Real Author:
LastViking ?? (Inspired by the Renko script from "e4" (renko_live_scr.mq4))
Hey fellow traders! Today, I want to introduce you to an exciting tool that can really elevate your trading game: the Renko Live Charts EA for MetaTrader 4. This Expert Advisor (EA) is designed to attach to your chart (I recommend using a 1-minute chart for the best results) and create an offline chart using Renko boxes.
This latest version, v4.13, has been updated from v4.12, and while I can’t quite remember where I snagged it from, I do know it took some serious digging to get my hands on it!
For those curious about how to use Renko charts, there are plenty of instructional videos on YouTube, and discussions aplenty on whether this method is a game-changer for trading strategies. But let’s save those debates for other forums, shall we?
Now, let’s dive into what’s new in v4.13:
Updates as of Aug 22, 2014 (Tim Welch) (v4.13):
- Introduced a new startup option called BuildChartsWhenMarketOffline. This allows you to generate offline charts even when the market is closed during the OnInit() phase.
- Updated the RenkoBoxSize variable from an INT to a DOUBLE, allowing for greater accuracy with 5-digit currencies (e.g., 5.5 translates to 55 pipettes).
Enjoy using this EA to enhance your trading experience!
-Tim Welch (maj1es2tic)
This screenshot showcases the new RenkoBoxSize pip value set to 7.5, which is now a double rather than an INT.
And here’s proof that the box size is indeed set to 7.5 pips on my 5-digit broker.
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