Live Renko charts on MT4 and EAs? Is it possible?

So after digging around for MT4 Renko indicators to change the normal bars into renko, I noticed that the only free ones would convert them into offline charts which couldn't be used for trading. This made me a bit confused as some indicators show to produce live renko charts and there are some EAs which supposedly trade using renko but I can't seem to understand how this is possible, as I was told on a moderator of MQL5
In search of some better answers, I thought I'd take a deeper look, and found some indicators with the following descriptions: "To create the Renko chart you need to attach the Ultimate Renko indicator to a standard timeframe (1 minute is recommended) and use the indicator's settings to generate a live custom chart that will be displayed on an offline chart of your choice". It mentions generating a "live custom chart" which will be displayed on an offline chart. Wouldn't this mean that there is a live Renko chart that is displayed on an offline chart or have I misunderstood the description? Another indicator description mentions "Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency." From this I would assume that it could be traded live. I'll mention one more indicator description because it mentions something important "The Renko Chart indicator is not only history based, but also builds online. At the same time, the data is updated synchronously with the basic chart with no delays." So would this mean, if it had to be on an offline chart that is not able to be traded on directly, it would still update synchronously with the live data?

All these indicators that I have quoted cost money, and I am not ready to pay for unless I am sure of what the result is going to be. Can anyone explain if live renko charts is really possible and can they be implemented with EAs? If so, can someone point me in the right direction for a Renko indicator for MT4? Thank you very much!

Yes, that's possible. See https://www.forexfactory.com/showthread.php?t=535170

Would it be possible to set this up on a VPS though? I'm not sure how VPS' are setup, I'll assume from the prompt on the MQL5 website it says to open the MT4 terminal, so I imagine it'd be how you would normally attach an EA to a chart and set it up?

1. You may run any software on a real VPS. Warning: The virtual hosting thing offered on the MQL5 website is a scam and has nothing to do with a VPS.
2. You run an expert by dragging the downloaded .EX4 file (see the link posted before) onto a chart. You never use the "prompt on the MQL5 website" because it's another Metaquotes scam. Everything Metaquotes does on their website leads to extracting money from you and giving you nothing - I repeat - nothing in return.

Oh wow that's a shocker, thanks for informing me, I really appreciate it. Is purchasing indicators and experts and the freelancing section okay though? They charge a hefty 20% VAT on them but I guess those are safe, and anything else should be avoided?

No, as I already said. Everything offered for money on the MQL5 website is a scam.

There was a time (15 years ago) when things used to be very different. Trading software was developed by Metaquotes to give retail traders an advantage. They tried hard to improve MetaTrader in every possible way. There was a yearly competition organized by Metaquotes to show the world that retail traders can indeed make money with their software. At those times the bad boys used to be the brokers. Behind the doors Metaquotes silently sold a second software to them to be able to manipulate price feeds and to cheat and extract money from their clients (from us).

Times changed. Due to constantly increasing FX regulation plenty of brokers (even reputable ones) were sued and had to pay hefty fines to authorities and cheated clients. As a result Metaquotes had to stop selling their cheating software to them and Metaquotes' returns decreased. But instead of improving their excellent software (compared to others) they changed sides and started to work against the interest of traders. Soon the yearly competition ceased to exist.

Today they focus on luring retail clients into payed services on their website, all services with no real value behind it. On the other side competition between brokers increased in a way that brokers to be able to survive had to offer more transparent services of higher quality to retail clients. You will still find many dishonest brokers but compared to 15 years ago the broker landscape changed significantly. Today you find FX brokers who offer transaction receipts of the executing counter-party for every single FX transaction. At the old times that was totally out of reach and simply not imaginable. Do your homework.

So download their free software and that should be the last time you ever visited their website (until they change their mind back and remember what once made them great). Find a decent broker and download indicators/EAs etc. only from more trustworthy sources, like here for example. You will still find plenty of low value stuff here but only experience (time) can help you to see the differences.

Back to your topic: I posted the link to a good and free Live Renko generator EA above. That should be a starting point for you.

Good luck

Thank you for this information, I really appreciate it. I will keep my distance from MQL5 now, and thank you for the resource link once again. I look forward to setting it up!

I totally Agree with your oppinion about today's trading condition.
Grow the knowledge by ourself, and make our own tools based on research and knowledge outthere can be better then just download from other.
Rgs,