The indicator displays Renko bars on the chart, uses their data to calculate and display the moving average, PriceChannel and generates buy/sell signals.
Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency.
The PriceChannel indicator displays the upper, lower price borders over the specified period and the middle line on the chart.
A buy signal is generated when the moving average crosses the middle line of PriceChannel from below, sell signal - from above.
The signals are displayed as arrows, messages in a pop-up window, e-mails and push notifications. The indicator also generates EventChartCustom custom event for using signals for automating the trading process. The event generated by the indicator can be processed by the EA in the OnChartEvent function. The indicator passes the following parameters to the event handler: id - identifier; dparam - value of the corresponding PriceChannel line for placing a stop loss; sparam - text message.
The indicator can be attached on chart of any symbol with any timeframe.
- RenkoBar - renko bar size in points (automatically re-calculated for five-digit quotes);
- CountBars - number of renko bars displayed on the chart;
- bearColor - bearish renko bar color;
- bullColor - bullish renko bar color;
- hideBars - flag of hiding standard bars from the chart;
- useM1 - use M1 quotes for initial indicator drawing;
- chPeriod - PriceChannel period;
- chWidth - minimum width of PriceChannel (automatically recalculated for 5-digit quotes);
- UpColor - the color of the upper line of PriceChannel;
- DownColor - the color of the lower line of PriceChannel;
- MiddleColor - the color of the middle line of PriceChannel;
- MA_Period - MA period;
- MA_Color - MA color;
- useSlowMa - using slow moving average;
- Slow_MA_Period - the period of the slow moving average;
- Slow_MA_Color - the color of the slow moving average;
- SignalColor - signal arrow color;
- useAlert - popup alerts;
- useMail - email alerts;
- useNotification - push notifications;
- CustomEventBuy - buy custom event indicator (0 - disabled);
- CustomEventSell - custom sell event indicator (0 - disabled).
2. If CountBars is set to 0, the number of displayed renko bars is set to a double width of the current chart.
3. A slow moving average has been added. A buy signal is formed when the slow MA is below the inddle line of the PriceChannel, when above - a sell signal is formed.