Can Renko charts be an effective tool for scalping?

Scalping, a trading strategy that focuses on profiting from small price movements within a short timeframe, requires precision, quick decision-making, and the ability to identify opportunities in fast-paced markets. Traders have developed and refined numerous strategies to succeed in scalping, and in recent years, Renko charts have emerged as a potentially valuable tool in this pursuit. Renko charts, known for their unique approach to visualizing price action, have gained attention for their ability to filter out noise and provide clearer ...

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Decoding Price Charts: Is Renko Better Than Candlestick Charts?

When it comes to analyzing financial markets and making trading decisions, the choice of chart type can play a crucial role. Two popular types of charts that traders often use are Renko charts and candlestick charts. Both of these charting methods have their unique strengths and weaknesses. In this article, we’ll delve into the world of Renko and candlestick charts, comparing their features, benefits, and drawbacks to determine whether Renko is truly better than the traditional candlestick.

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Is Renko Good for Day Trading? A Closer Look at a Unique Charting Approach

blur, chart, computer

In the fast-paced world of day trading, traders are always on the lookout for innovative tools and techniques that can provide them with a competitive edge. One such technique that has gained popularity in recent years is undoubtedly Renko charting. Renko charts offer a unique perspective on price movements, but the question remains: Is Renko truly good for day trading? In this article, we ...

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Using Tick Data Suite 2.x for testing MT4 EAs on renko, range bars and other custom charting types

Tick Data Suite (TDS) has been around for quite some time and although it was certainly a great tool for backtesting it was not really a “suite of tools”. It was strongly dependant on a few more utilities to get the job done.

For starters, the average tester first needed to acquire and process tick data using third-party tools such as Tick Data Downloader, TickStory, and of course the CSV2FXT converter script. TDS 1.x was essentially a special loader that performed ...

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Using TickStory lite to run backtests on Range, Renko, MedianRenko and PointO charts with 99% modelling quality

This short post is a quick “how-to” guide aimed at helping you utilize TickStory Lite software to download historical tick data and perform high quality backtests on RangeBars, Renko, MedianRenko, or PoitO charts. In order to prepare the necessary data, you’ll need an MT4 terminal, TickStory, and a custom CSV2FXT script (included in all PRO versions) for the corresponding custom charting plug-in that you wish to use.

When you first download TickStory, you’ll need to configure it ...

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How to properly backtest RangeBars, MedianRenko, Renko and PointO using Tick Data with 99% modeling quality

This is a short guide on how to properly backtest EAs on Metatrader4 using Tick Data and price based charts such as RangeBars, MedianRenko, Renko, and PointO.

One of the most common mistakes when backtesting strategies on price based charts is not understanding how these very specific charts work and thus incorrectly performing backtests, which may lead to frustration when later finding out that actual trading results are not even close to what one may expect after witnessing a flawless backtest ...

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Metatrader 4 Build 574 – Where are my indicator & EA files?

The latest MT4 version 4.00 Build 574 (10 Jan 2014) introduces a lot of new features and improvements for the old MT4 platform, however, there will be certain compatibility issues with EAs and indicators written for previous builds (i.e. Build 509 back from June 24th, 2013). Users should also be aware that the location of the old “experts” folder has been moved to a new location. Previously, all MQL4 applications have been stored in subdirectories of the “<terminal_installation_folder>\experts” folder and ...

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Range bars now support weekend or session gaps

Up till now, range bars had one major problem – charts would look different for a specific day depending on how many days of data have been loaded from history, plus there was no way of visualizing inter-session gaps (or weekend gaps in Forex) This was unacceptable by stock and indexes traders, who needed information regarding trading session gaps.

Version 2.04 of the range bars plug-in for MT4 now features a new entry in the variables ...

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