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2016.05.25 12:27
Indicators

Tipu Renko Live - indicator for MetaTrader 4

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Renko charts were invented in Japan and were introduced to the Western world by Steve Nison, widely known as father of modern candlestick charting.1 Renko charts ignore time and focus solely on price changes. Renko charts plot fixed price brick up or down in 45 degrees with one brick per vertical line. As vertical/horizontal axis cannot be fixed in MQL, Renko charts are recreated on an offline chart via MQL4 program (script/indicator/expert). You may find many of these Renko converters programs by searching on internet.

Tipu Renko Live is modified version of Renko Charts that can be plotted on a normal live time frame without the use of the converter. The following additional features are added to this indicator.

  • Brick on the top and at the bottom are modified, these maybe helpful in ranging markets.
  • Choose plotting method, Close or High/Low.
  • Choose type of plotting, Bricks, Arrows, or None.
  • Introduced Signal Buffer, and Trend Buffer. These can be used for EA development.
  • Enable Alerts (Mobile, On Screen, and Email).
  • Its recommended to use smaller (e.g. M5) or a larger brick (e.g 100 pips) to see all the bricks.

Reference

1 Nison, S. (1994). Beyond Candlesticks: New Japanese Charting Techniques Revealed. New York: Wiley.


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