I have decided that I am going to use Renko charts to trade.
There seems to be no free platform which provides Renko. Please let me know if there is…
I have followed guides to setup Renko in MT4 and I can make it work…well at least appear to for a while.
As the data is pulled from a live chart onto an offline chart I seem to be ok untill I reopen MT4 and then I will find literally gaps in data… Just now i saw Aug, Sept and Oct missing all together…
Another problem is that I will choose 20 pip boxes and the lines may be smooth then once I reopen MT4 there seems to be much more noise on the chart. How is that even possible if stillusing 20 pip boxes…
Yet another problem is that you need to re apply the chart each time you re open MT4 and the trend lines and all the rest always move out of place so I need to adjust the whole lot each time…
I gather that MT4 doesnt have Renko inbuilt and with these problems… I dont think it would be very wise to risk real money on this seemingly unstable setup.
When you open mt4 and make adjustments to your data, and this can include importing new data or changing data time frames, you should save you amendments.
Try both of these two options:
File > Save As
or
Templates > Save Template
Both of above will have different effects to MT4 when you reopen, and each should be used in different circumstances. However by using both you are guaranteed to save what ever you are doing now.
Also on last point to add if you cannot get Renko to work, or any other trade set up with MT4.
It seems alot of people who are starting out, and i say starting out as experienced traders realise this issue, is that they are always looking for a good broker or trading platform to run charting set-ups from. This is the much small issue to worry about, any profitable trading set-up will work on any platform/broker.
So concentrate on your set-ups and constant profitability before even considering if your broker is actually doing you justice… I guess its like driving, why worry if your car is going to take longer to get from town A to town B in comparison to a high spec sports car? Rather you should be learning to drive efficiently and effectively before this thought process.
What im trying to say is don’t analyse top down, start from the bottom and work up. Sure its good to look ahead, but whats the point if you cant be profitable?
If you are looking for a free Renko charting package you should check out the FXCM strategy trader. I wouldn’t consider it a mature platform like MT4. It might however be useful for you to do your analysis on.