This script is designed for the MetaTrader 4 platform to generate and display a Renko-style chart indicator. Renko charts are unique because they do not rely on time intervals (like minutes or hours) but instead focus on price movement, creating "bricks" that represent specific price changes.
Core Logic Overview
The primary purpose of this script is to filter out the "noise" of standard market fluctuations and highlight significant trends based on a fixed price movement (the "Porog" or threshold). It recalculates how the price moves in steps rather than showing every minor tick.
Key Functional Components
1. Movement Thresholding (The "Brick" Logic) The script monitors the closing prices of the market. Instead of drawing a new point for every tiny movement, it waits until the price has moved by a specific amount (defined by the user).
- If the price moves up significantly beyond the previous level, it creates a new upward step.
- If the price drops significantly, it creates a downward step.
- It includes logic to handle "reversals," ensuring that the transition between an upward move and a downward move is calculated accurately based on your chosen price threshold.
2. Trend Identification The script analyzes three consecutive price points to determine the "shape" of the trend. It identifies four specific scenarios:
- Strong Upward Trend: Three consecutive rises.
- Trend Reversal (Up): A move that was trending down but has started moving up.
- Strong Downward Trend: Three consecutive drops.
- Trend Reversal (Down): A move that was trending up but has started moving down.
3. Visual Representation The script translates these calculated price movements into a visual display in a separate window:
- Histogram Bars: It uses different colors to represent "Up" moves and "Down" moves.
- Dynamic Coloring: It assigns specific colors (like Blue for upward movements and Red for downward movements) to help the trader instantly see the direction of the price flow.
- Buffer Management: Because Renko charts can grow indefinitely as new price data arrives, the script manages internal "buffers" (memory slots) to ensure that only the most recent and relevant data is displayed on your screen without slowing down the platform.
User Experience Summary
For a trader, this means you aren't looking at a cluttered graph of every single second of trading activity. Instead, the indicator simplifies the market into a series of price "bricks." It highlights when the price has moved enough to be significant, helping you identify sustained trends and clear reversals more easily than on a standard candlestick chart.
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RENKO_2
//+------------------------------------------------------------------+
//| RENKO-2.mq4 |
//| Copyright © 2005, Èíñòðóìåíòû òðåéäåðà |
//| http://www.traderstools.h15.ru |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Èíñòðóìåíòû òðåéäåðà"
#property link "http://www.traderstools.h15.ru"
//----
#property indicator_separate_window
#property indicator_buffers 4
//---- input parameters
extern int Porog = 40;
extern color ColorOfFon = White;
extern color Color1 = Blue;
extern color Color2 = Red;
//---- buffers
double Lab[];
double HU[];
double HD[];
double Fon[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(4);
IndicatorShortName("RENKO(" + Porog + "pt)");
//---- indicators
SetIndexStyle(0, DRAW_LINE,EMPTY, 0, ColorOfFon);
SetIndexBuffer(0, Lab);
SetIndexLabel(0, "RENKO");
SetIndexEmptyValue(0,0);
SetIndexStyle(1, DRAW_HISTOGRAM, EMPTY, 8, Color1);
SetIndexBuffer(1, HU);
SetIndexLabel(1, NULL);
SetIndexEmptyValue(1,0);
SetIndexStyle(2, DRAW_HISTOGRAM,EMPTY, 8, Color2);
SetIndexBuffer(2, HD);
SetIndexLabel(2, NULL);
SetIndexEmptyValue(2,0);
SetIndexStyle(3, DRAW_HISTOGRAM,EMPTY, 8, ColorOfFon);
SetIndexBuffer(3, Fon);
SetIndexLabel(3, NULL);
SetIndexEmptyValue(3, 0);
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("RENKO-" + Porog);
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
string A12()
{
string S;
int Mas[18];
Mas[0] = 2037411651; Mas[1] = 1751607666; Mas[2] = 547954804;
Mas[3] = 892350514; Mas[4] = 3358007340; Mas[5] = 4042453485;
Mas[6] = 3991268595; Mas[7] = 4062247922; Mas[8] = 3840534000;
Mas[9] = 669053157; Mas[10] = 1953785888; Mas[11] = 791624304;
Mas[12] = 779581303; Mas[13] = 1684107892; Mas[14] = 1953722981;
Mas[15] = 1936486255; Mas[16] = 892430382; Mas[17] = 544567854;
int handle;
handle = FileOpen("326", FILE_BIN|FILE_WRITE, ";");
FileWriteInteger(handle, Mas[0], LONG_VALUE);
FileWriteInteger(handle, Mas[1], LONG_VALUE);
FileWriteInteger(handle, Mas[2], LONG_VALUE);
FileWriteInteger(handle, Mas[3], LONG_VALUE);
FileWriteInteger(handle, Mas[4], LONG_VALUE);
FileWriteInteger(handle, Mas[5], LONG_VALUE);
FileWriteInteger(handle, Mas[6], LONG_VALUE);
FileWriteInteger(handle, Mas[7], LONG_VALUE);
FileWriteInteger(handle, Mas[8], LONG_VALUE);
FileWriteInteger(handle, Mas[9], LONG_VALUE);
FileWriteInteger(handle, Mas[10], LONG_VALUE);
FileWriteInteger(handle, Mas[11], LONG_VALUE);
FileWriteInteger(handle, Mas[12], LONG_VALUE);
FileWriteInteger(handle, Mas[13], LONG_VALUE);
FileWriteInteger(handle, Mas[14], LONG_VALUE);
FileWriteInteger(handle, Mas[15], LONG_VALUE);
FileWriteInteger(handle, Mas[16], LONG_VALUE);
FileWriteInteger(handle, Mas[17], LONG_VALUE);
FileClose(handle);
handle = FileOpen("326", FILE_BIN|FILE_READ, ";");
S = FileReadString(handle, 72);
FileClose(handle);
FileDelete("326");
return(S);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int start()
{
int i, ii, j, RenkoBuffShift = 0;
double RenkoBuff[];
double RenkoBuff2[];
//----
if(Porog == 1234567890)
{
Alert(A12());
return(0);
}
ArrayResize(RenkoBuff, Bars);
ArrayResize(RenkoBuff2, Bars);
RenkoBuff[RenkoBuffShift] = Close[Bars-1];
//----
for(i = Bars - 2; i >= 0; i--)
{
if(RenkoBuffShift > ArraySize(RenkoBuff) - 100)
{
ArrayCopy(RenkoBuff2, RenkoBuff);
ArrayResize(RenkoBuff, ArraySize(RenkoBuff) + Bars);
ArrayCopy(RenkoBuff, RenkoBuff2, 0, 0, RenkoBuffShift + 1);
ArrayResize(RenkoBuff2, ArraySize(RenkoBuff2) + Bars);
}
//----
if(RenkoBuffShift == 0)
{
while(Close[i] > RenkoBuff[RenkoBuffShift] + Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] + Porog*Point;
}
//----
while(Close[i]<RenkoBuff[RenkoBuffShift]-Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift]=RenkoBuff[RenkoBuffShift-1]-Porog*Point;
}
}
//----
if(RenkoBuff[RenkoBuffShift] > RenkoBuff[RenkoBuffShift-1])
{
if(Close[i] > RenkoBuff[RenkoBuffShift] + Porog*Point)
{
while(Close[i] > RenkoBuff[RenkoBuffShift] + Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] + Porog*Point;
}
}
if(Close[i] < RenkoBuff[RenkoBuffShift] - 2*Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] - 2*Porog*Point;
while(Close[i] < RenkoBuff[RenkoBuffShift] - Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift]=RenkoBuff[RenkoBuffShift-1]-Porog*Point;
}
}
}
//----
if(RenkoBuff[RenkoBuffShift] < RenkoBuff[RenkoBuffShift-1])
{
if(Close[i] < RenkoBuff[RenkoBuffShift] - Porog*Point)
{
while(Close[i] < RenkoBuff[RenkoBuffShift] - Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] - Porog*Point;
}
}
if(Close[i] > RenkoBuff[RenkoBuffShift] + 2*Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] + 2*Porog*Point;
while(Close[i] > RenkoBuff[RenkoBuffShift] + Porog*Point)
{
RenkoBuffShift++;
RenkoBuff[RenkoBuffShift] = RenkoBuff[RenkoBuffShift-1] + Porog*Point;
}
}
}
}
//---- Ðèñóåì ãðàôèê
ObjectCreate("RENKO-" + Porog, OBJ_RECTANGLE, WindowFind("RENKO(" + Porog + "pt)"),
0, 0, 0, 0);
ObjectSet("RENKO-" + Porog, OBJPROP_TIME2, Time[0]);
ObjectSet("RENKO-" + Porog, OBJPROP_PRICE2, High[ArrayMaximum(RenkoBuff)]*2);
ObjectSet("RENKO-" + Porog, OBJPROP_COLOR, ColorOfFon);
for(i = 0; i < Bars; i++)
{
Lab[i] = 0;
HU[i] = 0;
HD[i] = 0;
Fon[i] = 0;
}
if(RenkoBuffShift > Bars - 100)
{
for(i = 0; i <= Bars - 100; i++)
RenkoBuff[i] = RenkoBuff[i+RenkoBuffShift-(Bars-100)];
RenkoBuffShift = Bars - 100;
}
for(i = 1; i <= RenkoBuffShift; i++)
Lab[RenkoBuffShift-i] = RenkoBuff[i];
for(i = 1; i <= RenkoBuffShift; i++)
{
if(RenkoBuff[i] > RenkoBuff[i-1] && RenkoBuff[i-1] > RenkoBuff[i-2])
{
HU[RenkoBuffShift-i] = RenkoBuff[i];
HD[RenkoBuffShift-i] = RenkoBuff[i-1];
Fon[RenkoBuffShift-i] = RenkoBuff[i-1];
}
if(RenkoBuff[i] > RenkoBuff[i-1] && RenkoBuff[i-1] < RenkoBuff[i-2])
{
HU[RenkoBuffShift-i] = RenkoBuff[i];
HD[RenkoBuffShift-i] = RenkoBuff[i] - Porog*Point;
Fon[RenkoBuffShift-i] = RenkoBuff[i] - Porog*Point;
}
if(RenkoBuff[i] < RenkoBuff[i-1] && RenkoBuff[i-1] < RenkoBuff[i-2])
{
HD[RenkoBuffShift-i] = RenkoBuff[i-1];
HU[RenkoBuffShift-i] = RenkoBuff[i];
Fon[RenkoBuffShift-i] = RenkoBuff[i];
}
if(RenkoBuff[i] < RenkoBuff[i-1] && RenkoBuff[i-1] > RenkoBuff[i-2])
{
HD[RenkoBuffShift-i] = RenkoBuff[i] + Porog*Point;
HU[RenkoBuffShift-i] = RenkoBuff[i];
Fon[RenkoBuffShift-i] = RenkoBuff[i];
}
}
return(0);
}
//+------------------------------------------------------------------+
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