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Generating ATR- and Percentage-Based Renko Bars in MetaTrader 5

Article MQL5 code base
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Summary

Renko 2.0 ATR is described as a non-trading MetaTrader 5 utility that generates custom symbol data on a one-minute chart. Its generated Renko bars can be configured using Average True Range, moving averages, and/or a percentage of ATR. The resulting custom symbols can then be viewed with the user’s preferred indicators.

The document’s version history mentions changes involving tick and timer events, Renko bar timestamps, volume and wicks, performance, and asymmetric reversals. These notes suggest that bar construction and reversal behavior were revised, but they do not specify the exact algorithms or parameter effects. No trading rules, backtests, or profitability evidence are supplied. The utility is a data-generation tool rather than an automated trading strategy, so any conclusions from indicators applied to its synthetic bars would need separate testing.

Key ideas

  • The utility generates custom Renko symbol data on a one-minute chart.
  • Bar construction can use ATR, moving averages, or a percentage of ATR.
  • Generated custom symbols can be analyzed with other indicators.
  • The version history records updates to timestamps, volume, wicks, and reversal handling.
  • The document gives no trading strategy or performance results.

Tags

Technical indicatorsVolatilityBacktesting

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.