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Forex RENKO expert advisor practice coding MT4
Rating: 4.4 out of 5(22 ratings)
142 students

Forex RENKO expert advisor practice coding MT4

learn everything about renko creating , testing ,coding , types
Created byHadher Ramadhan Mohammed
Last updated 4/2022
English

What you'll learn

  • how to find the necessary tools to create renko charting
  • how to use these tools
  • how to code profitable strategy that is working in renko
  • types of renko charts

Course content

2 sections • 32 lectures • 2h 54m total length

  • Introduction3:16

    brief description about renko charting and type of renko , why they invent renko ,why improve the regular renko to range renko   

  • strategy explanation4:02

    this lecture contains detail explanation about the strategy we want to code 

  • preparing mt4 terminal2:24

    describe how to download the history data then using 1 Minuit time frame to create renko

  • start renko range bar charting4:09

    here we will use the first indicator to create the renko chart

  • flashing the mt4 unnecessary history data2:57

    delete all un used data from history center to refresh the terminal 

  • preparing the excel data sheet4:12

    how can we use the the renko to csv indicator to create the excel sheet then save it inside file folder

  • import xcs file to history and start testing in renko4:46

    you will know how to import data from csv file to the mt4 history then saving these sheets for later use

  • changing box size or delete wicks or change time frame4:20

    you will learn using renko format indicator to change the nonstandard time frame from  value to another also how to delete wicks

  • import another m7 and 40 box to M15 standard time frame , start testing on it4:54

    when you save the csv excel data sheet you can import it to any standard time frame for testing .. you know tester only accept standard time frames for testing so in renko we play around to fill the standard with nonstandard data so as to test

  • charting regular renko4:24

    her we will use the regular renko indicator to create the chart this indicator available in ant mt4 terminal inside the lecture you will learn how to find it

  • importing regular renko from excel sheet to the mt44:08

    here we will repeat the x steps fro regular renko create the chart , then export to excel then import to standard time frame

Requirements

  • medium level in forex coding and trading

Description

   Hello all my students and visitors

this is a complete course about RENKO charting . you will learn how to

  • prepare your mt4 for renko

  • how to find the right program to create renko

  • how use these programs

  • how to test renko on strategy tester

  • how to code the strategy using mq4 (MQL4 ) language 

What is a Renko Chart?

A Renko chart is a type of chart, developed by the Japanese, that is built using price movement rather than both price and standardized time intervals like most charts are. It is thought to be named after the Japanese word for bricks, "renga," since the chart looks like a series of bricks. A new brick is created when the price moves a specified price amount, and each block is positioned at  (up or down) to the prior brick. An up brick is typically colored white or green, while a down brick is typically colored black or red


Renko charts are designed to filter out minor price movements to make it easier for traders to focus on important trends. While this makes trends much easier to spot, the downside is that some price information is lost due to simple brick construction of Renko charts.

The first step in building a Renko chart is selecting a box size that represents the magnitude of price movement. For example, a  currency may have a 50 pip box size. A Renko chart is then constructed by placing a brick in the next column once the price has surpassed the top or bottom of the previous brick by the box size amount.

Renko charts show a time axis, but the time intervals are not fixed. One brick to could take weeks to form, while several bricks may form within a day or minuets. This varies from candlestick or bar charts where a new candle/bar forms at specific time intervals.

Increasing or decreasing the box size will affect the "smoothness" of the chart. Decreasing the box size will create more swings, but will also highlight possible price reversals earlier. A larger box size will reduce the number of swings and noise but will be slower to signal a price reversal.

Renko charts are effective in identifying support and resistance levels since there is a lot less noise than a candlestick chart. When a strong trend forms, Renko traders may be able to ride that trend for a long time before even one brick in the opposite direction forms.

Trading signals are typically generated when the direction of the trend changes and the bricks alternate colors. For example, a trader might sell the asset when a red box appears after a series of climbing white boxes. Similarly, if the overall trend is up (lots of white/green boxes) a trader may enter a long position when a white brick occurs after one or two red boxes (a pullback).

Who this course is for:

  • medium mql4 coders that spent 3 ~ 5 months with mql4 programming languages

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