Renko chart from price movements (the most accurate method) - MetaTrader 4 Expert - MT4/MT5 Resource

This EA uses tick values ​​to convert the chart into a Renko chart. In fact, it does not perform any automated trading, it only performs conversions. Unlike traditional methods, this EA generates bricks every tick , which is probably the most accurate method (IMO). In the traditional approach, only high/low values ​​are used for conversion. But actual market conditions vary greatly in terms of total points. It does not update on the live chart. I'm working on doing that in the next revision. I have also developed a Renko indicator (time-related) that can be used on regular charts along with other indicators. If anyone needs it please let me know so I can upload it.

How to use: Like any other EA, open it in the Strategy Tester, select "Symbol Name" and a small timeframe (M1 or M5). If you need to convert within a certain time period (for example: 2010-01-01 ~ 2016-01-31), please select these dates and "Start". A " .hurst " file will be generated in the "\Tester\Files" subdirectory of your MetaTrader 4 folder. Copy this file to your MetaTrader 4 history folder. You can open this file from the menu: "File->Open Offline". The name of the generated file is usually in the format "symbolname2.hst" (for example, " USDJPY2.hst "). Keep in mind that since it currently only generates blocks via the strategy tester, it uses simulated quotes provided by MetaTrader 4 historical data. These values ​​will become "real" only if we use it on MetaTrader 5 or on live data that is not yet ready.

Attachment download

📎 renko_chart__from_ticks.mq4 (5.04 KB)

Source: MQL5 #16387