Live Renko Charts and Indicator Signal Buffers
Summary
Renko charts represent price movement with fixed-size bricks and do not use elapsed time to determine when a new brick appears. This indicator adapts that display for a regular live chart, avoiding the separate offline-chart conversion typically used to construct Renko charts in MQL4. It offers brick plotting based on closing prices or highs and lows, and can show bricks, arrows, or no plotted marks. The top and bottom bricks are modified, which the description suggests may help in ranging markets.
The indicator also provides signal and trend buffers for use in expert advisors, along with screen, mobile, and email alerts. The document recommends choosing a sufficiently small chart timeframe or large brick size so that the bricks remain visible. It provides no performance tests or trading results, and does not explain the buffer calculations or how to evaluate signals. The indicator is a charting aid; its features alone do not establish a profitable strategy.
Key ideas
- Renko bricks represent price changes without using time as their plotting basis.
- This indicator draws a Renko-style view on a regular live chart without an offline converter.
- Users can choose close-based or high-low plotting and display bricks, arrows, or no marks.
- Signal and trend buffers support integration with expert advisors, and alerts can be enabled.
- The description provides no evidence that the indicator’s signals are profitable.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.