RenkoChart EA

[TopicStarter]

Introduction​

RenkoChart EA has created quite a buzz in the trading community, promising to filter out market noise and highlight key support and resistance levels. Let's cut through the hype and evaluate this trading robot's effectiveness realistically. We’ll delve into user experiences, analyze its performance, and assess its strengths and weaknesses.

Description of Features​

RenkoChart EA is designed to work with Renko charts, a type of charting that focuses solely on price movement and ignores time intervals. According to its description:

• It filters out market noise, making it easier to identify support and resistance levels.
• Facilitates the addition of conventional indicators to Renko charts—something most other similar tools fail to provide.
• It does not feature quick trade buttons or trade levels on the Renko chart, requiring users to use conventional charts for these functionalities.

User Herb Wenzel has noted a significant increase in weekly ROI, but also pointed out the absence of quick trade buttons and trade levels.

Analysis of Results​

Over the past year, RenkoChart EA's results have been a mixed bag. It appears to work well in trending markets by highlighting clear price patterns and support/resistance levels. However, its performance wanes in choppy, sideways markets where even Renko's noise-filtering capabilities can't save the day. Detailed statistical analysis can be found on their website: RenkoChart EA statistics.

Pros and Cons​

Pros:

• Removes market noise and highlights crucial support/resistance levels.
• Allows for the addition of conventional indicators to Renko charts.
• Positive user feedback mentions increased ROI.

Cons:

• Lacks quick trade buttons and trade levels on the Renko charts.
• Performance may degrade in non-trending markets.
• Requires simultaneous use of conventional charts for full functionality.

Conclusion​

RenkoChart EA has the potential to improve trading strategies by filtering out market noise and highlighting price patterns. However, its limitations, such as the absence of quick trade buttons and its inconsistent performance in varying market conditions, make it far from perfect.

For those who are already fans of Renko charts, this robot might be worth the investment. But remember, there’s always room for doubt. Feel free to discuss your experiences and results on our forum.

Source Code of RenkoChart EA​

While we don’t have access to the original source code of RenkoChart EA, we can create a similar trading robot based on its description available on MQL5. If you have any questions or need assistance with the code, don’t hesitate to ask. Note that we do not sell RenkoChart EA; our team at EASY Trading Team merely provides a sample code based on its description.

You don't have permission to view the code content. Log in or register now.

Download RenkoChart EA​

Interested in trying out RenkoChart EA? Visit forexroboteasy.com for more details. If you have any questions or need further clarification, feel free to reach out. Remember, this is a sample code based on the description of RenkoChart EA, sold on MQL5, provided by easytradingforum.com. Our EASY Trading Team does not sell this robot.