Main Parameter Description

Brick Height Mode: choose between 0 and 1. Brick Height Mode 0 = User specified input for Brick height. Brick height Mode 1 = Automatic Calculation of Brick height using Standard deviation and z value.

Brick Height value: For Brick Height Mode 0, this is use specified pip value for brick height. For Brick Height Mode 1, this is z value for standard deviation. Sensible z value can range from 0.5 to 4. However mostly z value of 1.0, 1.68 and 1.96 is used in industry. If you are already familiar with Renko charting, then you must have some preference in your brick height. In such a case, just use Brick height Mode 0.

Bars to scan:  This is count of bars in your current time frame where indicator is attached. Brick will be display on this bars.

Time Frame used for Brick Calculation:  This is sub time frame to be used for brick calculation. Note that Smart Renko uses sub time frame to calculate brick and the brick will be displayed on current time frame.

Time Frame used to update Renko Chart: You can also choose different time frame for updating your chart. If Time Frame used to update Renko Chart = M1, then every 60 seconds the chart will be updated.

Price Type for Charting: You can use different price option for charting. However just use default setting unless you want to create some new trading strategies.

Show Candle Wick: You can choose to show candle wick. This will work on MT5 version. However, MT4 version this does not have any effect as MetaTrader terminal does not allow to custom candle charts yet.

Draw Brick on Main chart: You can decide to draw spread view of brick on your main chart or not. Just set it to false if you don’t want to see any brick on your main chart.

Use Brick Cross Reference: With this feature on, whenever you double click on chart, you will see cross referencing lines between your main chart and your indicator chart.

 Advantages using our Smart Renko.

1. You can do back testing with other technical indicator (It is not possible with other renko chart.)

2. Trend confirmation on both separate window and on main window

3. Potential breakout countinuation from your important support and resistance level (possible use of trail stop.)

Our Smart Renko is non parametric (you can juse use default settings for any currency pairs.)

Smark Renko can be your part of trading stategy.

Kind regards.  

Smart Renko user must read this articles "Smart ways of detecting profitable patterns in your chart" for your profitable trading.

It is located here.

If link does not work, then let us know.

Kind regards.

http://algotrading-investment.com/manuals/

Hello,

I just bought the smart renko,

spotted 2 bugs,

1. the line reference from main chart and the sub window is not correct.

2. at the break of the horizontal red line it suppose to create another red bricks on the sub window.

Maybe I do the setting wrong?

This is my setting:

And what is the maximum for "bar to scan in current timeframe" ? I enter 1mil and 10mil both showing the same graph history. 

Thanks 

I zoom in to the point number 2 few minutes later to explain my point clearly.

Spotted another bug,

the next brick level line is wrong:

You can also read many manuals : http://algotrading-investment.com/manuals/

We will continously upload new articles.

Kind regards.

Hi,

i bought the smart renko indicator and its working pretty well for me. I have a suggestion for the next update. I use thsi not only to go with the trend, meaning setting a trailing stop at the bottom of the prevoius brick (in long trend) or at the top of the previous brick (in short trend). I also trade, when the charts is moving side ways, the top / bottom inside a renko brick. Example: f we are in a long trend, and the course hits the bottom of the actual brick, ist is good strategy to put limit order here. For doing this it would be helpful if the top and bottom of the actual brick also be shown as lines, as already there for the next brick levels.

Thx in advance!

Artnaf

Hi,

and an addditional suggestion ;-) If possible change the "price type for charting" to High/Low, ao the renko chart will be painted by highs and lows and not just highs OR lows ... thank you!

Artnaf

Hi.

Thanks for your valuable feedback. We will note them for future reference. 

Make sure that you are using fact of 100 or 1000 pips as the brick height to take advantage of psychological numbers. It is alwyas better trade with psychological number rather than against.

Also we have a lot of manuals here: http://algotrading-investment.com/manuals/

You can alwyas read them for your own benefits.

We provide mature and powerful automatic pattern detection software.

Kind regards.

Dear Young, I bought Reall Time Renko but it doesn't work. How can I contact you in private way?

Thanks

Real time renko is not sold from mql5.com.

If you bought from algotrading-investment.com, please contact the customer support at customer.support@algotrading-investment.com