I have been working with all kinds of Renko charts on various platforms. Unfortunately the Renko charts are not standard in Metatrader4 and most of the generators have some limitations in their usability. Therefore I have created my own that I use daily and it is by no means perfect.
- It is an indicator and not an EA
- You can generate multiple offline charts from one open chart
- You can generate different symbol renko charts from one chart(Use EURUSD as base)
- You can define your own template for the offline charts
- Renko bricks are generated real time and there is now "redraw"
- Orphaned offline charts get closed when changing the symbol(configurable)
- Standard Renko and Mean Renko in one indicator(Testing in Version 1.05)
- Remote Control attached to offline chart allows easy changing of brick size
- Automatic update check for latest version so that we all use the same version
- Change from renko to time based chart and back by clicking time frame button
I will try to post a new version from time to time.A final version will be posted when all the errors are fixed and the performance is fantastic (we are close). Please note that I am open to suggestions and constructive criticism, assuming that you have given it some serious thought.
The round number indicator is explained here. Using Renko with SonicR is here. Renko Chart Generator here.
Renko Chart Version 1.09
Renko Chart Remote Control (attach to offline renko chart, over 600 previous downloads!!! )
Round numbers (essential for renko trading
Template for Renko chart itself(you can create your own)
Template for Main chart that generates the charts (you can create your own)
Note: You need to download history data for Renko charts to work properly. You can do this by:
1. Hit <F2> key to bring up History Center window.
2. Select the symbol (for example, EURUSD).
3. Click on <Download> button.
4. Repeat 1 to 3 for all symbols you want to load history data.
Here the link on google drive to a bundle of all the stuff...
For an automated script to load history data, see here.
Known Bugs and limitations:
- Fixed: current renko bar (for mean renko) doesn't seem to display properly until it closes (Testing fix in 1.08)
- Micro account does not display the name of the instrument.
- The wick display code is not consistent when creating history file and for the current candle. Thanks to thorough analysis by Tekkies, I have a chance to find this when I get time.(post 15 and 16)
- ....there will be more :-)
Posting to this thread should be done with caution as my patience is that of a rattle snake Jokes aside, please read this post and try to google the answer. Most of the time that is all it takes.
Some of the threads here are useful. Here is my pick:
- SonicR this is basic wave theory looking for 123 pattern using lower lows or higher highs. The money management is sensible and if you only study one thread, pick this one. There is a trader and programmer called TAH and I give him the thumbs up..
- There are many threads on supply and demand. I have yet to find a good one, but remember this. If someone wants something, they are willing to pay more than the last guy...therefore price goes up. That is called demand. I use my own indicator for this. It is attached above. This was hundreds of hours of work and one of my previous employers traded this way. Up to 6 positions with 50 million position size. Only GU and EU.. so my 5 cents of wisdom: Only work with price, use tools that assist you in trading and STAY AWAY from indicators that calculate any average.
Donations to a good cause if you feel like it...
There is a hospital in Cambodia called Kantha Bopha run by a Swiss physician called Dr med. Beat Richner. It provides all medical services to the children for free and is funded by donations. Here is the link for voluntary donations. http://www.beat-richner.ch/Assets/richner_donation.html
Disclosure: I am not involved or receive any benefit for any donation made.