renko time and time between candles indicator
Info
The renko time and time between candles indicator is a Indicator for MetaTrader 4 that a very simple indicator to display the difference in time between candles in seconds. intended for use with offline renko charts to indicate how long each block or brick has taken to form.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use renko time and time between candles indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
a very simple indicator to display the difference in time between candles in seconds.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: i market price 2.1 - real-time price information indicator - another powerful indicator for MetaTrader 4 traders.
Also recommended: bar timer - similar indicator with strong performance on MetaTrader 4.
a very simple indicator to display the difference in time between candles in seconds.intended for use with offline renko charts to indicate how long each block or brick has taken to form.
on a regular timeframe chart, it can indicate dropped candles because the subsequent candle starts late.
my first indicator! please comment!
long indicator bars at the period separator as market closed.
you might expect indicator bars to be double height where the renko colour changes as the price has had to move twice as far to make the block.
my guess is that when the market moves then the bars are small, indecisive market produces longer bars as price takes longer to move.
on a regular timeframe chart, it can indicate dropped candles because the subsequent candle starts late.
here, news was out at 15:30 but the candle was skipped so the 15:31 candle took 120 seconds to start, counted from the start of the previous (15:29) candle.
comments:
seems odd to put the time element back into renko charts but i figured it might produce useful information such as slow bricks indicating a turn in the market or price moving slowly inside a range. or fast bricks indicating a real move in the price.
on a regular, standard timeframe chart, it can show where the chart / broker has skipped one or more candles. this is surprisingly often! particularly at news times.
added ma as requested.
You may also like: multi-timeframe indicator: daily, 4-hour, and 1-hour bars - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property version "2.00"
#property strict
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 blue
#property indicator_width1 2
#property indicator_color2 red
#property indicator_width2 1
#property indicator_minimum 0 // set indicator fixed min is 0.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.