I wrote the attached Renko indicator on Sunday afternoon. It should be considered a beta version (not ready for prime time) so if anyone would like to be a beta tester, feel free.
The indicator runs in the chart window which I have set to line graph with the line color set to black.
When you first place the indicator on the chart you will see nothing but as the ticks arrive a Renko line graph will gradually appear. I will probably change the line to a series of bricks a bit later on (although I'm getting to like the line as I monitor it).
The screen shot shows the chart 90 minutes after starting the indicator. The blue line is a LWMA12 using the Renko line's data (looks a bit weird at the beginning due to not enough data points).
Let me stress that although the Renko line is being drawn in a time-based format, the actual tick data is accumulated as it is received.
Be sure to set the brick size BEFORE you apply the indicator - you cannot change brick size mid-stream without losing the tick data you will have accumulated.
Enjoy (I hope). I'll post revisions to the indicator as I finish and test them.
The indicator runs in the chart window which I have set to line graph with the line color set to black.
When you first place the indicator on the chart you will see nothing but as the ticks arrive a Renko line graph will gradually appear. I will probably change the line to a series of bricks a bit later on (although I'm getting to like the line as I monitor it).
The screen shot shows the chart 90 minutes after starting the indicator. The blue line is a LWMA12 using the Renko line's data (looks a bit weird at the beginning due to not enough data points).
Let me stress that although the Renko line is being drawn in a time-based format, the actual tick data is accumulated as it is received.
Be sure to set the brick size BEFORE you apply the indicator - you cannot change brick size mid-stream without losing the tick data you will have accumulated.
Enjoy (I hope). I'll post revisions to the indicator as I finish and test them.
Attached File(s)
Renko_CW.mq4
2 KB
|
727 downloads
Old Benjamin was right