Renko bricks ─ your opinion? - page 3

[Ahmd Abrahym Mhmwd Abrahym]

Here I posted in the forum so anyone can download it and use it

https://www.mql5.com/en/forum/507593

[Ryan L Johnson]

Ahmd Abrahym Mhmwd Abrahym #:
Here I posted in the forum so anyone can download it and use it

https://www.mql5.com/en/forum/507593

That is one nice Renko chart generator... and it's "lite" too. I attached it to an M1 chart and started "waiting" for the Renko data to load but it was already complete.👍

[Ryan L Johnson]

FYI for all who like trading Renko bricks, I'm already live trading an EA on a chart made by Ahmd Abrahym Mhmwd Abrahym's Renko generator.

Before doing so, I ran a backtest on real tick data using Stanislav Korotky's Renko generator:

Articles

Custom symbols: Practical basics

Stanislav Korotky, 2020.11.30 08:27

The article is devoted to the programmatic generation of custom symbols which are used to demonstrate some popular methods for displaying quotes. It describes a suggested variant of minimally invasive adaptation of Expert Advisors for trading a real symbol from a derived custom symbol chart. MQL source codes are attached to this article.

The former is lite for live trading purposes, while the latter is heavy for backtesting purposes.

[Conor Mcnamara]

I don't like the renko candle chart, but I do like renko boxes overlayed on a normal OHLC chart. Someone made a very good indicator for MT4 and I made a MT5 conversion of it (and with a new non-repainting option)

[Ryan L Johnson]

Conor Mcnamara #:
I don't like the renko candle chart, but I do like renko boxes overlayed on a normal OHLC chart. Someone made a very good indicator for MT4 and I made a MT5 conversion of it (and with a new non-repainting option)

Truth be told, Renko was created as a manually constructed standalone indicator in the 1600's. Therefore, you could say that you are a quintessential Renko brick trader in that sense.

As an algorithmic trader, I have used Renko brick indicators, embedded Renko close levels, and Renko charts in my EA's. For me, it's simply a matter of whether I want to reference the Renko values by way of iCustom(), internal calculation, or close[], respectively.

I don't know how nor why a Renko indicator would repaint. A properly coded Renko indicator will not close the currently forming brick until price reaches its brick size increment, so its floating close can temporarily be up or down. To draw all historic bid price ticks within Renko bars, I can simply enable wicks. In either case, any "repainting" should be the same as that in a standard time-based chart─the currently forming bar only.