Hey traders! If you're diving into the world of Renko charts, you’re in for a treat. Originally from Japan, Renko charts were brought to the Western trading community by Steve Nison, who’s often dubbed the father of modern candlestick charting.1 Unlike your typical charts that keep an eye on time, Renko charts hone in on price movements, crafting fixed-price bricks that slope at 45 degrees—one brick per vertical line. Since MQL can’t fix these vertical and horizontal axes, we recreate Renko charts through offline charts using MQL4 scripts or indicators. A quick search online will reveal a treasure trove of Renko converter programs!
Now, let’s talk about Tipu Renko Live. This nifty tool is a modified version of traditional Renko charts, allowing you to plot them directly on a live timeframe without needing a converter. Here are some cool features that come with this indicator:
- Enhanced bricks at the top and bottom, which are super useful in ranging markets.
- Options to choose your plotting method: Close or High/Low.
- Flexibility in plotting types—Bricks, Arrows, or you can go with None.
- New Signal Buffer and Trend Buffer to help you develop Expert Advisors (EAs).
- Alerts feature enabled—get notifications on your mobile, on-screen, or via email.
- For the best results, consider using a smaller brick size (like M5) or a larger one (around 100 pips) to clearly visualize all the bricks.
Happy trading!
Reference
1 Nison, S. (1994). Beyond Candlesticks: New Japanese Charting Techniques Revealed. New York: Wiley.
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