Renko Bar EA: A Brief Introduction of the Renko Chart.
A Renko Chart is a type of chart that is formed using using price movements. It differs from most charts which are developed based on price and standard time. The Renko Chart was first developed by the Japanese who named it after their word for bricks called ‘’ranga’’. A new brick is created when the price moves a specified price amount. An up brick is typically colored white or green, while a down brick is typically colored black or red. Renko Bars are formed in Bricks called box sizes. Renko charts are designed to filter out noise and minor price movements to make it easier for traders to focus on important trends. Renko charts typically only use closing prices based on the chart time frame chosen. For example, if using a daily time frame, then daily closing prices will be used to construct the bricks.
Renko Bar EA: Methods of Calculating Renko Bricks.
- Average True Range(ATR): A Brick also known as the Renko Block size can be any price size such as $0.10, $0.50, $5, and so on. The Average True Range automatically calculates the block sizes in a regular candlestick chart. This means that the Renko Box Sizes are formed based on the ATR.
- The Traditional Method: New bricks are only created when price movement is at least as large as the pre-determined brick size.The traditional method of the formation of renko charts is that they are composed of bricks that are created at 45-degree angles to one another. Consecutive bricks do not occur beside each other.
Renko Bar EA: Functionality
It takes some time for the Renko Bar Candle to be formed, so this EA will save you the stress of waiting in order for you to execute the trade manually. The Renko Bar EA automatically executes the trade for you and close it on a reverse signal; that is if the signal changes from Bullish to bearish and vice versa.
The EA opens and close only 1 trade at a time based on the Renko Brick. No matingaling, No hedging. The Renko Trader EA is a Metatrader expert advisor that can trade renko bricks. The Renko Bar EA has a trend detector and is capable of buying only in an uptrend, or sell in a downtrend market movement. It comes with the possibility to use a fixed lotsize or a percentage of the free margin to open the trades, and all the other trade management features that traders use: break-even, stop-loss, take profit, trailing stop etc.
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