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Renko Advanced lite

This Renko Advanced indicator can be considered as a trading system.

The indicator offers a different view to see the currency pair: it is a full  timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor. When the price reaches a threshold a new block is created.

It takes advantage of a visualization  similar to Renko visualization type, offering less noise than usual candles bar.

The indicator beside the Renko bars, shows also 3 moving averages.

Push notification was introduced when a new bar is created or a cross between moving averages occurs.

This feature is very useful for using the indicator with an EA.

PS2: if nothing is displayed turn off the Sync feature

How to use

This is the lite version of the Renko Advanced indicator.

The only limitations of this version are some parameters can not set (read only). In this way the user can start to appreciate the Renko visualization and how this indicator can be very powerful and simple at the same time.

Time frame should be low( like 5M but it depends of brick height) to have a good representation of historical bars, otherwise the user should adapt the timeframe related to brick height set.

PS: please rate this indicator and leave a comment. Do not forget: your feedbacks are important!

How to set the brick height? It is a good questions, it depends of the duration we want to stay in the market, the volatilty of the market. A good choice could be using the ATR indicator to check the average value of candles in the TF we want to operate.
Renko is very good for giving the idea of the trend with very low noise. Just for an example you can try EURUSD with 2 RenkoAdv: one with brick at 13 pips and another with brick at 50 pips.

INPUT parameters

DisplayMode: RenkoAdv, True Renko, Median Renko

The difference is :

-With RenkoAdv, every brick has drawn after a number of pips set in BoxSize parameters. 

-With TrueRenko on inversion of trend, the price must be distant the double of BoxSize before drawing the bricks. When the double has reached, 2 box are drawn. It is less noisy of RenkoAdv mode but it has more delay when changing trend occurs.

-With Median Renko we have a smoother price movement

Box size (in Pip): the thickness of the renko bar in pips

Calculation Type: how to calculate a new renko bar

FAST Average length: length for the fast moving average

FAST Average type: simple or exponential moving average

SLOW Average length: length for the slow moving average

SLOW Average type: simple or exponential moving average

LONG Average type: simple moving average

Alert on new bar: Computer or phone notification is available

Alert on Avg cross: Computer or phone notification is available

Optional comment: on push notification to EA, optional comment is sent

Sync graph with midnight: Renko is not dependent by the time, so if you close the metatrader and open it again in few hours, the graph could be a little different by today. With this feature the graph will start to be drawn by the first candle starting at midnight.

Give us a feedback and a comment please.

PS: for receiving phone notification you need to have installed MT5 on your phone and follow the procedure to enable push notification. If you have problems feel free to contact me.

Using with an EA

  enum Typek
   Calc_OnClosePrice=1,//On Close Price(TF related)
   Calc_OnEveryTick=2//On Every Tick

enum Average

enum NewAlert
   Alert_No=0,//No Alert
   Alert_PcPhoneAlarm=3//Computer and Phone

enum DisplayModex
   Mode_TrueRenko=0,//True Renko
   Mode_RenkoAdv=1,//Renko Adv
   Mode_MedianRenko=2//Median Renko

//|                                                                  |

//Example of Call 
//For the order of the input, follow the indicator inputs.The following row could be not updated.
int handle_adv=iCustom(NULL,Period(),"Downloads\RenkoAdv",BrickHeight,Avg1Fast_Length,Avg1Fast_Type,Avg2Slow_Length,Avg2Slow_Type,Avg3Length,Avg3Long_Type,UseSync_boolean,ShowNewBarAlert_boolean,ShowCrossAlert_boolean,CalculationType_typek,"Just a comment");

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Valentin Butorin
Valentin Butorin 2020.07.23 13:35 

User didn't leave any comment to the rating

rektMan 2019.04.21 07:07 

User didn't leave any comment to the rating

Version 2.2 2020.04.28
-Implemented Median Renko with no delay

-Implemented no blocking Alert.
(It could be very dangerous to have a pop up window if the user in the while was doing some operation on the market)
Version 2.0 2020.04.18
-Added median renko mode
-Added push notifications to phone
Version 1.15 2020.04.15
--Added True Renko visualization Mode
Version 1.14 2020.03.25
--New publish--
Version 1.13 2020.03.23
-On bar creation, info are given
Version 1.12 2019.11.16
Fix: if connection is lost, many push notifications were sent
Version 1.10 2019.11.04
Added Sync feature
Version 1.9 2019.11.03
Fix a bug, now indicator can be used with high timeframes
Version 1.8 2019.09.26
- Added alert on cross between AVGs
- Added push notification cross avg and fix
Version 1.6 2019.04.07
-Added Exponential Avg also fot the long running
-user can set a custom message in the push message
Version 1.5 2019.03.17
-Optimized to make it faster
-Custom event fired on a new bar creation