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Renko Expert Advisor

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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Metatrader renko expert advisor that can create renko bricks charts so the trader can trade on renko chart manually or by attaching an EA on them.
  • 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 that trades automatically on them
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).
  • BarSize - this number is the number of pips the renko bars will have and it is recommended to use a fixed number
  • BarOffset - the offset of the renko bars
  • TimeFrame - the name of the renko chart (2 will be EURUSD, M2, 56 will be EURUSD, M55 etc)
  • ShowWicks - whether or not to show the wicks (spikes)
  • EmulateOnLineChart - makes possible to change to line chart, on the renko chart
  • BuildChartOffline - makes possible to generate the renko chart while offline
  • ATR Bars Settings - these are self explanatory and, if UseATRBars is set to true, the EA will generate the renko bars based on the ATR (average true range) settings of your choice and - if set to true - its moving average. Mind that, if these are enabled, the EA will ignore the fixed BarSize value in pips
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).

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Renko Expert Advisor reviews

Renko charts are much better to spot the price action

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