Renko Chart Generator MT5

The Renko Chart Creator EA is a powerful tool designed for MetaTrader 5 (MT5) that enables traders to generate Renko charts with ease. Renko charts are popular among traders due to their ability to filter out noise and provide a clearer representation of price movements. This EA simplifies the process of creating Renko charts by automating the chart construction based on specified inputs.

Key Features:

1. Symbol Selection: The EA allows users to choose the symbol for which they want to create the Renko chart. By default, it uses the current symbol loaded on the MT5 platform.
2. Renko Type: Traders can select the type of moves for constructing the Renko chart. The available options include "Ticks," which considers price movements in terms of ticks, pips, or points.
3. Renko Size: Users can specify the desired box size for the Renko chart. The box size is measured in ticks, pips, or points, depending on the selected Renko type. A larger box size creates fewer bricks, while a smaller size generates more bricks on the chart.
4. Wicks Display: Traders have the option to show or hide the wicks on the Renko chart. Wicks represent the high and low prices within each brick, providing additional information about price volatility.
5. Time Display: The EA offers the flexibility to display the opening time of each Renko brick on the chart. This feature allows users to track the time at which a new brick is formed.
6. Asymmetric Reversals: Traders can enable or disable asymmetric reversals, which determine the rules for brick reversals. When enabled, the EA uses specific criteria to define upward and downward brick reversals, enhancing trading analysis.
7. Chart Window Selection: Users can choose between creating the Renko chart in the current MT5 window or in a separate window. This option provides convenience and customization for traders who prefer to view the Renko chart alongside other chart types.
8. Timer Functionality: The EA includes a timer feature that allows users to set a specific time interval for the creation of new bricks. This feature ensures the Renko chart is updated at regular intervals, providing real-time analysis.
9. Market Book Monitoring: Traders have the ability to monitor the market book, enabling them to observe the bid and ask volumes associated with each price level. This information can be valuable for making informed trading decisions.

The Renko Chart Creator EA simplifies the process of generating Renko charts on MT5, providing traders with a powerful visualization tool for analyzing price trends and patterns. With its user-friendly interface and customizable settings, this EA enhances trading efficiency and improves decision-making capabilities.