If this is indicator from the Market place, or your very private or commercial from external website so I will have to delete this thread (because any commercial/market product promotion is prohibited on the forum).
Nothing to discuss withoit indicator sorry.
As i understand correctly to apply renko chart on MT4 we need Renko Chart Indicator or Expert Adviser to display offline chart, m1, m2, m3 and so on.
But on this thread you doesn't show any setup so that's why Sergey asked you to upload it.
Sergey has written articles about Renko systems so I did not understand that was the question.
There are many Renko chart EAs that all build carts and are freely available including in Market. I use more than one and will attach the EA to build the chart.
There are also EAs that now build Renko charts with online charts but I have not found one that adds any value to the trading.
To build an OFFLINE Renko chart, download as much M1 data as possible using the History Center for the individual pair or CFD.
On the M1 chart run one of the Renko chart converters, either your own or one one supplied below. When you run the converter it will build a new history file as M2 or another non-standard time frame. Wait for the confirmation message.
Open a new OFFLINE chart with that pair or CFD on the timefame of the Renko data, example M2.
Minimize but do not close the M1 chart or the Offline chart will stop updating.
On the offline chart you can attach any indicator you might want to choose.
I use the properties to change the display of the boxes: click CANDLES on the toolbar for nice boxes (usually black and white) -- in properties you can change colors. I like to look at green and red.
These Renko boxes are built with no overlap. There are other Renko converters that will make half overlapping boxes called Median Renko bricks. It shows a smoother trending but doesn't have any different information.
<ex4 deleted>Optimizing Renko: The only real way I have found to make a difference in the usefulness of Renko charts is to vary the number of pips used for the boxes.
For example, if there is a lot of chop in the bars they become untradeable. To filter the noise you increase the box size from xx to xxx pips. If the default is 10 you might try 15 or 20. My default setup is 3x the spread of the pair or commodity.
The reason to optimize the box size is that you are trying to see how big a risk is required to eliminate as many false 2 brick reversals as possible.
Typically a person will go long on two green bricks and short or 2 red bricks. You can exit at one brick or two. This can produce a lot of false reverse trades and big losses. If you optimize the trend so that the boxes absorb two brick reversals into either no reverse or 1 brick reverse then your trading can be more reliable.
HOWEVER you gain clearer signals by increasing the size of your risk and the lateness that you enter a trade. It is like moving from 1 hour charts to 4 hours charts.
Sergey has written articles about Renko systems so I did not understand that was the question.
There are many Renko chart EAs that all build carts and are freely available including in Market. I use more than one and will attach the EA to build the chart.
There are also EAs that now build Renko charts with online charts but I have not found one that adds any value to the trading.
To build an OFFLINE Renko chart, download as much M1 data as possible using the History Center for the individual pair or CFD.
On the M1 chart run one of the Renko chart converters, either your own or one one supplied below. When you run the converter it will build a new history file as M2 or another non-standard time frame. Wait for the confirmation message.
Open a new OFFLINE chart with that pair or CFD on the timefame of the Renko data, example M2.
Minimize but do not close the M1 chart or the Offline chart will stop updating.
On the offline chart you can attach any indicator you might want to choose.
I use the properties to change the display of the boxes: click CANDLES on the toolbar for nice boxes (usually black and white) -- in properties you can change colors. I like to look at green and red.
These Renko boxes are built with no overlap. There are other Renko converters that will make half overlapping boxes called Median Renko bricks. It shows a smoother trending but doesn't have any different information.
Which of these will work with the newest version of mt4?I also need access to the Source Code or does it support ea development?
I think this is mq4 source code.
and as per "MLADEN" saying "
"About the differences between EA and indicators : you can have just one EA on a chart, but you can have as much indicators as metatrader can handle (and your PC of course). So, you can attach multiple indicators producing different offline charts at one single chart, while you would have to open new chart + 1 offline chart for each EA you would like to use to produce offline chart. And you can not run a "normal" EA on such a chart
In this case, having it as indicator has more than one advantage."
so here is one indicator version too by MLADEN.
The converters I posted work with the current MT4. I use them all the time on my live FXCM UK MT4 account.
You can also go to the MARKET tab here and search RENKO and file EAs, online and offine, and converters for free or cheap.
The EAs I have not found profitable, even the ones I paid to develop. This is why I trade manually.
There are a variety of Renko packages available which also provide neon-style Renko charts with stars, bars, moving averages, color changing bricks, ... very dazzling but all Renko charts give you the same information.
Simplicity is the whole point of Renko charts: to look at the price action as cleanly as possible.
The only realistic way to optimize the bricks I have found is to vary the brick size. I based it on 2x or 3x the spread of that particular chart. This is solely to minimize the number of 2 brick reversals which tends to produce more reliable trends.
There are also slightly different Renko charts on the market: median charts, with and without wicks, etc., but again it is all the same information presented slightly differently.
The only addition I use to the Renko chart is the daily or H4 chart to generally know where the Renko chart is headed. If you don't step back in some way and look where you are going you can end up buying all the tops and selling all the lows on the higher time frames. I don't use the higher time frames to trigger a trade but I do take a broader look to see where I am in the total market.
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Renko Charts and D1 charts for reality checking have proven to me that it can be a reliable trading strategy for multiple days of trading the daily swing in some markets: the SPX500 and USDollar CFDs are my favorites now. Both CFDs trades during all markets and give repeat Renko chart movement patters that are tradeable every day.
The entry and exit points are determined by Renko charting methods but they can sometimes blind you to the obvious at tops and selling at bottoms that Renko won't highlight.
Attached are two pairs of charts: SPX500 that is normally a much larger daily swing in the daily range. The USDollar CFD is doing especially well right now with good potential for upside profits.
The advantage of Renko is also that it shows a history of these Ws and Ms forming back to back for several days.
Indicators aren't necessary since the price chart focuses on price movement itself and eliminates the time factors.
Renko charts have to have good brick sizing to be accurate. In my charts I use at least 2 or 3 spreads so that the number of 2-brick reversals are minimized.
I also use profit targets to enter Renko at predetermined points in the direction I am trading with a plan to take around $20 profit with each trade.
The third trade with SPX500 D1 has a blue box that shows the multiple opportunities for trading the daily range. Renko charts give an edge in showing the short term direction.
My profile page shows more of the actual trading done using this system.
Comments invited. I am not selling anything. I am just a trader interested in a discussion.