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RenkoChart by Paulo Henrique

FREE

Published: 5 March 2024

Current version: 1.10

RenkoChart by Paulo Henrique

Utilities
Paulo Henrique Da Silva
Version: 1.10
Updated: 7 March 2024

The Renko Chart tool presents an innovative and highly flexible approach to visualizing market data in MetaTrader 5.
This indicator creates a custom symbol with Renko bricks directly on the chart, displaying accurate prices at the respective opening date/time for each brick. This feature makes it possible to apply any indicator to the Renko chart.

Furthermore, this tool also allows access to historical brick data through native methods in the MQL5 programming language, such as iOpen, iHigh, iLow and iClose, for example.

Note:

The renko generated at indicator startup offers up to 95% accuracy for small renkos (5R) and 100% accuracy for larger renkos (from 10R) when compared to other platforms such as TradingVIEW.
During trading hours, the renko generated has 100% accuracy, as it uses trading ticks received from the platform in real time as a data source.
The time required to generate the Renko chart when starting the indicator varies depending on some factors: number of bars on the 1-minute chart, and the size of the brick. For bricks smaller than 5R, it often takes a few seconds or minutes, while for larger bricks, the graph is generated almost instantly.
To generate renko charts from synthetic symbols (e.g. DXY or user-created symbols), you need to use a workaround ( https://www.mql5.com/pt/market/product/114337 ) instead. Because when trying to attach this indicator to a synthetic symbol, the Renko chart will be generated and displayed, but it will not be updated.
If this indicator is attached to a chart, the renko chart is generated and displayed but not updated, you will likely encounter a log message indicating the following error: "Renko Chart initialization error: Depth Of Market can not be added [4901]". This error indicates that your broker does not provide market depth for the symbol in question. Given this, there are two options: either choose a broker that provides market depth for the desired symbol, or use an alternative solution ( https://www.mql5.com/pt/market/product/114337 ) instead. This other tool is an expert advisor, which allows you to update the renko chart using a timer, specifying a time interval in milliseconds for the chart update to occur normally.

Input Parameters:

Type (Ticks, Pips, Points or R. Default is Ticks)
Size (default is 20)
Show Wicks (default is true)

more...

izumix77 2024.03.25 23:22 #

Thanks to Paulo for this fantastic Renko bar indicator! It simplifies chart analysis and enhances trend identification. Great tool for traders!

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Filter:

fx77777 2024.04.24 19:21 #

It's not working live.

2496

Reply from developer Paulo Henrique Da Silva 2024.04.25 23:00 #

Did you read the product description? I do not think so. If the chart on your platform is not updated live, you will find an error message in the log stating "Depth Of Market cannot be added [4901]". This error indicates that your broker does not provide market depth for this symbol!
So this is not a problem with my tool, but rather with your broker not offering market depth for the symbol you tried to add. There are two possible solutions:
1. Look for another broker that provides market depth.
2. Install another tool I created, which solves this problem using a timer (the renko chart will be updated every N milliseconds):
https://www.mql5.com/en/market/product/114337 Please review your review as you have not requested support to try to resolve the issue you are experiencing. Also, it appears you didn't properly read the description before reviewing.

izumix77 2024.03.25 23:22 #

Thanks to Paulo for this fantastic Renko bar indicator! It simplifies chart analysis and enhances trend identification. Great tool for traders!

2496

Reply from developer Paulo Henrique Da Silva 2024.03.26 05:12 #

Thanks for the positive feedback, I'm glad you liked the product

Version 1.10 2024.03.07

The problem that some users were facing has been fixed!

A combination of factors resulted in the renko chart not being updated after initializing the platform with the indicator already attached to the chart:
1. Due to internet latency at the start of the platform, internet latency delays the connection to the server. When the platform was launched with the indicator already attached to the chart, along with a delay in connecting to the server, the problem occurred.
2. Due to a small flaw in writing the library code used by the indicator to generate the Renko bricks also contributed to causing the problem.

The issue has been fixed and the indicator updated to a new fixed version.