Allows you to use Renko charts over live candlestick charts, giving clear price signals for trading, as championed by Steve Nison.
Renko charts ignore time and focus solely on price changes. Renko charts plot fixed price brick up or down in 45 degrees with one brick per vertical line. As vertical/horizontal axis cannot be fixed in MQL, Renko charts are recreated on an offline chart via MQL4 program (script/indicator/expert). You may find many of these Renko converters programs by searching on internet.
Tipu Renko Live is modified version of Renko Charts that can be plotted on a normal live time frame without the use of the converter. The following additional features are added to this indicator.
- Brick on the top and at the bottom are modified, these maybe helpful in ranging markets.
- Choose plotting method, Close or High/Low.
- Choose type of plotting, Bricks, Arrows, or None.
- Introduced Signal Buffer, and Trend Buffer. These can be used for EA development.
- Enable Alerts (Mobile, On Screen, and Email).
- Its recommended to use smaller (e.g. M5) or a larger brick (e.g 100 pips) to see all the bricks.
1 Nison, S. (1994). Beyond Candlesticks: New Japanese Charting Techniques Revealed. New York: Wiley.
MT4 Indicators – Download Instructions
Tipu Renko Live is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Tipu Renko Live provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Tipu Renko Live.mq4?
- Download Tipu Renko Live.mq4
- Copy Tipu Renko Live.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Tipu Renko Live.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Tipu Renko Live.mq4 is available on your Chart
How to remove Tipu Renko Live.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete