Renko Chart Indicator for MetaTrader 4
Renko charts can be created using this indicator with all bars being in the form of Renko "bricks". This type of chart is also called quantum (Quantum Chart) due to its special structure and the possibility of using it in quantum analysis. All bars on the Renko chart are of the same size and have no shadows since the shadows for this type of chart are of no value. The size of the bar can be set in the settings by changing the Size parameter value. You can add indicators, EAs and scripts to the resulting chart. You get the completely operational chart which can be processed just like a regular one.
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.
You can simultaneously create several Renko charts each with the required bar size.
- Size — size of Renko bars (in points).
- Chart — timeframe for a chart opened in a separate window. In case you are going to work with a single chart for the currency pair, the timeframe is irrelevant. Timeframe does not affect the calculations during the chart creation. This setup is created to open several charts for the same currency pair, but with different settings. In such case, different timeframes for each chart (for example, M2, M3, M4) should be set. You also need to set different timeframes when simultaneously running the Renko Chart indicator and other tools that generate a synthetic chart on the same currency pair.
- Open the "Navigator" window.
- Drag the indicator of the desired currency pair (M1 timeframe or larger, depending on the Size parameter value) onto the chart.
- Open the resulting chart by clicking the corresponding Open Chart button.