?
If it only trades based on renko bars (the strategy) you just keep an internal calculation of the renko chart
Lorentzo, thats interesting and would simplify things by keeping it all in one EA. This would however mean that I would only be viewing the trades on a standard chart.
It would be nice to be able to see the orders executed on a painted renko chart as this would aid testing and any manual trade management. Is this possible on a live chart, maybe as an indicator in a window, or do you have to use offline charts?
You could paint a custom renko chart over the standard chart . You'd see both this way
Alternatively, if you are using MT4, then the EA can also simultaneously export the Renko data to an Offline Chart in real time, so that you can view it and follow the EAs processing. It is all a question of your coding skills and knowledge of MQL and MetaTrader.
You could search in MQL Codebase for existing Renko chart indicator and then apply that to your EA.