Forex Multi TimeFrame CandleSticks HeikenAshi and Renko MT4 Indicator:
About the Forex Multi TimeFrame CandleSticks HeikenAshi and Renko MT4 Indicator
Why is it necessary?
- Most traders analyze symbols in multiple time frames. Therefore, it is necessary to open a window for each time frame, or switch chart between time frames. If the window of several symbols in MetaTrader are open and each of them has various timeframes, number of windows will be too much. It is difficult to manage and find. The size of the windows must be constantly adjusted or a new profile must be created. It is not user friendly.
- MetaTrader 4 does not have a number of useful timeframes such as M3 or M10, those are suitable for scalpers.
- Heiken Ashi chart is one of the favorite charts of traders. While in MetaTrader 4, this indicator is drawn on the main chart, which may not be to the liking of some analysts.
- Renko chart, as one of the newest models of the chart, is the favorite of many traders, but does not exist in MT4.
- In the Strategy Tester, the chart is only visible in one time frame, while other time frames need to be seen as well.
This indicator covers all those shortcomings.
- You can simultaneously view the CandleSticks and Heiken Ashi chart in your favorite timeframes (M3, M10, H8, H12, … ) in subwindow at the same time as the main chart.
- You can have a Renko chart and be safe from choppy market.
- You can see candle closing time remaining.
- The chart can be seen in other time frames, when using the Strategy Tester.
- Bull Candle Color: Bar up color is adjustable.
- Bear Candle Color: Bar down color is adjustable.
- Chart Mode: Chart model selection, Candle Sticks, Heiken Ashi and Renko are selectable.
- Renko Brick Size (0=Auto) [Points]: Set Renko box size (brick size) you want. 0 means automatic, which is calculated based on the true range. If you set the Brick too low, the calculation time will increase.
- Calculate Renko from [Months]: Due to Ranko chart calculation time, It is better not to have a long term, so this parameter is used to limit the calculation period and reduce the calculation time.
To function properly, please make sure the chart history is downloaded. To ensure the availability of data for the indicator, I recommend using a download script. (However, you can download history from Tools menu, History Center or pressing F2)
When connection between terminal and server lost, data processing may be faulty due to interruption. After connecting, it may be better to run the indicator again.
Ranko chart calculations are performed from the smallest time unit (M1). so M1 history must be downloaded. Also when used in Strategy Tester M1 must be selected.
When the main chart time frame is not equal to the indicator time frame or when the Renko model is used , the time axis of the sub window are not related.
In the Ranko chart, by selecting Mode 2, you can see more details of each brick.
According on the parameters you entered, Ranko chart may take a long time to calculate.
In the Demo version, the shadows are incomplete and the color of the candles are constantly swapping!
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)