Tick chart generator
A utility used to create custom Tick or Volume bar charts and provide real-time updates. This is an MT4 "offline" chart equivalent which is very simple to use.
You can attach any MT5 compatible indicator or template to the tick chart and perform your technical analysis.
Tick charts measure the number of transactions per bar. You can choose any number of ticks per bar but most traders choose Fibonacci numbers (1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233...).
The generator uses tick data to plot the historical tick chart for a particular setting and live ticks for plotting live charts. This method of calculation gives very accurate charts as no approximation is used.
The settings include
- Bar size - Desired number of ticks needed for a new bar to form.
- Operating mode - Tick Chart / Volume Chart
- Show history for number of days (0 to...)
- Synchronize first bar's open on a new day (yes/no) - Synchronize the first candle's open price with the open price of the daily candle.
- Override default custom chart name with (chart name)
- Apply template to custom chart
- Create chart for backtesting
- Show trade levels on chart (yes/no)
NOTE: Custom symbols on MT5 are not directly tradable. This is by Metatrader5 design. If you want to place trades directly on the custom symbol generated by this product, you will either need a trade panel that offers this functionality or you will need to place trades on the tradable symbol that is used to create the custom chart. Alternatively, you can purchase the indicator version of this charting tool where you can place trades directly on the custom chart.
Free countdown timer for the chart can be downloaded from https://www.mql5.com/en/market/product/60156