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When it comes to analyzing financial markets and making trading decisions, the choice of chart type can play a crucial role. Two popular types of charts that traders often use are Renko charts and candlestick charts. Both of these charting methods have their unique strengths and weaknesses. In this article, we’ll delve into the world of Renko and candlestick charts, comparing their features, benefits, and drawbacks to determine whether Renko is truly better than the traditional candlestick.

In the world of technical analysis, traders have numerous chart types at their disposal. One such chart type that has gained popularity among traders is the Renko chart. Renko charts are known for their simplicity and ability to filter out market noise, making them a valuable tool for both beginners and experienced traders alike. However, ...

This is a quick “how-to” guide to backtesting EAs on a renko chart created as a Custom Symbol on Metatrader 5. You can generate renko charts for backtesting using the Renko Generator for Metatrader 5.

The settings

When you start the renko generator (Renko GenX) EA, you need to make sure that you use the following settings (outlined in red). All of ...