The MT4 platform is undoubtedly one of the most popular trading platforms among retail traders who regularly trade Forex, CFDs, and precious metals. Despite the popularity and numerous reviews of the MT4 platform, there has been little to no improvement when it comes to including other types of charts. In its current version, Metatrader only offers the classic types of price charts, that is: bar charts, japanese candlestick charts, and line charts.
Although MT4 has shown some lag in terms of chart type innovation, thanks to the large ecosystem of developers who specialize in the MT4 platform, various Renko indicators have been produced that can convert existing chart types to Renko charts.
In this article we are going to take a look at the RenkoLiveChart_v3.0 indicator which is available free of cost, indicating its advantages and disadvantages.
This is one of the most popular free Renko indicators, which can be used to convert a traditional price chart into a functional Renko chart. It is used like any other indicator for MT4.
To use this indicator once installed, simply drag/drop or right-click on “Attach to chart” to activate the indicator. The settings for the Renko chart settings on this indicator are quite simple as shown in the following image:
RenkoLiveChart v3.0 indicator settings
- Renko Box Size: This parameter can be configured to adjust the fixed size of the box or brick. The value entered in this field is 1 pip. Therefore, when 50 is entered in that field, this indicates 50 pips (regardless of whether the broker uses 5 or 4 decimal places)
- BoxOffset: This section should be left unchanged at 0 as it is used to compensate for the distance between the opening/closing of Renko bricks.
- Renko TimeFrame: The default value is 2, but any number can be used here (as long as it is not one of MT4’s default time frames.For example, typing 9 in this parameter would open an offline chart with a frame time M9).
- StrangeSymbolName: By default it is “false” and in most cases it does not require any changes
- ShowWicks: By default is “True”, this field can be toggled between True/False to show/hide queues.
RenkoLiveChart_v3.0 indicator activation
To activate the indicator, first open an M1 chart for an instrument of your choice. Next, zoom out on the chart and then add the RenkoLiveChart_v3.0 indicator. Make the adjustments you consider necessary in the indicator so that the Renko chart is displayed according to its required characteristics.
You can then open the chart offline by clicking “File -> Open Offline” and then scroll down to the specified time frame.
Once the indicator is installed and activated, we get a Renko chart such as the one shown in the following image:
Disadvantages in using the RenkoLiveChart_v3.0
- The main disadvantage of using the RenkoLiveChart_v3.0 indicator is that it works on a “new tick” basis. In other words, if we want to open a new Renko chart using the RenkoLiveChart_v3.0 indicator during a weekend (when the markets are closed), we will not be able to build the chart as there are no new ticks.
- Another downside is that the RenkoLiveChart_v3.0 indicator offers only a fixed brick size and there is no option to use variable Renko charts based on ATR.
- It consumes a large amount of resources. If the trader has 5 or more Renko charts open, the performance of the MT4 platform can slow down.
Download and install RenkoLiveChart_v3.0
You can download the indicator together with the template through the following link:
The indicator consists of the following files:
- RenkoLiveChart_v3.0.exe (indicator)
- RenkoLiveChart_v3.0.mq4 (indicator)
The files RenkoLiveChart_v3.0.exe and RenkoLiveChart_v3.0.mq4 should be placed in the /MQL4/indicators folder of the Metatrader 4 installation on the computer. To activate the indicator, you must restart the platform and follow the steps indicated above.
Any questions you have please write them in the comments section of this article.