Renko chart generator
Professional renko charting on a custom symbol chart
- accurate pricing to the tick
- accurate timeline (no future date projections)
- every renko variation in a single package
- very responsive charts
- optional display of live trade levels on the chart
An Expert Advisor (EA) used to create custom Renko charts and provide real-time updates. This is an MT4 "offline" chart equivalent which is very simple to use. All historical renkos are constructed using real tick data from the broker's server.
You can attach any MT5 compatible indicator or template to the renko chart and perform your technical analysis.
The EA enables creating custom live charts resembling Median Renko, Mean Renko, Turbo Renko, and Better Renko candles as well as Vanilla Renko and Renko with wicks, PointO charts and many more such as UniRenko (search google for UniRenko to UltimateRenko settings converter).
The settings include
- Renko body size - Defines the size of the candle body.
- Renko body calculation mode - ( pips / ticks/ points / ATR % / % )
- Presets (sets 3 values below): Presets for creating several commonly utilized charting types: Renko / Median Renko / PointO / Turbo Renko / Hybrid Renko
- Open offset % (0 to ..) - offsets the new trending bar's open value back by % or the defined candle body size (see screenshot)
- Reversal Open offset % (0 to ..) - offsets the new reversal bar's open value back by % or the defined candle body size (see screenshot)
- Reversal bar size % (0 to ..) - sets the size of the reversal bar as a % or the defined candle body size (see screenshot)
- Show wicks (yes/no) - Candlewick visibility setting.
- Show history for a number of days (0 to...)
- ATR timeframe setting - for renko body size calculation based on percentage of the ATR indicator calculation on the selected timeframe.
- ATR period (1 to...) - ATR indicator's period setting for renko body size calculation based on percentage of the ATR indicator.
- Use a percentage of daily ATR (1 to 100) - The percentage of the calculated value to use.
- Apply offset to first Renko (yes/no) - Setting used to synchronize the open of the first renko candle based on the offset parameter (below)
- Offset value (0 to 100)
- Synchronize first bar's open on a new day (yes/no) - Synchronize the first candle's open price with the open price of the daily candle.
- Override default custom chart name with (chart name)
- Apply template to custom chart - (the user-defined template that will be applied to the renko chart. If you have a "default" template saved, this will be applied by default).
- Create chart for backtesting only (yes/no)
- Show trade levels on chart (yes/no)
NOTE: Metatrader 5 custom symbols are not directly tradable by design.
Optimized indicator inputs.
Rearranged EA setings into groups
Added option for building a renko chart for backtesting purposes only.
Chart refresh rate improvement on extremely fast-moving charts (very small renko boxes).
Updated the tick data engine
Changed time resolution to "seconds" (improves timescale resolution)
Numerous bug fixes
Breaking change: Retracement factor & Symmetry toggle settings have been replaced with:
Open offset % (0 to ..)
Reversal Open offset % (0 to ..)
Reversal bar size % (0 to ..)