Renko chart generator
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.
A free demo version can be downloaded from https://www.mql5.com/en/market/product/30300
The settings include
- Bars size (in points) - Defines the size of the candle body (value denoted in points).
- 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.
- ATR based bar size calculation (yes/no) - Automatic calculation of the candle body size defined by the reading of the ATR indicator calculation on the daily chart.
- ATR period (1 to...) - ATR indicator's period setting.
- Use a percentage of daily ATR (1 to 100) - The percentage of the calculated value to use.
- Show history for a number of days (0 to...)
- 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).
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 ..)