Renko Expert Advisor for MT4

Posted by on   |   37 Comments »

The Renko EA is an expert advisor and is in fact a better option (or can be used alongside) than the RenkoLiveChart_v3.0 indicator. This EA works the same way as the RenkoLiveChart indicator but comes with some additional features. It is also lightweight compared to the Renko indicator and thus can be used to open multiple Renko charts.

To install the Renko EA, simply add the expert from the EA folder onto the chart of your choice. This indicator works with H1 charts and therefore, open an H1 chart, compress (or zoom out) on the price bars to accommodate as many bars as possible and attach the EA.

Renko EA Settings/Configuration

Renko EA Settings/Configuration

Renko EA Settings

  • RenkoBoxSize: This field is used to input the Renko box size of your choice and is determined in pips, regardless of whether you use a 4 or 5 digit broker
  • RenkoBoxOffset: Is defaulted to 0, but can be used to set to 1,2 and so on to open/close close at 10, 20 levels instead of 00 levels.
  • RenkoTimeFrame: Can be used to open the Offline Renko Chart with a different custom timeframe
  • ShowWicks: Defaulted to True can be toggled to display or hide the wicks
  • EmulateOnLineChart: Defaulted to True but can be toggled to False
  • BuildChartsWhenMarketOffline: Defaulted to True and can be useful when you want to build a new Renko chart when markets are offline

========ATR Based Boxes========

  • CalculateBestBoxSize: Defaulted to false. Can be toggled to ‘True’ to use ATR based Renko boxes
  • ATRPeriod: Used to input the ATR period
  • ATRTimeFrame: Specify the time frame for the ATR to be calculated
  • UseATRMA: If true, this uses the average period value of the ATR
  • MAMethod: Defaulted to 0, indicates closing prices
  • MAPeriod: If specified, the moving average value for the period is determined instead of the actual ATR

Activating the Renko EA

After you open the H1 chart, drag/drop or attach the Renko EA, type in your custom Renko settings and access the offline chart.

It is suggested that after the EA is activated on the H1 chart, simply click on H4, D1, W1, MN time frames and then switch back to H1 in order to build up history of Renko boxes.

The picture below shows a side-by-side comparison of the Renko EA which uses a 24ATR setting on Daily Time Frame and a 50 Pip Renko Fixed Box chart.

Renko ATR and Fixed Box Size Comparison (Built using Renko EA)

Renko ATR and Fixed Box Size Comparison (Built using Renko EA)

Disadvantages of using Renko EA

There are clearly no disadvantages to using the Renko EA. It is lightweight and simple to use and is more robust than the Renko indicator. It clearly outperforms the RenkoLiveChart indicator as it comes with additional features of using an ATR based Renko charts and the fact that it does not require markets to be open in order to build the offline Renko charts.

Traders should note that the Renko EA is not an expert advisor that trades, but is instead used to build an offline Renko chart.

Renko EA – Conclusion

A simple to use EA, the Renko EA brings the distinct advantage of building Renko charts even when markets are closed. Secondly, traders can choose between the fixed box size of ATR based Renko boxes.

Download RenkoEA (.zip, includes .mq4 and .ex4 format)

  • haris setiawan

    is there any differencies between attaching the ea to H1 chart and M1 chart? because as I read from other source said that renko EA must attach only to M1 chart.

    • Hi Haris, there are some Renko EA’s that work only on M1 and this is not one of them. You can of course attach it to M1 or any time frame. The only difference you will see is that during spikes that occur during news releases or on a new trading session open, on M1 (and up to H1) you will find large spikes in the Renko charts as well. Secondly if you want good history, it is best to use H4 as it generally accommodates a larger history (thus more renko bars) which is more beneficial.

      • pgtips

        I find a problem with indicator based renko builder is you must refresh charts frequently (the source M1) or the offline chart is not true and looks different when you reboot.
        Does the EA overcome this ? I’m going to run it but wanted to ask?

  • Martin Larsen

    Is it possible to add trade conditions for backtesting?

    • Hi, can you elaborate what you mean by adding trade conditions? Didn’t quite get you there.

      P.S: This EA is used merely to generate Renko bars. Its not an automated trading system.

      • Martin Larsen

        Hi, thanks for your reply. Yes I am aware that is only for creating the reno bars. But it is possible to add code to the EA, så it also places trades, so I can do backtesting.

        • You can make use of any of the strategies outlined in this website and code the EA. Sorry i’m not much into automated trading so wouldn’t be of much help on this.

  • Instructions for actually installing this please? I’m new to MT4

  • david

    hello, is it possible to use this in metatrader 5 thanks for the answer

  • José Pereira Pereira

    Hello, this and automatically sends orders?

    • This is not an automated trading EA. The EA is used to generate offline Rneko charts.

  • farix

    Does not work. Prints a bar, when closed and opened with same parameters, that bar is not there anymore.

  • John Morrison

    My RenkoEA smiley face is frowning- how can I make him happy again?

    • 1. Make sure that the timeframe where you added the Renko chart is M1
      2. Make sure you have EA enabled on your MT4
      3. Try smiling back at the EA, maybe it will change.

      • John Morrison

        He’s happy now, the chart looks beautiful, EA is enabled but the price doesn’t move. Why not?

        • You might want to check your Renko box settings.

          • John Morrison

            OK, I checked the settings, they’re still there! Now what?

          • Post some screenshots. 1) The chart where you added the EA 2) the offline timeframe where the Renko chart is being built.

  • Tech Knowledge

    Hi, I’ve installed the RenkoEA on a chart, and opened the offline chart. Does the offline chart not update automatically? Does one have to open a new offline chart every time one suspects a new brick has been formed?

  • Tech Knowledge

    See below, on the left is the 1hr chart, with the Renko EA (price of gold 1268.06), while on the right is the renko chart (but the price is 1267.90). The Renko chart is not updating with the 1hr chart. Please help. t

    • It updates automatically and you do not have to open a new offline chart every time. Check your settings once again and also see if DLL is enabled. Lower your box size to perhaps 10 points or something and then compare.

      • Tech Knowledge

        Hi, see this screenshot. Box size 30 pips, and price has moved over 300 pips already, and yet Renko chart has not printed new bar or updated price. Renko still on 1262.05, while live chart is on 1232.47.

        • Hi.. how come your base chart (the one on the left is not showing that the EA is enabled? Take a look at this attached screenshot here.

          The comment on the top right and the top left indicates that the EA is working and the offline chart is being updated.

          Once again, check the settings for the EA

          • Tech Knowledge

            Thanks. See screenshot, comment on top left of live chart shows EA is working, but renko chart still not updating (live price on 1 hr chart at 1217.87, renko chart at 1225.57, should have formed a couple of new bricks on renko chart by now. Am missing the smiley face, even though ‘Autotrading’ is enabled (as is DLL and Live Trading on the EA settings).

          • No. You haven’t enabled all the features. Check your chart on the left once again. It only shows “Renko Live chart v4.13 (100 pips) and You can minimize this window now.”
            Now check the chart that I uploaded, it shows additional info such as “Go to Menu FILE> OPEN OFFLINE etc….”
            I checked your previous charts on this thread and it is the same problem. So you need to check your MT4 platform, more importantly you haven’t enabled autotrading.

            Once you see the “smile face” things should work.

      • Tech Knowledge

        And another one. DLL is enabled. 10 pip box size. Renko Trade Assist on renko chart (right) shows new bar should form at 1231. On live 1 hr chart (left), the bar closed at 1229.91, yet no new renko bar formed. Please help, really like this indicator, if it can update real time.

  • z10

    Excellent EA!!!