Renko Prime Signals

Renko Prime Signals by TickFactory - Built from real ticks.

Renko Prime Signals draws Renko bricks behind the candles of any MetaTrader 5 chart, on any timeframe. Every brick is built from the broker's real tick history, so you can see the Renko trend and the real time of every brick on the same chart. It also gives Expert Advisors the Renko data through 8 indicator buffers.

For manual traders

• Renko bricks behind the candles. The colors adapt automatically to your chart: with green and red candles the bricks are blue and orange, so they never blend with the candles.
• Two brick styles: filled or outline only.
• The brick being formed is shown with a gold dotted outline and is updated live.
• Arrows mark every Renko reversal.
• Move the mouse over a brick to see its open and close prices, its real start and end time, and how long it took to form.
• A small label at the top right shows the Renko type, the box size and the number of bricks.
• Works on any symbol and any timeframe. The bricks are the same on every timeframe, because they are built from ticks, not from candles.

For algorithmic traders

Any Expert Advisor can read the Renko data with iCustom() and CopyBuffer(). When the indicator is loaded by an EA, nothing is drawn on the chart.

• Buffer 0 - Brick direction: +1 bullish, -1 bearish (last closed brick).
• Buffer 1 - Brick open: open price of the last closed brick.
• Buffer 2 - Brick close: close price of the last closed brick.
• Buffer 3 - Bricks in a row: consecutive bricks in the same direction.
• Buffer 4 - New bricks: bricks closed during this bar.
• Buffer 5 - Brick count: total closed bricks. It rises on every new brick, so it is the easiest way to detect a new brick.
• Buffer 6 - Reversal up and Buffer 7 - Reversal down: price of the bar where a reversal happened.

Tip: call the indicator on M1 inside an EA, so each bar holds as few bricks as possible. Pass the inputs in the same order as in the settings window.

6 Renko types

• Vanilla - classic Renko with two-box reversals.
• Median - bricks open at the middle of the previous brick.
• Turbo - faster reversals.
• Hybrid - a balance between Median and Turbo.
• PointO - one-box reversals.
• Custom - your own open %, reversal open % and reversal size %.

Input parameters

• Renko type - Vanilla, Median, Turbo, Hybrid, PointO or Custom.
• Box size (points, 0 = auto) - brick size in points. 0 = automatic (10% of the average daily range).
• Price source - Bid or Last.
• History bars to calculate - number of chart bars used to build the bricks.
• Open % (Custom), Reversal open % (Custom), Reversal size % (Custom) - only used with the Custom type.
• Show reversal arrows - show or hide the arrows.
• Draw bricks on chart - show or hide the bricks (manual traders).
• Brick style - Filled or Outline only.
• Max bricks drawn - limit of bricks drawn on the chart.
• Bullish brick color (None = automatic), Bearish brick color (None = automatic) - leave None for automatic colors.
• Forming brick outline - color of the brick being formed.

Good to know

• This indicator does not trade and does not repaint closed bricks.
• The first load can take a few seconds while the tick history is read. The label shows the progress.
• For a full Renko chart with an on-chart panel, multiple windows and one-click type switching, see Renko Prime by TickFactory.

Support

Questions or suggestions: send a private message or write in the comments.

TickFactory - tools for manual and algorithmic traders.