Upcoming Article on generating Non-Standard charts (such as Renko), using MT5’s “Custom Symbols” (similar to “Offline Charts” in MT4). - page 3
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Why indicator? It should be a non-trading expert IMHO. I have one for that exact purpose, but it has some issues at the moment due to some bugs in the newly introduced custom symbol functions. [Long-long] Awaiting for the build 1700, which has been finally just announced, to check out.
Yes and a lot of people will be beta tester for this 1700 build, without even being aware of it
However, for tick-based generators, where M1 bar data is not advisable, then I would then recommend the non-trading EA instead of an Indicator.
Since the the main objective here is an introduction to this process and I don't wish to overwhelm the users and/or coders; I want to keep things simple enough for non-advanced coders to be able to understand and facilitate the transition. At a later stage I can maybe write another article for more advanced usage.
In regards to issues and bugs, to what are you referring exactly? I currently have a working "alpha version" of a Indicator based generator already running (on build 1643), using only M1 data for the base, and I have not yet detected any "funnies".
Can you elaborate on what you have detected so far as being problematic?
The functions I have used so far are:
The Article will be based on the Renko chart generation to the "Custom Symbol". I will leave it up to you to use that knowledge (and the example code) to make such a library.
However, I don't see a great need for it, because the MT5 Strategy Tester already provides a good Equity Chart display that is based on time (as apposed to "trades" on MT4).
It is OK.
Waiting for your example code.
I've decided not to work on this article and instead just publish the code in the CodeBase once it is finished.
Besides, there is currently a new article out (translated from the Russian version) that covers most of the "Custom Symbol" functionality I was going to cover anyway (so have a read).
Once, I finished my code, which has been delayed due to other circumstances, I will post it here as well as publish it in the CodeBase. It will provide various forms of Renko as well as 3-Line Break.
So, to all, let me inform you all via this thread that I will no longer be working on this due to the limitations (and bugs) of the current implementation of Metatrader v5 Custom Symbols, as a means of generating Renko charts (or other types of no standard charts) as was the case in Metatrader v4 Offline Charts.
Currently, the Custom Symbols system does not allow for less than M1 granularity which makes it impossible to achieve true Renko, Range Bars and many other nonstandard charting systems. There are also several other issues with the system which makes its practically unusable due to its instability and very resource intensive workings.
Until MetaQuotes is willing to accept this and make the necessary changes as the users have repeatedly requested, this project will remain abandoned by me!
Feel free to try to peruse it on your own and draw your own conclusions!
Hi Marco, can you share this indicator mq4 code with us? its seems very good
Okay well that's a bit of a late solution then.
I have grown common to directly push the data into Google's chart API.
Because i felt that i had reached the limit of what could be done with MT.
If your interested, it was one of the better decisions i made.
But it's a whole new level of (interactive) visualization and when i showed it to other people i immediately realized that they did not understand what they were looking at or how to use it, because they were so well trained to stare at the 'vintage' classical Metatrader charts...
I guess their minds are somewhat limited to process one instrument at a time, and when there are more, it creates something of an overload resulting in a mass confusion... nevertheless the underlying links between economy's can be very revealing, and proved to be of utmost importance.
At least that's what i was thinking at the time so i just use it for myself without thinking about it too much.
Mr Marco, your statement caught my attention, I would like to be able to understand/be able to interpret your indicator. How do I read/interpret your indicator?
What are the important key to focus on during market?
could you please elaborate more about your indicator?
Cause I have read in some post, that it just like some renko, which just help to visualize the chart differently than other type of charts.
@Chris Mukengeshayi
I am not sure which indicator you are referring to i have written so many but they are mostly ea's so not indicators i rarely write indicators.
My latest projects all generate HTML that is loaded in a web browser along with Javascript to escape the limits of MQL.
In that respect Metatrader merely serves as a quote server and trading backend, the charting part has become obsolete.
@Mrluck07
It's just like renko but it has the vertical stacking of bricks axis removed so that it becomes possible to stack multiple instruments on top of each other on just the one horizontal axis.
Comparison and identification of leading instruments does become apparent.
Unfortunately i never really finished it and it runs stuck when the bricks reach the end of the matrix.
@Chris Mukengeshayi
I am not sure which indicator you are referring to i have written so many but they are mostly ea's so not indicators i rarely write indicators.
@Mrluck07
It's just like renko but it has the vertical stacking of bricks axis removed so that it becomes possible to stack multiple instruments on top of each other.
Comparison and identification of leading instruments does become apparent.
Unfortunately i never really finished it and it runs stuck when the bricks reach the end of the matrix.
I'm referring to the same image MrLuck07 is talking about, I saw you have mentioned that you did not finish the indicator