How to create a Renko chart in MT4 (Metatrader)
Step 1 – Check the images below.
Go to Tools > Options
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.
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 templates to the templates folder in your metatrader installation folder. Copy RenkoLiveChart_V3.3 EA to experts 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 1 minute 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.
You can change RenkoBoxSize to the number of choice (for a first impression to 10).
Click OK and enable the Expert Advisors Button.
Now the Renko EA should be running and data from the 1 minute 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
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 1 minute chart as well as the EA running at all times , because data from the 1 minute 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.
Final Step – Applying a Template. Check the Images below Right click on the M2 Offline Renko Chart, in the menu select templates and load a template of your choice.
The contents of the websites is only for information purposes and not an investment advice. Forex transactions are always risky transactions and not suitable for everyone. You should not invest funds, whose loss you can afford. Before deciding to trade, you should know all the risks associated with Forex trading.
