The Expert Advisor displays renko bars on the chart, builds two moving averages and a channel for closing prices with a specified period on their basis.
Renko-a specific display of price movement, in which the chart displays only “bricks” of a given size, equivalent to the price movement, regardless of the time of their formation.
An additional option for Renko in this Expert Advisor is to display the time of formation of each brick.
Trading signals are formed in two stages:
- Formation of a reference point based on signals: the intersection of moving averages, the intersection of renko bars with a fast MA, or a pullback with a slash;
- The formation of an input signal when the rate of formation of renko bars increases, or the price rolls back before reaching the reference point and continues to move in the direction of the signal.
Expert Advisor parameters
- Brick Size – brick size
- CountBars – the number of bricks displayed on the graph (0 – according to the screen
- Short Brick Color, Long Brick Color, Wick Color – color of bricks and shadows
- hideBars-hide standard bars
- openTime_factor – the ratio of the times of the last and previous candlesticks for the signal
- ordersDistance – minimum distance between orders (in brick sizes)
- Signal MAs Cross, Signal Renko