Installing and Configuring – Live Renko Charts Indicator General – getting started Renko is a well-known Japanese charting technique that removes time from the chart. Instead of drawing bars in constant intervals (time) as a normal chart would, a Renko chart does so only when price moves beyond a predefined amount. In a Renko chart, a bar is created when price exceeds the previous bar’s high or low by a predefined amount or what we call the Box Size. The result is a chart with equally sized bars running up or down in 45 degree angles.
Such a chart offers the following advantages: • Effectively this filters out the noise that you would see on a normal chart, as the chart is then based solely on price action. This makes key support and resistance levels more apparent and more clearly defined. Formation of trends are also more distinct in a Renko chart as market noise has been removed delivering smoother trading opportunities as trends develop in waterfalls and steep slopes. The MT4 platform does not offer a facility for generating Renko charts out of the box. The Quantum Trading Live Renko Charts indicator delivers the perfect chart for the intraday scalping trader, smoothly, efficiently, simply and intuitively, and brings all the advantages of Renko charts to your trading toolkit. Live, Moving Charts The Quantum Live Renko Charts indicator makes use of MetaTrader 4’s Offline Charts which can be conveniently accessed via the terminal’s File > Open Offline menu. Don’t be fooled by the name of this feature, as the Offline chart generated by the indicator is very much alive and online.
To start using the indicator, simply drag and drop it from the Navigator to the chart as you would any other MT4 indicator. After configuring (or if you are happy with its default settings), it immediately generates an Offline chart containing the generated Renko bar chart according to your configuration. Opening the Offline chart is easy as each instance of the Quantum Live Renko Charts indicator tells you exactly which Offline chart to look for.
Jul 01, 2015 This is one of the more commonly available free Renko indicator that can be used to convert a traditional chart into Renko chart. To install this indicator, simply drag/drop or right-click > Attach to chart to activate the indicator. CTrader Mean Renko and Classic Renko Bars Indicator. MT5 Median Renko Indicator. Renko Chart in MT5.
And of course, on opening the Offline chart, you will see that the Renko bars are built not only historically but also in real-time. Dual Mode The Quantum Live Renko Charts indicator for MT4 features two modes: • Compute Best Box Size • Fixed Box Size Compute Best Box Size Using the indicator in this mode allows you to “convert” a normal candlestick chart to a Renko bar chart by computing the best box size for a particular timeframe. This is computed by calculating the average true range (ATR) of the current symbol within a given period on a specific timeframe. 
Fixed Box Size Using the indicator in this mode allows you to set a constant box size for generating Renko bars. 
The box size can accept floating point numbers with a precision of up to 2 decimal places.
Multiple Instances One of the biggest advantage of the Quantum Live Renko Charts indicator is its ability to be added in a single chart multiple times. Each instance of the indicator can be configured uniquely to other instances and can be easily managed by its smart labelling system, thus allowing you to save screen real estate and computer resources when building your MT4 workspace. Context-sensitive Labels The indicator displays labels in its own indicator window containing information about the parameters currently in effect. This allows you to manage all instances of the Quantum Live Renko Chart with ease. Please refer to the image above. In this example the indicator is running on COMPUTE_BEST_BOX_SIZE mode.