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MT4 Metatrader expert advisors and indicators
The RobotFX Team is building MetaTrader expert advisors, indicators and scripts that can assist traders take the right decision when trading forex, futures or stocks. While there's no such thing as 'holy Grail' when it comes to FX trading, our trading tools can help forex traders reduce the time traders usually spend analyzing the charts and greatly increase their chance of success by analyzing technical indicators and price information and trying to predict the price action.
Renko Expert Advisor
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Renko main functions
  • Create offline renko charts with custom (M) names, such as M2, M3, M4 (but not the default M1, M5, M15, M30)
  • Continuously update these renko charts so the trader can trade manually or attach an expert advisor to trade automatically
The RobotFX Renko Chart is an expert advisor that allows the creation and use of the renko bars charts on Metatader. As you probably know already, the Metatrader doesn’t have renko bars, its defaults being candlesticks, line and bars.
Renko EA generates renko bricks charts on Metatrader
A renko chart generated by the RobotFX Renko Charts expert advisor
In the image above there is an example of a renko bars generated by RobotFX Renko EA, with some indicators attached. Renko charts being price bars do not depend on the time, like the candlesticks for example. However, you can choose in the chart Properties to display the period separators to get a better understanding of the daily price movement (volatility).
Renko Settings
Before you load the EA on the chart it is recommended that you switch to the M1 time-frame and uncheck the auto-scroll box (see above). Then keep pressing the Page Up button on your keyboard so the chart will scroll back a few months to load the history data. By default, the Renko EA will build renko charts of 10 pips bar size. You have the possibility to change the bar size with any other value (in pips) you want or use the automatically calculated ATR bars.
Don’t forget to click the MetaTrader’s AutoTrading button.
After the expert advisor loads on the M1 chart and creates the offline renko bars chart (default timeframe is M2) you should see the instructions in the left corner of the M1 chart. Now click the menu File > Open Offline and choose the M2 chart of the pair you changed into renko.
You can choose any other timeframe name for the renko chart but make sure it is not one of the Metatrader’s default timeframes (ie not 1, 5, 15, 30, 60 etc).
Watch how RobotFX Renko Chart EA works
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