Repainting indicator

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helo,

i am using in MT4 an renko indicator. So i suppose that it repaint. so my question is, what is the solution to solve the repaint problem?

And maybe you know some other tools, which have an renko chart build in. Or a Broker with that software.

thank you

 

thank you first for reply. But when i start MT4 for the first time, and then another time, i didnt change the history?

so you mean i have to download all the history?

 

...

You did (even without knowing it)

In metatrader there is a setting called "Max bars on chart" (on other platforms they call it different, but the essence is the same) and it work something like this :

suppose you have set it to 5000. A new bar is formed and you have 5001, then 5002 and so on bars that are available to your software (renko bars generating software, for example)

suppose now you simply change time frame, symbol or restart the platform. Again your first available bar is 5000th from now which is 2 bars "younger" than the first bar was in the previous part. So, now, you have a history that does not have first 2 bars that you had the first time. And you have a changed history. And since renko depends on the first bar price and time, there you go : a changed history and you even did not know about. All done by the courtesy of your trading platform (it is not just metatrader that works like that)

user92:
thank you first for reply. But when i start MT4 for the first time, and then another time, i didnt change the history? so you mean i have to download all the history?
 

Ok,

Use this expert for starting. Place it on 1 minute chart.

Set your renko stuff, etc.

When in the morning you start your metatrader, wait for fresh ticks, you see the renko recalculates ( it creates the blocks for the ticks comed during the night ). Now close it, and restart your metatrader it will refix some recalculate. Now you can start your trading day.

I proceed that way since 2 years, and no problem for me, what you see is what you get.

Files:
renkolivechart_v3.2.mq4  14 kb
 

...

The problem with renko charts is quite simple actually :

They depend on the first price they are applied to. Now, almost any trading platform and almost every renko generating software will use some limited bars to "reconstruct" or "construct" renko bars. If it does not do that each an every time from the exact same price and exact same time, you are going to get a repainting renko chart. The only solution would be to have all the history (since the start of some symbol) and that renko bars would be calculated from the first recorded tick in history, but even then, with different brokers and different data available, you are going to get quite different renko charts (that even goes for some software that allows fixing the start : if you choose even a 1 minute different time for start, the result can be significantly different), so always use renko with caution ...

user92:
helo,

i am using in MT4 an renko indicator. So i suppose that it repaint. so my question is, what is the solution to solve the repaint problem?

And maybe you know some other tools, which have an renko chart build in. Or a Broker with that software.

thank you
 
Big Joe:
Ok,

Use this expert for starting. Place it on 1 minute chart.

Set your renko stuff, etc.

When in the morning you start your metatrader, wait for fresh ticks, you see the renko recalculates ( it creates the blocks for the ticks comed during the night ). Now close it, and restart your metatrader it will refix some recalculate. Now you can start your trading day.

I proceed that way since 2 years, and no problem for me, what you see is what you get.

i will try it. But is it important to stay in the 1 minute chart? because i use higher timeframes, or you mean only for starting,

then i can change the timeframe?

thanks

 
user92:
i will try it. But is it important to stay in the 1 minute chart? because i use higher timeframes, or you mean only for starting,

then i can change the timeframe?

thanks

hi user92,

renko depends on priceaction not on time,

one brick can theoretically last forever or for just one minute, depends on the boxsize

thats a great thread about renko charts

Renko Block Charts @ Forex Factory

 
user92:
i will try it. But is it important to stay in the 1 minute chart? because i use higher timeframes, or you mean only for starting,

then i can change the timeframe?

thanks

Like Deorn said, in fact the time frame you put the expert on it doesn't matters ( i just always put on 1 minute).

The renko is not based on time, but based on pips to form the bricks ( if the market moves 10 pips and your expert is set to 10, then a brick forms, etc.), you have an input in the expert for this.

If you are used to trade high time frames, i think you need much more 10, i will say 20 or 30 pips.

 

hallo,

i mean there is when i use the 1minute timeframe on the "normal chart", because

i have downloades all the history, it takes too long until the rneko will be painted, you know what i mean?

i wated about some minutes unitl MT4 come back... OK but if you say, it is not a problem to take the 1 hour chart,

so MT4 have not to calculate so much bars! i will take the higher timeframe.

To clear some misunderstandings, repainting happens only after a new start of MT4? if so, we can solve the problem and just stay online with MT4?

 

A very important issue:

repainting happens only after a new start of MT4? if so, we can solve the problem and just stay online with MT4?

Is that correct?

 

Correct it is !

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