Renko Live Charts
This tool for MetaTrader 4 is specifically engineered to streamline your trading operations. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Renko Live Charts
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
LastViking ?? (Inspired from Renko script by "e4" (renko_live_scr.mq4) )
This EA attaches to a chart (1M chart is best) and then builds a new offline chart with Renko boxes.
There are videos all over youtube to see how to use the chart and conversations galore on why this is or isn't a better trading strategy. Let's leave those comments in the other forums.
This is now v4.13 of the EA. The modifications I have made are as follows:
Aug 22 2014 (Tim Welch) (v4.13):
Added a startup option (BuildChartsWhenMarketOffline) to build the offline charts when inside of the OnInit() for times when the market is closed
Changed the RenkoBoxSize variable from an INT to a DOUBLE for 5 digit currency accuracy (i.e. 5.5 == 55 pipettes)
Enjoy...
-Tim Welch (maj1es2tic)
This is the Renko Comments showing the new RenkoBoxSize pip value to be 7.5, no longer an INT.
And, finally, the showing the box size is truly set to 7.5 pips on my 5 digit broker.
