Forex Strategies Resources

2# Installation on MT4 Renko Chart

Metatrader 4 Renko Chart

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Step 1 – Check the images below.

Go to Tools>Options

 

Renko Script

Metatrader Renko Script
Renko Script.rar
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Click the Charts Tab and check all the boxes, Input 9999999999999 in both the fields.

 

Click the Expert Advisors Tab and make sure 4 check marks like in the image below.

 

Installing Renko script

Installing Renko script
Installing Renko script as an EA.pdf
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Click OK, That’s should be about it with the settings.

Step 2 – Close the metatrader and copy all the contents of the Indicators.zip to experts/indicators folder in your metatrader installation folder. Copy the contents of Renko.zip to the experts folder in your metatrader installation folder. Copy the contents of templates.zip to the templates folder in your metatrader installation folder. Start Metatrader now.

Step 3 - Open a 1 minute chart for example like EURUSD and manually Scroll back the 1minute EURUSD chart as much as you can (You can simply keep pressing the HOME button on your keyboard), I recommend at least 1 or 2 months worth of 1minute chart data on your screen.

Step 4 – Apply the RenkoLiveChart_v3.2 EA to the 1minute EURUSD chart, Make sure the settings are as the images below.

 

Click OK and Enable the Expert Advisors Button.

 

Now the Renko EA should be running and data from the 1minute chart should be able to feed data for your Renko Chart.

Step 5 – Open the Renko Chart, Check the images.

Click on File>Open Offline



 

Search for EURUSD M2 from the list and click on Open.

 

Now you have the renko chart running in a M2 Offline chart. Remember that you need to have the 1minute chart as well as the EA running at all times , because data from the 1minute EURUSD chart is feeding data to the EURUSD M2 Offline chart via the Renkolivechart_3.2 EA.

That’s about it about how to start a renko chart in metatrader. You need to do the same steps for any other pair you wish to run a renko chart for.

 


In the pictures Installation on MT4 Renko Chart forex system in action.

Final Step – Applying the Template. Check the Images below Right click on the M2 Offline Renko Chart, in the menu select templates and load the renko_ashi_2 template.

 

Directions for Installing as a script :
Must be done each time you restart mt4:
1. Place the mq4 code in the Experts/scripts directory.
2. Make sure to check the "Allow DLL imports" and "Allow import of external experts" boxes (both of them) are checked. they are under the Saftey section of the Common tab
3. Drop the script on a live chart, preferably the 1 minute chart of any instrument. The comment will tell you which offline chart to open.

RenkoLiveChart_v3

RenkoLiveChart_v3
forex
RenkoLiveChart_v3.3.rar
compressed file archive [3.4 KB]
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3LineBreak

3LineBreak
3LineBreak.rar
compressed file archive [912 Bytes]
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Comments: 2

  • #1

    Carrie Higby (Saturday, 08 February 2014 02:19)

    Hi;

    Question about this renko system; In order to get the renko chart you have to open an additional
    "off-line chart", so basically you have 2 charts one with renko bars on it and another with candlesticks or bars, correct? My question is; can you look at only the rekno chart and place trades using only the renko chart, or do you need to have both charts open, while you compare them and you time your entries on the candle stick/bar chart while watching the renko action? I am trying to find a renko ea for MT4 that I can use without having to use two charts to trade 1 currency pair. Please let me know!! Thanks!

  • #2

    dave (Sunday, 09 February 2014 12:13)

    Carrie. I'm not an MT4 Coder and have no affiliation to this Renko system. But, I may be able to answer your basic questions about the 2 charts. With Renko charts(or bricks), they always run on either an, EA or Script. So, your first question is, yes. You DO need 2 charts open at all times. The 1m chart is opened first. This is the chart you install the Renko EA or script on. Also is where you will make any adjustments for your box size, IE: 3pips, 5pips, 8pips, 10, 15, 25 or whatever size you prefer. Some coders offer other features that you could also adjust. Once that is done, you may change the 1m chart to, candles, Bar charts or anything. This is what's known as the 'feeder chart'. It must stay open or you lose the updating on the off-line chart.(it feeds data to the off-line chart, then, the off-line chart works just like a regular chart). Next, go to file_open off-line, charts and locate the pair you selected. It will usually have a time value not offered on the MT4 platform, such as m2. So, if you opened a EUR/USD 1m feeder chart, once you go into off-line, you will look for: EUR/USD m2. That's the chart you want. Just open it. The renko bars or bricks should be there in basic view. Now you could add any templates to this chart or build your chart as you go. Add any indicators, etc. You could have both charts open if you wish. But The main chart will be the off-line. And yes, you could use the off-line chart to plot and place trades. It works just like a regular chart, as long as you keep the 1m feeder chart open. But you cannot change pairs the way you would on 'Time' based charts. You would need to pick whatever pair(s) you want to view as renko and repeat the same process for each pair you want to open. Just don't close the 1m feeder charts on any of them. Or you will have to start all over again. Also, if you switch profiles or shut MT4 down, you need to restart your renko charts again. As you get more used to renko, you will not need to 'compare' the 2 charts, as you mentioned. Renko has much more advantages. Too much to write about here. Just make sure you get a good set of installation instructions, so you get it installed correctly. Very easy to find. Usually, the programmer will offer their own set up info along with their version of renko. Also, there are plenty of EA's available. Just search the net, etc. There is plenty of what you are looking for right on this page. Just start opening any links that match your needs. I can't offer you anything because I'm not a developer. Just wanted to try to help answer your questions. So many times on these forums, people ask the developers questions, and they never get answered. So, I hope this helped you a little. Incidentally, whenever you start the process to open a new chart of any pair you want. The default, as you know, is always, 1H. Make sure you change time frame to 1m. Then make sure 'auto scroll' is turned off. Then hold down the 'Home' key until the chart stops. This loads much more data into the feeder charts. MT4 doesn't like to give lot's of data for off-line charts, for some reason. When you open up off-line to locate your chart, you will see a column called 'BARS' this displays the toal amount of bars for any given pairs history. It's not uncommon to see like, for example, only 10-20 or 30 bars (a little more or less) for your off-line pair. That's not enough data history to run the renko charts. That's why Holding the HOME key until it stops first, will solve that problem of not having enough data history. If you get tired of holding the HOME key, just watch the date range scrolling on the lower left axis on your chart. If you notice 1 or 2 months back in time, you could let go, if you want. That's usually sufficient. Well, good trading to you...

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