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Renko System

This indicator can be considered as a trading system.

It offers a different view to see the currency pair: full timeless indicator, 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 according to the set mode.

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


Features

  • renko mode
  • median renko
  • custom median renko
  • 3 moving averages
  • wicks
  • datetime indicator for each block
  • custom notifications to pc and to phone when a new bars is created and/or a cross between moving averages shows up
  • raise event for using with an EA when a new bars is created and/or a cross between moving averages shows up


How to use

Renko charts are based on bricks with a fixed value that filters out smaller price movements
First thing to do is deciding the brick height. 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.

Time frame should be low( depending of brick height) to have a good representation of historical bars, otherwise the user should adapt the timeframe related to brick height set. MT5 builds bars using OHLC (open, high,low,close)

Strongly raccomanded to switch TF before starting (for example if you are in 30M switch to 15M and then 30M again) to allow refreshing data at the beginning otherwise a wrong graph can be showed. The issue can happens if we have MT5 open and we put in standby or hybernation the computer. When awake again the graph will not be updated correctly.


INPUT parameters

DisplayMode: RenkoAdv, True Renko, Median Renko

The difference is :

-With RenkoAdv, every brick has drawn after a number of points 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 is reached, 2 bricks 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.
-Other mode have been created for allowing the customization of the delay.

Brick size (in Points): the thickness of the renko bar in points

Calculation Type: how to calculate a new renko bar. We can decide to update the graph only at the beginning of a new bar, it is a time dependency.

AVGx Average length: length for the x moving average

AVGx Average type: simple or exponential for the x moving average

Alert on new bar: computer or phone notification is available

Alert on Avg cross: computer or phone notification is available

Show wicks: it will show wicks on the graphic

Optional comment: on push notification and events, the optional comment is sent too.

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.


Common problem

  • 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.
  • if nothing is displayed, try the following:
    • -turn off the Sync feature
    • -check also the brick size, it could be too much big or too much small
    • -in the mt5 tools, option, charts, set 100000 for max bars in chart.


Demo version

Here you can find the lite version:
https://www.mql5.com/en/market/product/92895


Using with an EA

if you want to use this indicator with your EA just contact me.

PS: please rate this indicator and leave a comment.


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The Price Action Finder Multi indicator is an indicator of entry points that searches for and displays Price Action system patterns on dozens of trading instruments and on all standard time frames: (m1, m5, m15, m30, H1, H4, D1, Wk, Mn). The indicator places the found patterns in a table at the bottom of the screen. By clicking on the pattern names in the table, you can move to the chart where this pattern is located. Manual (Be sure to read before purchasing) | Version for MT4 Advantages 1. Pa
100 USD
This is arguably the most complete harmonic price formation auto-recognition indicator you can find for the MetaTrader Platform. It detects 19 different patterns, takes fibonacci projections as seriously as you do, displays the Potential Reversal Zone (PRZ) and finds suitable stop-loss and take-profit levels. [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ] It detects 19 different harmonic price formations It plots primary, derived and complementary Fibonacci p
299 USD
PZ Swing Trading MT5
PZ TRADING SLU
5 (4)
Swing Trading is the first indicator designed to detect swings in the direction of the trend and possible reversal swings. It uses the baseline swing trading approach, widely described in trading literature. The indicator studies several price and time vectors to track the aggregate trend direction and detects situations in which the market is oversold or overbought and ready to correct. [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ] Profit for market swings with
249 USD
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This indicator can be considered as a trading system. It offers a different view to see the currency pair: full timeless indicator, 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 according to the set mode. The indicator beside the Renko bars, shows also 3 moving averages. Features renko mode median renko custom median renko 3 moving averages wicks datetime indicator for each block custom notificatio
FREE
AvgVolumes
Marco Montemari
5 (2)
This indicator is based on Volumes standard indicator, calculates the average of Volumes based on the last N bars set by users, and if the value of the volume is bigger then a set % respect the average a different color will be used. The indicator is shown in a separate indicator window. This version has now a limitation in setting the % about the threshold. If you are interested to set threshold consider to buy the PRO version ( https://www.mql5.com/en/market/product/35925 ) If you want to use
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Forex Volumes
Marco Montemari
Forex is the most liquid market in the world. For this reason real volumes are not available. Some indicators use the number of ticks, in other cases the broker can supply volumes informations but they will be only data about that broker. Volumes are important becase they will form the price and volatility of the market. Using an algorithm this indicator can give you a very good approximation of the volumes for each candle. How to read the indicators? This version provides you many visualiza
67 USD
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