So after digging around for MT4 Renko indicators to change the normal bars into renko, I noticed that the only free ones would convert them into offline charts which couldn't be used for trading. This made me a bit confused as some indicators show to produce live renko charts and there are some EAs which supposedly trade using renko but I can't seem to understand how this is possible, as I was told on a moderator of MQL5
In search of some better answers, I thought I'd take a deeper look, and found some indicators with the following descriptions: "To create the Renko chart you need to attach the Ultimate Renko indicator to a standard timeframe (1 minute is recommended) and use the indicator's settings to generate a live custom chart that will be displayed on an offline chart of your choice". It mentions generating a "live custom chart" which will be displayed on an offline chart. Wouldn't this mean that there is a live Renko chart that is displayed on an offline chart or have I misunderstood the description? Another indicator description mentions "Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency." From this I would assume that it could be traded live. I'll mention one more indicator description because it mentions something important "The Renko Chart indicator is not only history based, but also builds online. At the same time, the data is updated synchronously with the basic chart with no delays." So would this mean, if it had to be on an offline chart that is not able to be traded on directly, it would still update synchronously with the live data?
All these indicators that I have quoted cost money, and I am not ready to pay for unless I am sure of what the result is going to be. Can anyone explain if live renko charts is really possible and can they be implemented with EAs? If so, can someone point me in the right direction for a Renko indicator for MT4? Thank you very much!
QuoteDislikedThey have to be offline. Charts are time based. Renko is not. If you overlaid them on a live chart, you would have to stack the blocks vertically when market moves faster than the underlying chart and stretch them horizontally when slower
In search of some better answers, I thought I'd take a deeper look, and found some indicators with the following descriptions: "To create the Renko chart you need to attach the Ultimate Renko indicator to a standard timeframe (1 minute is recommended) and use the indicator's settings to generate a live custom chart that will be displayed on an offline chart of your choice". It mentions generating a "live custom chart" which will be displayed on an offline chart. Wouldn't this mean that there is a live Renko chart that is displayed on an offline chart or have I misunderstood the description? Another indicator description mentions "Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency." From this I would assume that it could be traded live. I'll mention one more indicator description because it mentions something important "The Renko Chart indicator is not only history based, but also builds online. At the same time, the data is updated synchronously with the basic chart with no delays." So would this mean, if it had to be on an offline chart that is not able to be traded on directly, it would still update synchronously with the live data?
All these indicators that I have quoted cost money, and I am not ready to pay for unless I am sure of what the result is going to be. Can anyone explain if live renko charts is really possible and can they be implemented with EAs? If so, can someone point me in the right direction for a Renko indicator for MT4? Thank you very much!