Renko Chart from ticks (Most precise method) – expert for MetaTrader 4
This EA converts a chart to Renko Chart using the tick values. In fact, it does not perform any auto-trading, it just perform a conversion. Unlike the conventional approach, this EA generates the renko blocks from every tick, which could be the most precise method (IMO). In the conventional approach, only the high/low values are used for conversion. But the actual market condition has a significant amount of change in the total pips traveled. It doesn’t update on a live chart. I’m trying to make it on my next revision. I’ve also developed a renko indicator (time-dependent), which can be used on a regular chart along with other indicators. Should any of you require it, please let me know so that I’ll upload it.
How to use: Like any other EA, open it in the strategy tester, choose the ‘symbolname’ and a small timeframe (M1 or M5). If you would need to convert within a time-period (eg: 2010-01-01 ~ 2016-01-31), choose those dates and “start”. An “.hst” file will be generated in your MetaTrader 4 folder under “\Tester\Files” subdirectory. Copy this file to your MetaTrader 4 history folder. You may open this file from the menu: “File -> Open offline”. The name of the generated file will normally be of the format “symbolname2.hst” (for example, “USDJPY2.hst“). Please remember that, since it currently generates blocks only through the strategy tester, it uses the simulated ticks that are supplied by the MetaTrader 4 historical data. The values will become “real” only when we use it on MetaTrader 5 or the live data, which is not yet ready.
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