How to install Renko charts and mean Renko charts on the cTrader trading platform. This step by step tutorial gives you the details on using Renko charts for cTrader.
cTrader, a unique ECN based trading platform has been an alternative choice for traders who preferred something different from the traditional MT4 trading platform. There is no doubt that cTrader platform from Spotware has quickly emerged as a leading alternative to the retail trading community. Known for its light weight as a software and the ECN approach to its trading, cTrader has gained its own market share.
However, when it comes to indicators and the general developer environment, cTrader lacks far behind. It is therefore interesting to note that Renko charts for cTrader has often been sub-par compared to the many different indicators and EA’s that are available on the MT4 platform to generate offline Renko charts.
The cTrader Mean Renko and Classic Renko bar indicator is truly a versatile indicator that is top notch.[Read More: Difference between Mean/Median and Classic Renko charts | How do Mean/Median Renko charts plot price]
How to install and use the cTrader Renko indicator
The cTrader Renko indicator can be downloaded from the az-invest.eu website here. The cTrader Renko indicator which retails for only $25 is certainly going to be a hit with traders who are accustomed to the cTrader platform. More importantly, traders can download a 14-day trial version of the cTrader renko indicator from here.
Before you download the cTrader indicator, you need to also install the cAlgo platform. Once done, copy the MedianRenko Algo file and paste it into your cAlgo>Sources>Indicators folder. After this, simply head over the cTrader platform and select the ‘Median Renko’ indicator from the ‘Custom’ dropdown list.
The cTrader Renko indicator can be used as a classic Renko chart or can be used as mean or median renko chart. The indicator plots the Renko bars as a chart overlay.
The following settings can be used to customize the Renko indicator for cTrader.
- Bar Size (Pips): Set the bar size in pips. The default value is 10 or 10 pips (4 decimals)
- Retracement factor: You can choose between 0.1 and 1.00. When you set the retracement factor to 0.5, the chart automatically becomes a mean Renko chart and if you set the retracement factor to 1.0 it becomes a classic renko chart.
- Maximum Bars: You can select the maximum number of bars to plot the Renko chart on cTrader. The default setting is 300, but it is advisable to set it to 500 or 1000 to get a good history of the Renko bars
- Symmetrical Reversals: Set this to ‘Yes’ which is the default value
- Bullish Bar Color: Choose the color of the Renko bar
- Bearish Bar Color: Choose the color of the Renko bar
- Lines: Uncheck all the lines to ensure that you have only the Renko chart on your screen
Using indicators with Renko Indicator on cTrader
The cTrader Renko indicator allows you to add various other indicators based on the prices from the Renko bars. For example, you can add a moving average to track the Renko bar’s closing prices. In order to do this, click on any indicator of your choice. In our example we add a moving average.
Once the indicator box pops up, add in the values and select Source as any of the Median Renko price values. Click ‘ok’ and you are done. The following chart shows a 50 period moving average, and a Bollinger band added to the Renko chart, which tracks the Renko price values.
Advantages of cTrader Renko Indicator
The cTrader Renko indicator is truly impressive. Here are some of the benefits outlined.
- Use the indicator to switch between classic and Mean Renko charts
- You can use indicators such as moving averages or Bollinger bands to plot on the Renko price values than the underlying price bars. A very useful feature for technical analysis or Renko trading strategies using the Renko price chart
- Light weight and easy to use, the Renko indicator for cTrader does not require any further customization
Disadvantages of cTrader Renko Indicator
In terms of limitations for the cTrader Renko indicator, the only major drawback being that only indicators that have the option to select the ‘source’ can be used. Example, Parabolic SAR or the Stochastics oscillator cannot be used as they do not come with the option to select the Renko OHLC prices as an option.
cTrader Renko Indicator – Conclusion
In conclusion, the cTrader Renko indicator makes for a versatile Renko indicator for cTrader platform. While there are many other indicators to build Renko charts, this one truly outperforms the rest by a mile. Click here to download a 14 day trial of the cTrader Renko indicator or buy for $25 for a lifetime license.