Renko charts – a bit of history…
Renko charts trace their origins to Japan where the actual word renko is derived from the Japanese word renga, which means bricks. Renko charts are are drawn in the direction of the primary trend and have a fixed, definable, size. They are similar to point and figure charts as each brick is the same size depending on the minimum amount per brick. So, in order to generate an opposite color, the fixed brick size of the Renko must be exceeded.
Renko charts can be very helpful when determining support and resistance levels since they isolates the underlying price trend by filtering out minor price changes. They are also very effective at identifying key support or resistance levels and are used to determine potential changes in price trend.
How RENKO works on MT4
The Renko plug-in for the MT4 platform enables traders to utilize RENKO bricks in their live trading.
When you attach the plug-in to a 1M time chart it will first create an offline chart for all historical 1M data by closest possible approximation and instantly start to create all following RENKO bars in real time!
The custom renko charts enable you to add indicators, trend lines, price levels, apply standard MT4 templates and even run EAs directly off the range bar chart. Just as you would on standard time based charts.
The product also features a script for backtesting renko charts using MT4′s built-in backtester.
- Standard renko bricks with invisible wicks
The following screen illustrates a standard renko chart (bar type 0), which is very easy on the eye and gives nice, clear signals
- Renko bricks with visible wicks
This chart (bar type 1) gives the trader a bit more information regarding the underlaying price action, thanks to the wicks, which are visible on the chart.
- Special renko bricks showing continuous price action
This special chart (bar type 2) provides all the information needed by the MT4 backtesting algorithm in order to back test your automated strategies based on renko charts. Notice how the reversal bars and wicks resemble the entire price action.
- Free Tick Chart plug-in for the Metatrader4 terminal !
Tick charts display a certain number of ticks before printing a new bar on the chart. Unlike other charts which are based on time, tick charts are solely based on trading activity thus they are favorite for day traders who need to make quick trading decisions and do not have the time to wait for a 5-minute bar to close before making the call to sell their stock.
233 ticks is the most popular tick chart trading timeframe. This is because it is part of the Fibonacci series: 0,1,1,2,3,5,8,13,21,34,55,89,144,233. Whether 233 is the most accurate because of the fibonacci element or if its a self-fulfilling prophecy is irrelevant, all that matters is its the most widely used amongst day traders around the globe.
The plug-in enables you to set the desired number of ticks needed for a new bar to form.
The following chart is 21 tick chart of GBPUSD*
*) TickCharts are built live on-the-fly, while new ticks are received by The MT4 terminal.
Historical tick charts are not available due to the limitations of the MT4 terminal.
- Highly optimized C++ engine for calculation range bars. The plug-in remains stable even in fast moving markets (i.e. during news releases).
- Bundled with TickChart plug-in for MT4!
- Easy to use backtesting script which makes backtesting an easy task (no files to copy, no special hacks required).
- Plug-in supplied as indicator compilation – this enables you to setup several range bar charts from a single 1M chart.
- Bundled with RenkoBarChart_info indicator, which displays the High and Low thresholds for the current bar plus bar size information.
- Optional sound or alert popup on bar close.
- Compatible with all Metatrader4 brokers.
- Full documentation included.
- Lifetime updates (via online updater) included.
- Low price & one time payment only.
- Instant download!
- Compatible with all MT4 builds 509, 574, 600 and higher
Available plug-in versions and pricing
|Creates live RangeBar charts on MT4 for manual trading or automated trading via EAs|
|Offeres basic backtesting capabilities|
|Offers advanced tick data backtesting support (via Tick Data Suite)||-|
|Single license enables installation on||2 computers||2 computers|
|BUY NOW||BUY NOW|
Renko & Tick Chart plug-in for Metatrader 4,