Using the Renko types like mean, median, turbo, hybrid and point listed below, you’ll be able to set up various chart types which show the price data in a different way from the standard time-based charts. This indicator has an API which will allow it to be used by an automated trading system (ATS) or cBot.
How it Works
The indicator is displayed as an overlay and should be attached to 1-minute charts for best historical candle accuracy. All live candles are plotted tick by tick.
You may want to change the chart to “line chart” and the “Bear Outline” colour to black for better clarity.
Indicator Adjustable Settings
- Bar Size (number of pips)
- Renko mode preset (None, Renko, Median Renko, PointO, Turbo Renko, HybridRenko)
- Open offset % (0 to ...)*
- Reversal Open offset % (0 to ...)*
- Reversal bar size % (0 to ...)*
- Show wicks (Yes / No)
- Maximum Bars
- Reset Open on the new trading day (Yes / No)
- Truncate trailing digits on the first Renko (Yes / No)
- A number of digits to truncate (0 to …)
- Bullish Bar Color
- Bearish Bar Color
All offsets and the reversal bar size percentages are calculated relative to the previous bar's closing price.
These calculations are ignored if "Renko mode preset" is not set to "None".
Here are some example settings for various Renko chart variations:
- Median Renko (Settings: Open offset = 50%, Reversal Open offset = 50%, Reversal bar size = 150%, Show wicks = Yes)
- Standard Renko without wicks (Settings: Open offset = 0%, Reversal Open offset = 100%, Reversal bar size = 200%, Show wicks = No)
- Turbo Renko (Settings: Open offset = 75%, Reversal Open offset = 25%, Reversal bar size = 125%, Show wicks = Yes)
- Hybrid Renko (Settings: Open offset = 75%, Reversal Open offset = 75%, Reversal bar size = 175%, Show wicks = Yes)
- PointO (Settings: Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 100%, Show wicks = Yes)
Automated Trading System Integration
This indicator can also be used in your automated trading systems or cBots for trade signals, details on how to do this are found in the download file, we have added an extra cBot called Ultimate Renko cBot Example
Product Registration
This product uses a different licensing system and included in the download you will find an activation program that you will need to run to get your activation serial number, the vendor will contact you and send you your license.
We used Kaperskys Threat Intelligence Portal to check the file for viruses and there were no threats detected, you can run the test yourself by visiting the site below.
How To Install The Indicator
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
How To Download Trial?
We offer a 14-day trial for all of our products, you can either click on the link below the 'Add to Cart' button or the link below.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.
