Forex Racer Renko System
Forex Racer Renko System — a MetaTrader 4 indicator kept in the Old Kings collection. As the name suggests, the idea behind it is Renko bricks. Its source code uses MACD, moving averages and fractals. It draws arrows on the chart, can send alerts and can read another timeframe. It has 39 settings, for example Brick Size (default 10), Brick Offset (default 0) and Renko Time Frame (default 2). Attach it to a chart to see what it draws, then compare it with price on a few timeframes. Inside: 19 indicator files with source code (.mq4) you can open and edit in MetaEditor and a PDF guide. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Racer Renko System
Forex Racer Renko System is an indicator for MetaTrader 4 based on MACD, Moving Average and Fractals. It draws buy and sell arrows on the chart, can alert you with a pop-up, sound, email or push message and can show data from another timeframe (MTF). It has 39 settings, such as Brick size, Brick offset and Renko time frame. MQL source code included.
Files in the download: Forex Racer Renko System\ForexRacerManual.pdf, Forex Racer Renko System\experts\RenkoExpertAdvisor.ex4, Forex Racer Renko System\experts\RenkoExpertAdvisor.mq4, Forex Racer Renko System\experts\indicators\FR-BreakOut.ex4, Forex Racer Renko System\experts\indicators\FR-BreakOut.mq4, Forex Racer Renko System\experts\indicators\FR-Retracement.ex4, Forex Racer Renko System\experts\indicators\FR-Retracement.mq4, Forex Racer Renko System\experts\indicators\FR-ReversalPoints.ex4 ….
Settings
| Setting | Default | What it does |
|---|---|---|
| Brick size | 10 | |
| Brick offset | 0 | |
| Renko time frame | 2 | Period or timeframe used by the calculation |
| Show wicks | TRUE | |
| Emulate on line chart | TRUE | |
| Var symbol | FALSE | |
| Use open close | FALSE | |
| Retracement bars | 4 | |
| Trend | ||
| Per | 8 | |
| Shift | 3 | Bar shift (0 = current bar) |
| Mode | 1 | |
| Length | 1 | |
| Length over | 2 | |
| Applied price | 4 | |
| Retracement lines | ||
| Line width | 1 | |
| Up color | LightPink | Colour on the chart |
| Down color | PaleTurquoise | Colour on the chart |
| History bars | 1500 | |
| Corner | 3 | |
| Price color | LawnGreen | Colour on the chart |
| Hours color | Yellow | Colour on the chart |
| Spread color | White | Maximum spread allowed to trade |
| Bull color | Lime | Colour on the chart |
| Bear color | Red | Colour on the chart |
| Fast ema | 3 | |
| Slow ema | 6 | |
| Signal sma | 3 | |
| Alert sound on | FALSE | Turn this alert on or off |
| Sound file | alert.wav | Turn this alert on or off |
| A | 8 | |
| SR | 25 | |
| T period | 34 | Period or timeframe used by the calculation |
| T type | 3 | |
| T shift | 0 | Bar shift (0 = current bar) |
| Time frame | 2 | Period or timeframe used by the calculation |
| Volume in history | TRUE | |
| Refresh rate | 0 |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Renko · Buy/Sell Arrows · Alerts · Multi-Timeframe (MTF) · MACD · Moving Average · Fractals · MT4 Indicator · MQL4 Source Code