Renko & Tick charting plug-in for Metatrader 4

Eliminates market noise and simplifies trading...

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 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, to generate the 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 isolate 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 trends.

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!

Custom renko charts on MT4 enable you to add indicators, trend lines, price levels, apply standard templates, and even run EAs directly off the range bar chart. Just as you would on standard time-based charts.

The plug-in offers 3 operating modes for the renko charts plus a Tick Chart plug-in:

  • 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

    This chart type can be backtested with 99% modeling quality using the PRO plug-in’s CSV2FXT script  & Tick Data Suite

  • Renko bricks with visible wicks
    This chart (bar type 1) gives the trader a bit more information regarding the underlying price action, thanks to the wicks, which are visible on the chart.

    This chart type can be backtested with 99% modeling quality using the PRO plug-in’s CSV2FXT script  & Tick Data Suite

  • 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 backtest your automated strategies based on renko charts. Notice how the reversal bars and wicks resemble the entire price action – from the original bar opening price to close.

    This chart type can be backtested with 99% modeling quality using the PRO plug-in’s CSV2FXT script  & Tick Data Suite

  • 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 that 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 are 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 it’s a self-fulfilling prophecy is irrelevant, all that matters is that it is 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.

    PRO version includes CSV2FXT_tickchart_mod_b574 script, which enables backtesting with 99% modeling quality using tick data.

    If you are looking for the MT5 version of tick charts, please visit this page. This version is very precise because Metatrader 5 stores full tick data and traded volume history.

Features of the Renko chart MT4 version

  • 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! (PRO version enables backtesting of tick charts with 99% modeling quality using tick data*)

  • 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 the latest MT4 builds
*) The procedure requires the PRO version of the Renko plug-in plus a licensed version of Tick Data Suite or Tick Story.

Renko & Tick charts are created using the robust Ultimate Renko plug-in

Please visit the Ultimate Renko page for more information, a free trial version, and pricing options…