Renko Live Charts v4.13 Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- Renko Live Charts v4.13 Expert Advisor For MT4
- Renko Live Charts Vs Candlestick charts
- How to trade the charts created by Renko Live Charts v4.13 Expert Advisor For MT4
- Renko Live Charts v4.13 Expert Advisor For MT4 settings
- Renko Live Charts v4.13 Expert Advisor For MT4 - Limitations:
- Renko Live Charts v4.13 Expert Advisor For MT4 - Conclusion
Are you looking for alternative charting methods other than the candlestick charts, bar charts, or line charts? Will you be interested in exploring a chart that filters the noise and visually represents the trend movements? If yes, Renko Live Charts v4.13 Expert Advisor For MT4 will create a Renko chart seamlessly and elegantly in the MetaTrader terminal.
Renko Live Charts Vs Candlestick charts
Picture A: Renko charts and Candlestick charts for the same period
The above picture shows a EURUSD Renko chart with a 10 Box created by Renko Live Charts v4.13 Expert Advisor For MT4 and a EURUSD candlestick M30 chart. The Renko charts clearly distinguish the swing points and give a better chance to the forex trader to plot the support and resistance levels.
Renko charts created by Renko Live Charts v4.13 Expert Advisor For MT4 eliminates time component from the chart. A new Renko box is formed when the prices move a predetermined number of pips as mentioned in the expert advisor's settings, for example, ten pips in the above picture B, with no regard to the time required for the prices to move ten pips.
Renko Live Charts v4.13 Expert Advisor For MT4 provides the trader's option to create Renko boxes with fixed pips or automatically calculate the optimal box size using the ATR. ATR eliminates the guesswork and enables the trader to determine the optimal box size using price data.
The expert advisor provides additional options to hide or display the wick in the Renko boxes to display smoother charts. The absence of the wicks provides the traders with only the completed boxes. Though the absence of wicks may not be suitable for every trading strategy, Renko traders tend to hide them. The Renko boxes can be displayed with a shift in them. The new Renko boxes are opened with a small shift rather than the previous Renko box's exact close. This shift in the new Renko box’s opening helps the trend traders sees the trends more clearly.
How to trade the charts created by Renko Live Charts v4.13 Expert Advisor For MT4
Picture B : How to trade the Renko charts successfully
Technical indicators like MACD, RSI, Stochastic, and all other indicators can be attached to the charts created by Renko Live Charts v4.13 Expert Advisor For MT4. In the above Picture B, moving averages are applied by the forex trader to trade the EURUSD. The yellow line represents the 200 SMA period, and the Redline represents the 13 periods SMA. The 200 SMA represents the direction of the trend. If the price is above 200 EMA, then the trend is up. If the price is below 200 EMA, then the trend is considered to be down.
Once the 200 SMA establishes the trend direction, forex traders will look to trade only in the trend direction. If the price moves higher and creates a Renko box above the 13 SMA, traders will enter the BUY position. It is essential to wait for a clear break of the 13 SMA line and look for at least one or two Renko boxes.
Renko traders tend to stay in the trend as long as possible. The stop loss shall be placed two Renko bricks away. The trader can trail the prices, keep moving the stops with a two Renko box gap to ride the trend.
It is important to note that Renko Live Charts v4.13 Expert Advisor For MT4 does not place any trades; it is a charting package used to build offline charts in MetaTrader.
Renko Live Charts v4.13 Expert Advisor For MT4 settings
Picture C : Settings for the Expert Advisor
RenkoBoxSize: Input the Renko box size in pips.
RenkoBoxOffset: Opens the new Renko box X pips below the previous Renko box. The offset value cannot be higher than the Renko box size.
RenkoTimeFrame: Chart Timeframe to open the offline Renko charts.
ShowWicks: Displays or hides the wicks of the Renko box.
EmulateOnLineChart: Emulates the Renko box charts to line charts.
BuildChartsWhenMarketOffline: Builds the Renko boxes offline
CalculateBestBoxSize: True will use ATR based Renko boxes. False creates the Renko box based on input in the RenkBoxSize input.
ATRPeriod: ATR period to calculate the renko box size.
ATRTimeFrame: Period used to calculate the ATR values, recalculates the ATR every X period.
UseATRMA: Uses the moving average value of ATR.
MAMethod: Method to calculate the moving average.
MAPeriod: Period to calculate the moving average.
Renko Live Charts v4.13 Expert Advisor For MT4 - Limitations:
Renko charts reduce the charts' noise, but they miss some data, and the calculation of the boxes may not be accurate.
The trader should calculate Renko box sizes to accommodate their trading style. The same Renko box sizes may not apply to every currency pair, so it depends on the trader to identify different box size settings.
Smaller Renko box sizes will add more noise to the charts, though they will quickly reflect the price movements. Larger box size settings will provide a smoother chart as the charts absorb the noise, but larger box sizes may lag in showing the changes in trend. Larger Renko box sizes may not be helpful for traders relying on sharp price movements.
Renko Live Charts v4.13 Expert Advisor For MT4 uses ATR to calculate the box sizes, ATR based calculation can change the structure of the chart each time the ATR is calculated, creating confusion to some traders.
Renko Live Charts v4.13 Expert Advisor For MT4 - Conclusion
Like other charting methods, Renko charts also have their limitations and advantages. Renko removes the element of time from the trading strategy. Renko charts may be suitable for some trading methods but not for all trading methods. Renko Live Charts v4.13 Expert Advisor For MT4 enables the traders to have an additional charting method to enhance their trading experience and have an alternative perspective of the markets.
The Renko Live Charts v4.13 Expert Advisor For MT4 enables the forex traders to create the best available Renko chart in MetaTrader. The wide variety of options include the ability to build offline charts and also the ability to auto calculate optimal box sizes.