Spezifikation
Hello,
I want offline Renko chart based on pips and time. Trading View Renko chart is a perfect example of what I require, it prints renko bricks at close of time frame chosen which is more cleaner. The Trading View Renko chart wait until end of desired timeframe candle to close before final renko bricks are drawn. Best is to look at Trading View renko charts to see exactly how this works.
I currently have an offline Renko builder EA for MT4 which I got free on MQL5 site, it works well but do not build bricks based on time frames. It only build bricks up and down for any movement in price including wicks movement.
Example of Renko chart build based on time frame....
If set to 5m chart and 5 pips per renko brick that means every 5 mins it calculates how many 5 pip movement has happened within 5 mins. So that means lets say price move up 10 pips (2 bricks of 5 pips) in first 2 mins of 5m candle but in remaining 3 mins price move back down by 10 pips...that means in the end of 5m candle there would be no renko bars printed since price essentially not move in those 5 mins (It moved up and went down by same amount).
Another example....
If set to 5min chart and 5 pip per renko brick and price 15 pips up ( 3 renko candle of 5 pip) but before 5m candle close, it moved down 10 pips....only supposed be 1 bullish renko brink will print at close of that 5 mins for the 5 pips ( not 2 candle up and 1 down).
Hopefully this is clear or just study Trading view renko chart for more clarification. I am am if you can just edit my current offline Renko builder EA or build a new one, as long as it work as expected. Thank you.