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Installing the Ultimate Renko plug-in on MT4

Plug-in installation

To start the installation process download the latest plug-in and follow these steps:

First, open MT4 and make sure that you have enabled DLL imports. This is done in the Expert Advisors tab of the MT4’s Options window (you can press CTRL-O to bring up this window in MT4):

mt4-setup

Make sure that you have enabledAllow DLL imports” as presented on the screen above. “Allow automated trading” can also be enabled, but it is not required for the plug-in to work correctly.

The screen above may look different in various MT4 builds, but the “Allow DLL imports” option is present in all of them.

When finished with the above, you’ll need to close MT4 and run the setup program for the downloaded software. When you run the setup program you will see a window similar to the following one:

After clicking [Next > ] and accepting the license agreement, you will need to select the installation folder where the Ultimate Renko plug-in files should be installed.

This needs to be your MT4 program folder (not the /experts, /experts/indicators or any other sub-folder or data folder). The installed files will automatically be synchronized with your data folder, so manual file copying is not required.

The illustration above is only an example. You’ll need to select your own MT4 program folder, which is where you installed Metatrader and where terminal.exe is located.

When in doubt please read this short guide.

The installation process will begin once you select the destination location, click [ OK ] and pressing [NEXT >].

Once the installation process is complete, you’ll need to activate the software using the “Activate.exe” utility. The activation process is described in the readme file on google drive.

Using the Ultimate Renko plug-in

To use the plug-in, first attach the UltimateRenko indicator to an M1 chart of an instrument of your choice (i.e. currency pair, index, etc.) and choose your desired settings.

Please note that Ultimate Renko will always process historical data from the chart’s timeframe it is loaded on to. The recommended timeframe is, of course, M1 as it will give you the highest accuracy of historical data, however, you are free to use it on any other timeframe.

In some cases, this can be desirable for example in situations where the “candle body size” parameter is relatively high (i.e. 25 pips or even higher) and you wish to see more history than you have available on your M1 chart.

Attaching the indicator to the chart can be done via by dragging the indicator from the Navigator window’s Custom Indicators branch onto the chart with the selected timeframe or by double-clicking the indicator name (UltimateRenko on the picture below) in the Navigator window.

This action will bring up the following screen, where you can set the plug-in parameters:

Ultimate Renko settings

The variables and the meaning of their values are described below.

  • Candle body size in pips for FX (in points for others)
    This variable influences the renko brick size (candle body).

    Ultimate Renko candle body size

    For Forex symbols this simply means how many regular pips (from high to low) will each candle measure.

    When using the plug-in with Indices, Futures, etc., the body size value will reflect the number of points (from open to close) that each candle will measure. For example, a 200 point median bar chart of the DE30 index will output the following chart:


  • Preset (sets 3 values below)
    This input will bring up a list box containing 5 of the most commonly used charts. These include:

    • Renko (Open offset = 0%, Reversal Open offset = 100%, Reversal bar size = 200%)
    • Median Renko (Open offset = 50%, Reversal Open offset = 50%, Reversal bar size = 150%)
    • PointO (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 100%)
    • Turbo Renko (Open offset = 75%, Reversal Open offset = 25%, Reversal bar size = 125%)
    • Hybrid Renko (Open offset = 75%, Reversal Open offset = 75%, Reversal bar size = 175%)

    Seleting any of the above will automatically override the values in the next 3 inputs

    Renko presets

    These include Open offset%, Reversal open offset%, and Reversal bar size%.

  • Open offset % (0 to ..)
    This value sets the offset that should be applied to the new bar’s open price in relation to the previous bar’s closing price.

    Setting the renko open offset

    The value is denoted in percents of the candle body size and will be applied in the direction shown by the small yellow arrow.

  • Reversal Open offset % (0 to ..)

    This value sets the offset that should be applied to the new reversal bar’s open price in relation to the previous bar’s closing price.

    setting the renko reversal bar open offset

    The value is denoted in percents of the candle body size and will be applied in the direction shown by the small yellow arrow.

  • Reversal bar size % (0 to ..)

    This value sets the size of the reversal bar measured from the previous bar’s closing price.

    settgin the renko reversal bar size

    The value is denoted in percents of the candle body size and will be applied in the direction shown by the small yellow arrow.

  • Show wicks

    This setting toggles On/Off the display of wicks on the renko charts.

  • Display on
    This variable contains a list box with different offline timeframes where the output of the actual ultimate renko chart will be written. Remember that the time period value does not influence the size or duration of individual candles. It only identifies a unique “canvas chart”, which will be used to display live ultimate renko charts.

    Please note that if you want to set up several different renko charts for a single instrument, you must select a unique offline chart identifier for each one.

  • Apply template to offline chart

    You can use this value to automatically apply a template that you have saved in your MT4’s templates folder. You can use any name that is visible in the templates folder.

    templates folder in MT4

    The templates shown above are the ones that are available in MT4 by default (ADX, BollingerBands, Layers, Momentum, Popular, Volume, Williams), but you can create, save and use your own.

    If you choose to have a template automatically applied it will be visible on your renko chart (for example, if you choose “ADX” on a Median Renko chart you will see a chart similar to the one shown below).

    ADX template on median renko

  • Automatically open offline chart

    Setting this to “True” will automatically open the renko chart as soon as it is ready. Conversely, you will need to click on the “Show chart” button.

    Click to show renko chart on MT4

  • Build history for a number of days
    This variable defines the amount of historical data that should be processed from the history available on the anchor chart.

    A setting of “0” will result in using all available data on the selected anchor chart’s timeframe.

  • Apply offset to first renko & Offset value in pips
    These variables enable (when Apply offset to the first renko set to TRUE) or disable (when Apply offset to the first renko set to FALSE) the first renko bar’s opening tick value (offset value in pips), which can be overridden by the value of the Offset value in pips variable).

    This pair of parameters is used to define the starting level of the first bar on the ultimate renko chart.

    For example, if we have 10 pip vanilla renko chart and we set:

    Apply offset to frist renko = true
    Offset value in pips        = 0.0

    The chart will open at a 0.0 level (or 00 levels on 5 decimal quotes as presented in the example below):

    EURUSD 10 pip median chart:

    1st bar -> open 1.40100, close 1.40200
    2nd bar -> open 1.40200, close 1.40300
    3rd bar -> open 1.40300, close 1.40400
    4th bar -> open 1.40400, close 1.40500
    ...
    etc.
  • Reset Open on each trading day
    A parameter for ensuring trading session’s consistency – The Open, High, Low & Close of each session match the daily candle values.

    This is an optional feature, which ensures daily (or session) reference consistency and is used to reflect the true daily (or session) open, high, low and close values. To use this feature, set Reset Open on each trading day to true.

    As a result, you may even see a gap between the previous session’s close and open of the current one as shown in the screenshot below.


  • Recalculate chart on history updates
    This variable defines whether to update the renko chart when the terminal receives missing historical data for the used instrument. This is usually needed if you have a poor internet connection with your broker’s MT4 server, or your broker’s server has a lot of downtimes.
  • Minimum chart update interval
    This setting is designed to lower CPU usage for manual traders, who don’t need to see the charts refresh on each tick (several times per second). The parameter offers the ability to set the throttle the refresh interval in milliseconds. The default value of “0” turns OFF this feature.
  • == ATR based bar size calculation ==

    This section consists of 3 variables that automatically control the renko candle body size based on the percentage of the daily ATR value:

    • Enabled (true/false) – enables or disables the use of ATR to calculate candle body size
    • Daily ATR period – used for changing the default ATR period parameter (default value is set to 14)
    • Percentage of ATR (candle body size) – sets the percentage of the calculated ATR value to be used as the “candle body size” for the new trading day.
  • == Alerts and Info ==

    This section is used to set up optional alerts and additional information that is displayed on the renko chart.

Once you set the values described above to the desired settings and press the [ OK ] button you will see the following comment in the lower part of the anchor chart:

Click the “Show chart” button to open the created renko chart. The “offline” chart will start displaying live price action as soon as new quotes are received by MT4 and new renko bars will be created as they are formed.

The “X” button is used to remove the UltimateRenko indicator from the chart (this will also close the associated offline chart).

Please note that every time the plug-in is attached (or MT4 terminal is restarted) it will recalculate all historical data so keep this in mind when you set the “Build history for number of days” parameter to 0 (use all available history).

Backtesting the Ultimate Renko charts

There is only one valid way of backtesting renko charts in MT4 and it has been described in a separate blog post: Backtesting using tick data (every tick is backtested and taken into account)

Updating the plug-in to the latest version

The plug-in(s) can be easily updated once new plug-in features or bug fixes are released.
To update your plug-in close your MT4 terminal and run the updater program via updateUltimateRenkoPlugin.bat

This will automatically check for newer versions, download the new files and patch your existing plug-in installation. If you have multiple MT4 installations on your system, you should update all instances by using the updateUltimateRenkoPlugin.bat file, which is located in your MT4 installation folder.

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Comments

  1. Roman Hetman  August 23, 2015

    Do tej pory używałem wersji 2.06, wykonałem update do 2.09 i nie działa, komunikat na wykresie M1 “Trial period over.” Jak można wpisać kod klucz. Instrukcja podaje aby zamieścić plik licencji otrzymany po zakupie, ja dostałem kod klucz nie dostałem pliku. Proszę o dosłanie pliku licencji lub innego sposobu uruchomienia pluginu.
    Z poważaniem
    Roman Hetman

    reply
    • admin  September 1, 2015

      Proszę wysłać prośbę na support @ azinvest.freshdesk.com.

      reply
  2. wallstreetjack  October 27, 2015

    i really want to purchase the renko but is there at least a trial version i can try out?

    reply
    • admin  October 27, 2015

      Yes, please go to this page.

      reply
      • Sean GL Johnson  March 24, 2016

        My trial version has expired, so I am looking to purchase a license. Do I need to uninstall my trial version, or is there a place to input my license in the trial version?

        reply
        • admin  March 24, 2016

          You don’t need to uninstall. When you purchase the product, you will receive a binary file that needs to be placed in the installation folder. This file will take down all trial restrictions.

          reply
  3. Bre  April 18, 2016

    Every 2-3 months this product stops working and says trail period over in red? Why is that? I want to be able to trade without worrying about that happening

    reply
    • Bre  April 18, 2016

      *Trial Period Over

      reply
      • admin  April 18, 2016

        Due to some unannounced security updates initiated on one of our licensing servers, some users reported having problems with license server connectivity.
        Please see the following info for a quick fix of the problem: License Problem – Can’t connect to licensing server

        We are very sorry that we were not able to provide a fix ahead of time, but unfortunately we were not informed by our service provider about the upcoming update.

        reply
    • admin  May 5, 2016

      We can switch you over to an offline activation. That will prevent the above from appending.
      Please open a support ticket with our helpdesk and send us your current license file.

      reply
  4. Francesco  May 5, 2016

    I have regularly purchased the median renko from your website, but now when i try to use the plug in on my charts it tells me “trial period over”. Help!

    reply
  5. Arun kumar C  May 14, 2016

    HI,

    I was using the Median renko past 1year but suddenly its not working properly… I am getting message like cannot connect to floating licence service. Please check your connection and firewall settings or contact the floating license administrator

    Pls help me to work immediately

    reply
    • admin  May 18, 2016

      Please open a support ticket with our helpdesk or go through the standard troubleshooting procedures listed in the knowledge base.

      reply
  6. Jay  August 4, 2016

    I have bought the Renko and downloaded it on my desktop and the filename is my emailaddress_mr.licence, thereafter i am not sure with your instructions: You say as follows:
    ” run the downloaded median renko setup program.”

    But how do you RUN the setup program. 9 Do you mean the licence?)

    When i click on the licence it opens an MT4 broker, but NOT the broker I am using.
    HELP!!!

    reply
    • admin  August 4, 2016

      You need to run: MedianRenko_setup.exe
      The license file on the other hand needs to be placed in your metatrader’s program folder.

      You can always open a support ticket with our help desk and someone will install this for you via TeamViewer (free of charge).

      reply
  7. Davewh  August 26, 2016

    Really impressed with this compared with other Renko EA/indicators. Its refreshing to find something actually worth paying for with so much “snake oil” around in forex trading. The support is excellent – as I found out when I failed to load the product first time. If I had bothered to READ THE INSTALLATION INSTRUCTIONS properly I wouldn’t have had a problem – d’oh!

    reply
  8. Prashant Raghavan  September 17, 2016

    Hi,

    Am interested in buying the Mean Renko chart mainly because of the retracement factor feature. However, I tried using the bars with static (not live) historical data that I imported into MT4. It gave a message which went something like “waiting for first tick” and then after I restarted MT4 after waiting for long, I got a message to open an offline chart. The chart name indicated by the indicator however was not present in the list of offline charts. I really liked the product with live data, However, unless I am able to use it with historical data and backtest the OHLC bars thus generated in excel, I would not be able to go ahead and buy this. I request you to kindly provide me with a solution for the same post which I will immediately place an order.

    Thank You!

    Regards,
    Prashant

    reply
    • admin  January 17, 2017

      The indicator waits for the first tick from the market on the symbol you attached it to. Depending on the symbol this can take from several milliseconds up to a few minutes depending on the tick volume for the particular symbol. Please note that you can “kick start” the indicator by dragging the “_simulateTick” script onto the M1 anchor chart that you’ve attached the indicator to. Once the indicator starts, you will be able to view historical data on the selected “offline chart”.

      reply
  9. GERARDO  January 11, 2017

    compre la renko y tengo utilizando mas o menos 2-3 meses, y actualmente cuando quiero entrar y activarla me aparece un mensaje bajo la ventana del grafico que dice trial period over, ya pegue la licencia en mis archivos y aun asi..

    reply

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