Renko Bars – How To Add More

For all you renko enthusiasts out there. Here’s how to get more renko bars:

1. Download a fresh mt4 – ex: fxcm uk mt4
2. Change chart to 1m and zoom in
3. Turn off autoscroll
4. Go to Tools > Options > Charts – put max bars in chart 512000
5. Put a small rock on your home button and go have a coffee (wait 5-10 min)
6. Add renko script (choose your bar size and put bars 512000)

I just did this with fxcm uk and I’m getting 937  Renko 15 pip bars

If you haven’t heard of renko bars: how it works is instead of a new bar being formed every 5 minutes or hour, you can set the amount of pips movement which will yield a new bar. So if you set it to 10 for example, turn on your renko chart  and the last bar has been an up-bar – now price will form a new up-bar only when price moves up 10 pips. If an hour goes by and price doesn’t move more then a few pips there will be no new renko bars created. In order for price to create a renko down-bar, price has to move 20 pips down.