EA Renko Charts Generator R2R
Hi dear subscriber of FXPIP.ONE !
We would like to share our new feature for profitable trading: milti-pair FXPIP EA Renko Charts Generator with auto size of bars based at ATR and Rail-to-Rail method of building renko charts:
Parameters of Renko Charts Generator EA with Autobox Size based at ATR:
How to use ? Simply enter in PairsForCharts = XAUUSD;EURUSD;GBPUSD the pairs you need to be generated renko and after EA will be attached at one chart of any pair M1 TF – go FIle / Open Offline and find pairs you need at M2 to be opened for visual (if RenkoTimeFrame = 2). EA work at all pairs from 1 chart. This EA not open any trades – its just build renko charts.
We also added ATR autoBOX size calculation for more flexible trading at different instruments such as Stocks / commodities / metals (XAUUSD).
Result : Rail-to-Rail (white candle have can only down shadow / black candle can have only up shadow. Also Current candle OpenPrice = ClosePrice of previous candle).
FXPIP recommed to use this Renko Generator as default EA to create renko bars that can be use in EA MPGO renko signals. In future we will try to test how this renko EA generator load CPU and Memmory of computers and will do more light versions. We tried to inbuild this Function into EA MPGO but it crashed TM4. Looks like best way to use separate EAs for generate Renko Charts and EA for trading at this Charts (EA MPGO must be installed at Usual MT4 Chart – not M2).
Renko bars are a type of charts that are unique in the way price is charted. Renko bars are unique because they are independent of time and reflect price in its entirety. Although Candlesticks or bar charts or line charts are more commonly used, they are all common because the price is captured in a time frame. Candlestick charts and others typically show the opening price, the high and low and the closing price during a specified period of time. The time frame here could be from as little as 1 minute (or even a tick) to as far out as 1 month or more.
In the first chart below, we can see how candlesticks plot prices, compared side by side with a 60 minute chart and a daily chart. As you can see the open/close/high/low per session (or per unit of time frame) is different between the 60 minute and the 1 day candlestick chart.
Renko bars are unique because of the box or bricks that are formed. Unlike candlestick/bar/line charts where price is plotted on the y-axis and time on the x-axis, on Renko bars only price (on y-axis) is used. The x-axis although shown in Renko charts are redundant.
How are Renko bars formed?
As mentioned earlier, Renko bars purely depict price. For example, if a box size of 5 pips is chosen from EURUSD, then for every 5 pip move in price, a new Renko brick is formed. Renko bars are not bothered with the time frame. Meaning, that if EURUSD moves only 3 pips in a day, the new brick is not formed (but a candlestick chart will print a candlestick with 3 pips move for the day and it will open a new candlestick the next day). This approach to charting Renko bars results in showing price trends very clearly and Renko bars are typically void of any noise that one often sees on other chart types.
This is why FXPIP created Nongap Renko Charts Generator EA with Autobox Size based at ATR and combined best ideas created for build Renko Charts. This additional software Renko EA will help to use EA MPGO with Renko Chart signals