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
- 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.
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. Want to know more about other Renko MT4 indicators?