Offline Renko Chart Generator for MT4

Hello Campers

I was a professional GRUNT before studying Computing Science........ so here I am Gunny Hartmann. "Everyone is equally worthless....." love it Watch

Have opened up the comment for all levels.. so everyone can now make a comment.... assuming that most of us have a brain, could you please try to use it and then start typing. Sometimes googling something before asking the dumbest of all questions does help keeping some threads clean...

I trade with a small bunch of people... here my youtube for everyone https://www.youtube.com/channel/UCXS...-1gxkZM3Gy1tcg
This is my personal channel and therefore I do on it what I want.... dont like it, dont watch

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.

Main features:

1. It is an indicator and not an EA
2. You can generate multiple offline charts from one open chart
3. You can generate different symbol renko charts from one chart(Use EURUSD as base)
4. You can define your own template for the offline charts
5. Renko bricks are generated real time and there is now "redraw"
6. Orphaned offline charts get closed when changing the symbol(configurable)
7. Standard Renko and Mean Renko in one indicator(Testing in Version 1.05)
8. Remote Control attached to offline chart allows easy changing of brick size
9. Automatic update check for latest version so that we all use the same version
10. 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.


Indicators
Renko Chart Version 1.14 (14'000 downloads so far)

Renko Chart Remote Control Version 1.08 (put this on your offline chart)

Scripts
LoadHistory (A basic attempt to load enough history candles)


How to install




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.
.. or use the load history script




For an automated script to load history data, see here.

Known Bugs and limitations:

1. Fixed: current renko bar (for mean renko) doesn't seem to display properly until it closes (Testing fix in 1.08)
2. Micro account does not display the name of the instrument.
3. 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)
4. ....there will be more :-)
5. Fixed the refresh during startup. Thanks to Hutch!

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:

1. 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..
2. 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.

Some useful indicators from my side to my friendly trading group

Hull Moving Average - recoded it for my own use. Fast and furious....
Currency Strength that works on RENKO too
Dragons are a symbol of strength and luck




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.

These are some very nice indicators that you are sharing. I particularly like your Renko Chart Generator - it looks and works like another one I use which I paid for (I guess you know the one).

I noticed that some of the S/D zones remain on the chart even once they are broken. This is not criticism, I'm just pointing it out - it is still a very nice indicator.

Your round number indicator video is unavailable.

Thank you for sharing tgdrela1.

Hi Stu
The current implementation uses fractals as the main source of swing points. So sometimes a demand zone becomes supply or vice versa. The biggest mistake that people make is to trade S&D upon zone entry... bad idea. You must trade upon zone exit as that is the only time that you know that the markets seems to respect that zone.

You can use the strategy tester and load the indicator instead of an expert and put it on slow visual mode..... nice practice without risk.

In summary:

1. Look at the S&D zones (H1 or higher) and fundamental news (Big picture)
2. Trade when the market is volatile when inter day trading, long term trades can be taken any time.
3. Use the lower time frame price charts (renko or range) to enter on break out or rebound
4. Trade lot sizes that do not affect your mind....I recommend 0.01 until you are comfortable. (10K account -> 0.01 lot)

I am off to the south of France for a couple of weeks. Good luck with your trading... and download the new renko indicator. It has all the bells and whistles.

Hi Lawrence,
I notice that the current renko bar (mean renko) doesn't seem to display properly until it closes. Normally the open of the current bar stays fixed at the 50% point of the previous bar but your version doesn't. Once it closes it looks perfect so to be honest I can look past this issue but I wonder if this is something you could fix?

As I said before I use another renko chart generator that I paid for but if I had got my hands on yours first I would probably have just used that instead, providing it remains free of course.

I voted that your indicator works very well and I recommend it to any renko traders.

By the way thanks for the explanation about your MTF S/D indicator. The "flip zones" as some might call them are an excellent feature.

Looking forward to see more of your work.

STG RenkoChart / Remote are two beautiful MQL4 coding.
Suggesting improvement:
STG RenkoChart
1. When using "Use other price feed symbol" should display the currency next to STG_RenkoChart.
2. Auto dectection if Broker is
a. ECN
b. With 3 or 5 Digits
c. Micro account

Edit:
This might be a time consuming request. Renko chart generator that does not use or display wicks. Have tried to do it myself and so far failed miserably.
(OVO - RenkoNoWickBar.ex4 as exsample (http://forex.ovo.cz/en/?subaction=sh...&id=1381555516)

Hi T
Thanks for your suggestions. I think that you don't have the latest version as you can see from the pictures in post 1, the name of the instrument is displayed as you suggested. The digits too are in the code already, but I will check if they are working correctly(2b).

The wicks should be configurable, but I am on holidays and will not look into trading or coding much.

One thing that I will add is that once I release a new version, the old versions will announce the new version on startup. Like that we all use the latest version. Makes it easier for all of us.
Best regards from the Cote d'Azur

L

Found the error.
- Micro account does not display the name of the instrument.

Hi Lawrence
Thank you for doing such an incredible job. I watched your video’s etc as well. I am wondering if you can talk a bit more about the trading strategies that you use? Also, are you willing to share the Renko Alarm as well?

i had built nice ea on renko generator of mathtrader version ea for renko, but the case is that simply renko bars are repainting , mainly bar 0, bar 1 due to many factors at which i will not mention here all, but the main cause of these factors that there is not anchor for the chart, meaning, when bar 0 is closed, THE LAST BAR IN THE CHART WILL BE REMOVED SO THE BAR 0 WILL MOVE ONE BAR TO THE LEFT...

I HAD STOPPED trading by my renko ea as it causedme some bad heavy headechec pain and losses

I WILL TEST YOUR INDICATORS and thank you for your efforts

Hi T
Thanks for testing and clarifying this bug. My apologies for bothering you twice but I honestly have never used a micro account.

I will add this bug to the open issues list and look into it after my holidays.

thanks for your help and happy trading

L

Hello
You don't need my tools as most of them are full of bugs and therefore can only be used with tender loving care. Let me give you my 5 cents on my trading:
I treat the markets like an ocean and the ships are traffic on those oceans.
Rules:

1. Sail only on the oceans that you know or you have a map for
2. Go with the flow during high traffic periods
3. Never trade if you don't know the weather

Therefore:
I trade the London open session following the trend because that is when lots of money hits the market and you can get orders filled at the blink of an eye
I trade the London close session after an unusual long up or down trend as lots of money hit the markets during the day and now I am looking for a scalp trade during profit taking.
I never trade high impact news because I don't know how the market will react.

So take the renko chart at 7:50 GMT and look at UJ,EU,GU. Try to enter a trade after small retrace in the direction of the trend...
Do this live and not on demo with very small lot sizes.
Take lots of trades as you are practicing
Place SL at the last swing high or swing low.
TP at next resistance level such as round numbers of previous timeframe S&D zones
Learn to be humble and always accept that you are wrong and the market is correct.
Always trade so that the position size does not affect you mentally.

Most of us here expect to make the same money as a neuro surgeon and we forget that it takes about 15 years of university and specialized training to get there.
An old military saying is called the P's theory.
Preparation prevents poor performance.

good luck

L
PS all the above is not be taken as gospel. I have been wrong many times and therefore please make up your own opinion.

Hi tgdrela1
Thank you for your posts.
I used second renko bar when direction changed for entry and the same for exit(10 pip bar). There are some noise but the backtest result is good.To remove noise I used 20 Pip renko Bar instead of 10 pip.Now it enters the trade later and exits later. I think still it is better than using 10 or 13 EMA for filtering. I did't backtest 20 pip bar and 10 or 13 EMA yet. Do you have any Idea that which one has better profit?
Thanks

Hello tgdrela1.

I just wanted to say thank you for your hard work and generosity. Your indicator is exactly what I have been looking for. It's functionality and versatility are top notch.

Cheers

Hi Ali
Renko is good for detecting price movements and resistance points. Even so the charts look clear and easy, it is sometimes hard to get in as the market never sleeps.

Using a 20 pip bar looks something like this on the EURUSD for the month of July. As I take much smaller trends than that and have no experience with those large renko bars I can't give you any advice. Remember that you need lots of history candles to get this work.....

So for a patient person perfect....

Happy trading
Lawrence

Lawrence
1. After a extend period with out refreshing the chart's STG_RenkoChart .ex4 with "Show wicks.........." set to false the wicks are not removed.
2. Might have a setting wrong:
- When using the STG_RenkoChart indicator panel to change - say wicks - upon clicking the close button STG_RenkoChart generate a new chart unwanted and the old chart inactive.
-- The new chart vs old chart comparing block are also not the same.
--- Did you programed the indi to use a anchor point on bar xxxx so that this will not happen.

Allowed STG_RenkoChart .ex4 to run for a few hours to clarify the problem from the previous post.
Take note of the extra red bar left of the red circles after refresh
Edit:
---------
1. Look at the bottom green bar closet to 2 Aug 18:07
Before refresh: 5EMA is sharp
After refresh: 5EMA is a smooth curve
Suggestion: If possible:
Code into STG_RenkoChart .ex4 a function to refresh or rebuild the hst file every xxx min
or
Flip Brick size from xxx.0 to xxx.1 every xxx min / pous a second to allow give STG_RenkoChart time to update the off line chart and flip back to xxx.0
----------
2. Red bar directly above 2 Aug 17:10 has moved to 2 Aug 17:24. Which might indicate that more bars have been inserted - pushing the whole offline chart to the right by 14 min.
Before

After

Hi T

First of all thanks for your great valuable feed-back. It is 1 am and here some answers to your questions:

Yes, I start building the HST file from the actual cached file within MT4 and use a rounding method for the price to get started. For this is use the iBars method using M1 as the period and ignore the first 2 bars. I process every M1 candle including the current M1 candle that is being drawn.

I keep track of the HST file offset as every tick arrives and rewrite the last HST record many times UNTIL the price exceeds the brick size and a renko bar is finally drawn for good.

I d'ont insert bars and repaint but I am wondering if this can be caused by multi threading issues as I can't control any locks or threads in MT4.

The code to turn of wicks or back on needs to be reviews based on this statement and the next post. Let me do this next week and I will get back to you.

Best regards

Lawrence
PS: The addition of a timer method is quite easy, but I use the timer already to create the initial HST file. Let me check this out ....

One Excellent Vote from me. Fantastic !!!

Hi Lawrence.

It is testament to the quality of your renko generator that I keep on coming back to look for updates and it's not because I'm having any issues, it's just because I know you keep releasing updates.

I think it would be great if you could add a "Feed" button to the remote. When I set out a renko profile for various pairs I tend to have the renko charts on top of the feed charts but I like to be able to quickly bring up the feed chart to view volume and PA.

Thanks again for your hard work and generosity.

Hey traders,

This looks like a great indicator, thanks for sharing. This is a long shot but is it in anyway possible to use it to generate renko basket charts? For instance a combined chart of 7 JPY pairs.