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Quantum Live Renko Charts Indicator for MT5

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:

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 MT5 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

Unlike its predecessor, the MT5 platform no longer supports Offline Charts but it has recently introduced a new feature called Custom Symbols. This enables the user to create new symbols from existing ones in your terminal and opens up new possibilities for us to develop new ways to present to you other chart types such as Renko.

The Quantum Live Renko Charts indicator still generates live and ticking Renko charts, but it displays them using MT5’s candlestick chart plot. That’s not all. We have extended its feature to take advantage of Custom Symbols which allows you to create a new chart in a window of its own. Its main advantage is it allows you to add other Quantum Trading indicators and even indicators of your own to further your analysis on the Renko chart.

Dual Mode

The Quantum Live Renko Charts indicator for MT5 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.

Settings Label

The indicator displays a label at the top right hand side of 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.

For more information on how to use the Quantum Live Renko Charts Indicator for MT5, please go to our website: https://mt4.quantumtrading.com/configuring-the-live-renko-charts-indicator-for-mt5/


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Many Forex traders have either been told, or have learnt from painful experience, that the Yen currency pairs can be both dangerous and volatile to trade. The GBP/JPY is perhaps the most infamous and volatile of all. No wonder then, that many Forex traders simply stay away from the Yen currency pairs. But then they probably don’t have a very clear idea of where the Yen itself is heading. If they did, then trading the Yen pairs would be much more straightforward. And this is where the Quantum JPY
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Version 2.1 2025.01.17
- Fixed bug that prevents indicators from running in standalone chart while in standard renko mode
Version 2.0 2025.01.06
- Improved efficiency and performance
- New: option to use instrument point size
- New: Time-accurate mode added. In Time-accurate mode, the renko bricks move in sync with the current price action above in the time-based chart.