However, renko charts are no holy grails. They look visually very appealing but the fact that you have to wait for a fixed range to close before you can confirm a signal makes the renko charts particularly lagging when compared with time based charts. However, renko charts, as I said before, show us a very good picture of the overall market movement and are invaluable tools for a trend follower or support/resistance trader.
How do we draw renko charts on metatrader 4 ? Well, lucky for us, this matter has already been answered by the people at forexfactory however, I am also making a video so that you all can easily get your renko charts (range based charts) on your mt4 platforms. You should remember that backtesting is impossible on renko charts as the backtester does not support the loading of offline charts for testing.
If after viewing this video you would like to learn more about automated trading systems and how you too can develop and program your own long term profitable trading systems please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !