Introduction
Well, here we are again folks, discussing another trading bot to exist in the ever-expanding universe of Forex trading. The star of the show today is the Renko Chart for MT5, an algorithm that has somehow managed to win the hearts of traders with a commendable rating of 5. Cue the applause.
Description of Functions
What Renko Chart for MT5 does, as the name suggests, is that it employs the use of Renko charts for trading in the MT5 platform. For the blissfully uninformed, Renko charts are a kind of chart type that is used to determine the price changes irrespective of time. The objective of using these charts is to filter out what we call 'noise', those sneaky little price movements that don't have a very significant impact on the bigger picture.
Analysis of Results
When we look at the results of this bot over the past year on the provided site , we see a surprising degree of consistency. Now, don't get me wrong, I'm not a blind believer, but the numbers do seem to have a ring of truth to them.
Pros and Cons
One user has compared it to the MT4 version and found it equally impressive, while another applauds the way the bot closes following the price direction. Sounds fancy, right? But let's not forget, every rose has its thorns, and in this case, it's the lack of any critical user reviews which leaves us skeptical of its supposed 'perfection'.
Renko Chart for MT5 - Source Code
Oh, and before I forget, the original source code of this bot is not available. However, it's not all doom and gloom. Based on the description found on the MQL5 site, a code can be drafted. Just remember, it's a representation by easytradingforum.com, not an original piece of work from the creators at MQL5.
Code:
You don't have permission to view the code content. Log in or register now.Download Renko Chart for MT5 - Share Your Experience
I would invite you to [URL=] download Renko Chart for MT5 and let us know if it's truly the Holy Grail that it has been made out to be, or just another fad tool. If you happen to have questions related to the code, do not hesitate to pose them. Just remember, the Renko Chart for MT5 is not being sold here by the EASY Trading Team. We are merely dissecting the bot based on its description and feedback from traders. Happy trading and discussing, folks![/B]