Utility

Introduction to Real Time Renko Indicator

Real Time Renko indicator is the very handy utility for your direct access of Renko Charting from your Meta Trader 4 platform. It is applicable to your Meta Trader 4 terminal with quick and easy setup. This Real Time Renko can be used by Renko charting experts as well as starters. The operating principle of Real Time Renko is quite opposite to our Smart Renko. Smart Renko is designed to help traders to combine their Renko Trading Strategy or the advantage of Renko charting with Standard Technical indicators. When the technical indicators are applied on the same chart with Smart Renko, the reading of technical indicators are intact and not changed. It is because the reading of the technical indicators are still calculated from normal candle stick price for the Smart Renko. However, when you apply the technical indicators to Real Time Renko, the reading will be calculated directly from Renko Brick price. So the reading from the technical indicators are no longer the same. Different traders will make the different choice between our Smart Renko and Real Time Renko tool. The important tips you should remember is that our Smart Renko and Real time Renko are the perfect tools for your pattern identification task. Especially, our fully automatic pattern detection solutions like Harmonic Pattern Plus, Harmonic Pattern Scenario Planner and Price Breakout Pattern Scanner can produce solid pattern detection ability when they are combined with our Real Time Renko or Smart Renko.


Published Current Version Updated Visits
25 May 2016 2.20 23 August 2017 1060

Product Benefits for your trading

  • Simple to use (Immediate loading after the attachment with default setting).
  • Excellent supplementary tool for pattern detection task and for Price Action Traders.
  • Easy Indication of the trend with stacked Renko Brick.
  • Next brick Level display.
  • Automatic Brick Height calculation using Standard Deviation.
  • Great supplementary tool for our Harmonic Pattern Plus, Harmonic Pattern Scenario Planner and Price Breakout Pattern Scanner.
  • Automatic Round number detection can further help to confirm your entry for your trading.

Main Features

  • Directly applicable with any technical indicators.
  • Customizable colour setting for bricks.
  • Real time update on the current Renko Brick using latest incoming price.
  • Next Brick levels display helps traders to anticipate possible future price movement.
  • Immediate Renko Chart loading with one attachment.
  • Flexible Renko Brick calculation from different time frame.
  • Automatic Round number (psychological number) detection feature.

More Information

Main Trading Parameters

All the input variable in the Real Time Renko is pretty straight forward to use and they are also similar to our Smart Renko. You will be mostly work with default setting. Below is the brief description of inputs for our Real Time Renko:

  • Renko Calculation Setting
  • Brick Height Mode (0=pip, 1=standard deviation, z value)
  • Brick Height value (pip=5 to any, z value=1.0, 1.68, 1.96, etc)
  • Time Frame to Store Renko Series
  • Time Frame used for Brick Calculation
  • Show Wicks: true of false only
  • Bars to scan: Number of bars to calculate Renko Brick
  • Real Time Update: allow continous update as tick arrives
  • Shorten name for long symbols: true or false only
  • Use White Chart: set false to use dark background
  • Down Brick Color: colur of down brick
  • Up Brick Color: colour of up brick
  • Delete Existing Renko Chart during Initialization: true or false only

Next Brick Level Setting

  • Indicate Next Brick Price: true or false only
  • Next brick line up color: colour of next upper brick level
  • Next brick line down color: colour of next lower brick level
  • Next brick line width: line width for next brick level
  • Next brick line length: lenght for next brick level

How to use Real Time Renko

To make the Real Time Renko working straight away, you have to attach the Real Time Renko to M5 timeframe chart. This is because initially “Timeframe for brick Calculation” is set to M5 timeframe. If you set the “Timeframe for  Brick Calculation” to M1 timeframe, then you have to attach the Real Time Renko to M1 timeframe chart. However when you select M1 timeframe, you will need a lot of historical data stored in your Meta Trader terminal. In theory tick data is more accurate than anything else but tick data is normally huge in terms of size. Therefore, we recommend you to use M5 or M15 for “Timeframe for Brick Calculation” because they are affordable size. If you are not familiar with all these terms and glassory, then just use it with default setting and attach Real Time Renko to M5 timeframe chart.

Brick height is one of the most important input in Renko charting. From our experience, it is reasonable to use 1 standard deviation as the brick height. So the default setting is set to 1 standard deviaiont of the current chart. Also make sure that you are using reasonable “Number of bars to scan”. More number of bars to scan you will need heavier computation. Heavy computation is no good for your trading. Ideally it is better to have a powerful computer for trading. However we have come across many of our customers are still using Laptops.

When you are using the Real Time Renko with our Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner, then you should disable Renko Filter inside your Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner. You can simply do it by setting “Use Renko Filter for Pattern detection=false”.  If you are using Renko Filter over Real Time Renko, literally you are applying Renko filter twice. It is not good. Only apply Renko filter once, when you are using our Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner on normal candlestick chart.

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Price and License

License TypeFree TrialRental (renting) OptionBuying Full License
PriceFreePaidPaid
Website Sign upNo need to sign up or register.
Just enter 00000 to get going
in the Order ID field in
the Product License Viewer
Sign up is required.Sign up is required.
Product FeatureFull FeatureFull Feature, Auto alert on new update.Full Feature, Auto alert on new update.
Expiry TimeYes, it will expire in 2 weeks.Yes, it is for the rented period only.No expiry
Simultaneous Accounts UseLimitedYesYes
Future UpdateLimitedFree future update during the rented period only.Fully supportive free future update