Backtestable 3 mode RENKO plugin + TickChart Plug-in for MT4

Renko charts trace their origins to Japan where the actual word renko is derived from the Japanese word renga, which means bricks. Renko charts are are drawn in the direction of the primary trend and have a fixed, definable, size. They are similar to point and figure charts as each brick is the same size depending on the minimum amount per brick. So, in order to generate an opposite color, the fixed brick size of the Renko must be exceeded.

Renko charts can be very helpful when determining support and resistance levels since they isolates the underlying price trend by filtering out minor price changes. They are also very effective at identifying key support or resistance levels and are used to determine potential changes in price trend.

The plug-in offers robust backtesting capabilities (including compatibility with MT4 trading simulators) and 3 operating modes for the renko charts:

1. Standard renko bricks with invisible wicks
2. Renko bricks with visible wicks
   
3. Modified Renko brcks with visible wicks and continuous price tracing (designed for automated back testing purposes)

Charts generated by the plug-in update dynamically tick by tick and can be set to use any box size (i.e. 10 pips).

The plugin is compatible with all 4,5 and 6 decimal MT4 broker platforms. When applied, it will first create an offline chart for all historical 1M data by closest possible approximation and instantly start to create following RENKO bars in real time! You can now add indicators, trend lines, price levels and even apply standard MT4 templates and EAs to the range bar chart.

The following screen shots illustrate the 3 operating modes of the renko plug-in for MT4:

Standard renko bricks:

This is a standard renko chart, which is very easy on the eye and gives nice, clear signals.

Renko bricks with visible wicks:

This chart gives the trader a bit more information regarding the underlaying price action, thanks to the wicks, which are present on the chart.

Special, modified Renko brcks with visible wicks and continuous price tracing (designed for automated back testing purposes on MT4):

This special chart provides all the information needed by the MT4 backtesting algorithm in order to back test your automated strategies based on renko charts. Notice how the reversal bars and wicks resemble the price action.

The following video illustrates the robust backtesting capabilities of the renko plugin:

I've posted some more details regarding renko backtesting in my post on Forex Factory:

http://www.forexfactory.com/showthread.php?p=4600754#post4600754

The Renko plug-in is currently bundled with a TickChart Plug-in for MT4!

Tick charts display a certain number of ticks before printing a new bar on the chart. Unlike other charts which are based on time, tick charts are solely based on trading activity thus they are favorite for day traders who need to make quick trading decisions and do not have the time to wait for a 5-minute bar to close before making the call to sell their stock. 233 ticks is the most popular tick chart trading timeframe. This is because it is part of the Fibonacci series: 0,1,1,2,3,5,8,13,21,34,55,89,144,233. Whether 233 is the most accurate because of the fibonacci element or if its a self-fulfilling prophecy is irrelevant, all that matters is its the most widely used amongst day traders around the globe.

21 tick chart of GBPUSD*

*) TickCharts are built live, while new ticks are received by The MT4 terminal. Historical tick charts are not available due to the limitations of the MT4 terminal.

Renko & TickChart plug-in bundle is available for only 35 USD

The files will be sent to your paypal e-mail address within 24 hours from purchase.

Please make sure that you provide a valid e-mail address !