Tag Archives: metatrader

How to install Renko Charts?


To install renko chart, you’ll first need to find a working renko EA, Indicator or Script. They come in different forms and with different codes. So basically, not all renko charts look/work the same. Once you’ve decided the type of renko that you want, the next thing to do is to download and install the renko. If it was an Indicator, you’ll need to follow the steps to install an indicator, If it is an EA or a script, you’ll need to go into the “MQL4” folder, and look into the sub folders for “Experts” or “Scripts” respectively. Once you’ve copied and pasted the file, close and reopen your Mt4.

Renko charts only work when the markets are opened. Once you load the renkoea/script or indicator on your chart, there will be a notification on the chart, letting you know when the offline chart has been created. Once you see this notification, go to the top left of the platform, on “File”, click on “Open Offline”. Here, you select the offline chart that you created. Here is a video on how to install renko charts:

How to install MT4 indicators and templates


To install Mt4 indicators and templates, login into your Mt4 platform, go to the top left on “File”, scroll down to “Open Data Folder”.

Click on it, thenproceed to a folder named “templates” and “MQL4”. You should copy and paste your template files in the template folder. Then, inside the MQL4 folder, you’ll see a sub folder named “indicators”. This is where you should copy and paste your indicators. When all this is set and done, restart your Mt4 and load the template on the chart. Also, the new indicators that you installed will be available on the “Navigator” content.

Here’s a video to show how to install the Mt4 indicators and templates:

Working on different Chart time frames?


When working with a charting software or web based data feed, it is important to know what timeframes are the best to work with. Depending on your trading strategy, different timeframes offers different results. For example, if you specialize on turbo trades, you’ll want to concentrate on 1 minute and 5 minute charts, anything higher will be defective to your strategy. Likewise, using 1minute chart for hourly expiries is also dangerous. You’ll need to find a balance between the timeframes and your desired expiries.

A good clue into knowing what chart timeframe will work best for you is by testing and comparing the results. This might be time consuming but it’s worth it. To make the process easier, you just need to be open minded and ready to accept the facts about your strategy and the best timeframe they seem to work on. All this, keeping in mind your targeted expiries.