Can Renko and other charts not be displayed on online charts for live trading?
- Wrong assumption; that would make them useless.
- They have to be offline. Charts are time based. Renko is not. If you overlaid them on a live chart, you would have to stack the blocks vertically when market moves faster than the underlying chart and stretch them horizontally when slower.
- You have to find an appropriate offline generator. Be careful of old MT4 generators since history format changed in Build 600 and
Higher.
2014.02.03
'Renko Live Charts v4.13' expert by 'maj1es2tic' for MetaTrader 4 in the MQL5 Code Base
'Renko 2.0 Offline' expert by 'fishguil' for MetaTrader 5 in the MQL5 Code Base
- Wrong assumption; that would make them useless.
- They have to be offline. Charts are time based. Renko is not. If you overlaid them on a live chart, you would have to stack the blocks vertically when market moves faster than the underlying chart and stretch them horizontally when slower.
- You have to find an appropriate offline generator. Be careful of old MT4 generators since history format changed in
Build 600 and Higher.
2014.02.03
'Renko Live Charts v4.13' expert by 'maj1es2tic' for MetaTrader 4 in the MQL5 Code Base
'Renko 2.0 Offline' expert by 'fishguil' for MetaTrader 5 in the MQL5 Code Base
Thank you for your reply. I read on an indicator description for renko and various other chart types, "To create the Renko chart you need to attach the Ultimate Renko indicator to a standard timeframe (1 minute is recommended) and use the indicator's settings to generate a live custom chart that will be displayed on an offline chart of your choice". It mentions generating a "live custom chart" which will be displayed on an offline chart. Wouldn't this mean that there is a live Renko chart that is displayed on an offline chart or have I misunderstood the description? Another indicator description mentions "Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency." From this I would assume that it could be traded live. I'll mention one more indicator description because it mentions something important "The Renko Chart indicator is not only history based, but also builds online. At the same time, the data is updated synchronously with the basic chart with no delays." So would this mean, if it had to be on an offline chart that is not able to be traded on directly, it would still update synchronously with the live data?
Please don't misunderstand this reply as my making an argument against the points mentioned, I'm just trying to learn more how Renko works and how people have been able to make EAs for the purpose of trading Renko if the charts can only be displayed historically offline, but with some of these indicators saying different things, either the wording is incorrect or I am misunderstanding.
Thank you very much
-JJ
Do not open multiple topics about the same subject.
I have deleted your other topic.
Do not open multiple topics about the same subject.
I have deleted your other topic.
Apologies, I thought it would fall under a different subject as it was specific to the development of EAs. I will keep it in mind for next time.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
I've been looking for a Renko and other chart types indicators, but all of them seem to mention "offline charts". What I am assuming from this is that they obviously cannot be used to trade live, or even with an EA.
Thus my question, can these types of charts not be processed in real time for live trading? If they can, where can I find live renko and other charts if anyone is aware of such indicator? If not, then if you can explain why this is not possible, I would very much appreciate that.
Thank you!