Technical Indicators for MetaTrader 5

Renko Advanced

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Information

Indicators
MetaTrader 5
Marco Montemari
3.4
9

Overview


This Renko Advanced indicator can be considered as a trading system.

The indicator offers a different view to see the currency pair: it is a full  timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor. When the price reaches a threshold a new block is created.

It offers less noise than usual candles bar.

The user can decide how to calculate the bars.


The indicator beside the Renko bars, shows also 3 moving averages.

Push notification was introduced when a new bar is created or a cross between moving averages occurs.

This feature is very useful for using the indicator with an EA.

PS2: if nothing is displayed, check input parameter. For low TF it could be needed to turn off the Sync feature

Strongly raccomanded to switch TF before starting(for example if you are in 30M. switch to 15M and then 30M again) to allow refreshing data at the beginning.


Introduced: datetime for renko bars and wicks.


If you want to display easily the difference between the 2 moving averages, you can try the RenkoMACD indicator.


How to use

You can find the lite version of this indicator here: https://www.mql5.com/en/market/product/35711

Time frame should be low( like 5M but it depends of the brick height) to have a good representation of historical bars, otherwise the user should adapt the timeframe related to brick height set.

TF affects hystorical values considering that storical data supplies only OHLC values.

PS: please rate this indicator and leave a comment. Do not forget: your feedback is important!

Renko is very good for giving the idea of the trend with very low noise. Just for giving you an example you can try EURUSD with 2 RenkoAdv: one with brick at 130 points and another with brick at 500 points.


INPUT parameters


DisplayMode: Renko, Median Renko (both with/without delay)

The difference is :

-With RenkoAdv, every brick has drawn after a number of pints set in BoxSize parameters. 

-With TrueRenko on inversion of trend,the price must be distant the double of BoxSize before drawing the bricks. When the double has reached, 2 box are drawn. It is less noisy of RenkoAdv mode but it has more delay when changing trend occurs.

-With Median Renko In inverting trend a new block is created after price has done the double of brick size

-With Median Renko with no delay. A new block is created every half brick.


Box size (in points): the thickness of the renko bar in points

Calculation Type: how to calculate a new renko bar

FAST Average length: length for the fast moving average

FAST Average type: simple or exponential moving average

SLOW Average length: length for the slow moving average

SLOW Average type: simple or exponential moving average

Alert on new bar: Computer and/or phone notification is available

Alert on Avg cross: Computer and/or phone notification is available

Optional comment: on push notification to EA, optional comment is sent

Sync graph with midnight: with this feature the graph will start to be drawn by the first candle starting at midnight.

Give us a feedback and a comment please.

PS: for receiving phone notification you need to have installed MT5 on your phone and follow the procedure to enable push notification. If you have problems feel free to contact me.


Using with an EA


enum Typek
  {
   Calc_OnClosePrice=1,//On Close Price(TF related)
   Calc_OnEveryTick=2//On Every Tick
  };

enum Average
  {
   Simple=1,
   Exponential=2
  };

enum NewAlert
  {
   Alert_No=0,//No Alert
   Alert_PcAlarm=1,//Computer Alert
   Alert_PhoneAlarm=2,//Phone
   Alert_PcPhoneAlarm=3,//Computer Alert and Phone
   Alert_PcNLAlarm=4,//Computer (No Blocking)
   Alert_PcNLPhoneAlarm=5//Computer (No blocking)- Phone
  };

enum DisplayModex
  {
   Mode_TrueRenko=0,//True Renko (delayed)
   Mode_MedianRenko=2,//Median Renko (delayed)
   Mode_RenkoAdv=1,//Renko Adv
   Mode_MedianRenkoIMM=3//Median Renko
  };

//Example of Call 
//For the order of the input, follow the indicator inputs.The following row could be not updated.
int handle_adv=iCustom(NULL,Period(),"Downloads\RenkoAdv",BrickHeight,Avg1Fast_Length,Avg1Fast_Type,Avg2Slow_Length,Avg2Slow_Type,Avg3Length,Avg3Long_Type,UseSync_boolean,ShowNewBarAlert_boolean,ShowCrossAlert_boolean,CalculationType_typek,"Just a comment");

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Simply send a request for refund or exchange with your order number by email: fxea.market@gmail.com.

Refund requests received more than 14 days after purchase will be rejected.

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