Renko Charts For Metatrader

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Further to the artcile on Renko Charts For Ninjatrader I have been on the hunt for some renko chart indicators for metatrader.

Renko Chart Indicator For Metatrader 1

Renko Chart Indicator For Metatrader 1

Renko Chart Indicator For Metatrader 3

Renko Chart Indicator For Metatrader 3

Renko Chart Indicator For Metatrader 4

They are numbered in no particular order. Some are the actual box charts and some use a line based ATR indicator on top of price.

Version 3 is the one I have used but I haven’t always been able to get it working. First think to understand is that the indicator once installed properly will show historical price action as a very neat trend and you should know that it does not represent how the renko boxes would have looked in real time. This is because metatrader does not store tick data historically.

Here are the installation instructions. (taken from forexfactory)

After placing the script/indicator or EA in the proper folder they need to be compiled. The easiest way to do this is to shutdown then restart MT4

Directions for Installing as a script :

Must be done each time you restart mt4:

1. Place the mq4 code in the Experts/scripts directory.

2. Make sure to check the “Allow DLL imports” and “Allow import of external experts” boxes (both of them) are checked. they are under the Saftey section of the Common tab

3. Drop the script on a live chart, preferably the 1 minute chart of any instrument. The comment will tell you which offline chart to open.


Directions for Installing as an Indicator :

1. Place the mq4 code in the Experts/Indicator directory.

2. Make sure to check the “Allow DLL imports” and “Allow import of external experts” boxes (both of them) are checked. they are under the Saftey section of the Common tab

3. Drop the script on a live chart, preferably the 1 minute chart of any instrument. The comment will tell you which offline chart to open.

To install as an EA :

1. Place the mq4 code in the Experts directory.

2. Make sure to check the “Allow DLL imports” and “Allow import of external experts” boxes (both of them) are checked. they are under the Saftey section of the Common tab

3. Also check the “Allow live trading” box in the Live Trading section of the Common tab. Also make sure the Expert Advisors button is depressed in the Gui. When everything is good a smiley face will appear in the upper right hand corner.

4. Drop the ea on a live chart, preferably the 1 minute chart of any instrument. The comment will tell you which offline chart to open.

To view the Renko Chart :

1. To open offline chart : click File(from menu) >Open Offline and pick the chart you want.

6 Responses

  1. nick says:

    What does “drop in” mean? im using mt4 and as an indicator it doesnt change the bars, also can i use this on a live chart, whats an offline chart? thanks

  2. Jason says:

    by “drop in” I mean you can add indicators by draging the indiator from the list in the navigator sidebar and dropping it on to a chart.

    An offline chart is just a chart you create that takes data from the other chart to draw the renko blocks. This is not ideal but haven’t found a better way on MT4 to draw Renko charts….yet.

    Without opening an offline chart these renko indicators won’t work. That is where you will see the renko bars form..in the offline chart. You must also keep open the original chart and the renko chart will only update in real time….it will not back fill. So if you switch the PC off you will not beable to get renko bars for that period.

  3. Vlada says:

    Is there a Renko indicator (not Renko chart) for Ninjatrader? Something like for MT?
    Thank you

  4. Jason says:

    Hi,

    Not that I know of. Any reason for wanting “an indicator” rather than a renko chart?

  5. Charles Roberts says:

    Is there a way to backtest or create an ea on a renko chart? I’m trying a strategy tester on the mt4 platform and it only allows me to open symbol charts for different time frames. It doesn’t have my open offline chart as an option to select to strategy test my running ea. Thanks in advance.

  6. GreatTradingSystems says:

    Don’t think you can test using offline charts. Would be good if you could.

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