• Overview
  • Reviews (2)
  • Comments (5)

YY Line of Renko on the Chart

5

            This indicator is the basis for an Expert Advisor that can be categorized as "almost Grail". See details below.

            This indicator displays the projection of the Renko chart on the price chart. This projection is displayed as a stepped line, not as "bricks" (rectangles). See slides 1 and 2. Abbreviated name of the indicator: LRC – Line of Renko on the price Chart.

            The principle of its construction is very simple. First, a grid of horizontal lines (levels) is built with a given step and offset. Then a Renko Line is built using these levels: if the price touches a new neighboring level, then the Renko Line "jumps" to this level, forming a "step". If the price of this candle does not touch any of the neighboring levels, then the Line continues to the right.

            Despite its simplicity, on the basis of this indicator (as mentioned above) it is possible to build an Expert Advisor that has the characteristics of "almost Grail". An example of such an Expert Advisor called "Renko Random Robot" can be seen here [link]. But first things first. First, let's take a closer look at this indicator, and why it is the basis of the "almost Grail". Then (optionally) you can view the Expert Advisor built on the basis of this indicator using the link above.

 

         Parameters

 

  • Step of Levels in points – level grid step in points, on the basis of which the Renko Line is built;
  • Shift of Levels in points – shift of the entire grid of levels in points (a negative number means a shift down);
  • Show Level Lines – show the level grid;
  • Level Line Color – the color of the grid lines of the levels;
  • Level Line Style – the style of the grid lines of the levels;
  • Level Line Width – the width of the grid lines of the levels.

 

         Why is this indicator needed?

 

            Firstly, it shows the price movement in a more general (compressed) and simplified way. And this, in turn, simplifies the analysis of price movements. What is meant? As you know…

 

* * *

 

<For the continuation and full text of the description, see the attached file in the first post on the "Comments" tab>

 


Reviews 2
Dest T
33
Dest T 2024.02.27 12:30 
 

best Indicator I've seen on this platform it doesn't look like much but this indicator is very very useful especially in no indirection of the trend I would recommend this indicator to anyone out there looking to make money in the market very Useful in the chaos especially with my strategy I'll give this indicator a 10 out of 10 and would recommend it to anyone One of the most underrated indicator on this platform good job for the creator

sunhuanhuana
106
sunhuanhuana 2022.10.08 07:19 
 

nice

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Indicators
This dashboard shows the latest available harmonic patterns for the selected symbols, so you will save time and be more efficient / MT5 version . Free Indicator:   Basic Harmonic Pattern Comparison of "Basic Harmonic Pattern" vs. "Basic Harmonic Patterns Dashboard" Indicators Feature Basic Harmonic Pattern Basic Harmonic Patterns Dashboard Functionality Detects and displays harmonic patterns on a single chart Searches multiple symbols and timeframes for harmonic patterns, displays result
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Indicators
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Indicators
Scalper Vault is a professional scalping system which provides you with everything you need for successful scalping. This indicator is a complete trading system which can be used by forex and binary options traders. The recommended time frame is M5. The system provides you with accurate arrow signals in the direction of the trend. It also provides you with top and bottom signals and Gann market levels. The indicator provides all types of alerts including PUSH notifications. PLEASE CONTACT ME AFT
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Indicators
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Indicators
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Indicators
Currency Strength Wizard is a very powerful indicator that provides you with all-in-one solution for successful trading. The indicator calculates the power of this or that forex pair using the data of all currencies on multiple time frames. This data is represented in a form of easy to use currency index and currency power lines which you can use to see the power of this or that currency. All you need is attach the indicator to the chart you want to trade and the indicator will show you real str
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Indicators
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Indicators
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Indicators
Ultimate Gold Advisor for MetaTrader 4 The Ultimate Gold Advisor is an advanced technological tool designed to optimize the trading experience on MetaTrader 4. Created to meet the needs of experienced traders, this indicator combines precision, sophisticated analysis, and versatile functionality, offering support for informed trading decisions. Ideal for gold trading but also applicable across a wide range of assets, the Ultimate Gold Advisor can help you improve your market strategies. What ma
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This Expert Advisor belongs to the "almost Grail" category. What does this mean? This means that this EA makes it possible to trade profitably in almost any trading situation (with the exception of a very specific and rare situation, which will be considered separately below). The words "any trading situations" mean not only standard things (such as a trend or flat), but also any other patterns and/or figures, including the most unexpected and "arty-crafty", and which do not even hav
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Dest T
33
Dest T 2024.02.27 12:30 
 

best Indicator I've seen on this platform it doesn't look like much but this indicator is very very useful especially in no indirection of the trend I would recommend this indicator to anyone out there looking to make money in the market very Useful in the chaos especially with my strategy I'll give this indicator a 10 out of 10 and would recommend it to anyone One of the most underrated indicator on this platform good job for the creator

sunhuanhuana
106
sunhuanhuana 2022.10.08 07:19 
 

nice

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