Renko Time and Candle Time Interval Indicator - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resource
* Version 2, corrected array alignment and calculation of current bar time.
*Version 2ma — Added moving averages upon request.
A very simple indicator that shows the time difference between candles in seconds.
Intended for use with offline Renko charts to indicate how long each block or brick takes to form.
On a regular timeframe chart, it can indicate a falling candle because subsequent candles start later.
My first indicator! Please comment!
At the close, there is a long indicator bar at the period separator.
You might expect the indicator bar to have double height, where the brick color changes because the price has to move twice to form a block.
My guess is that when the market moves, the bars will be small, and an indecisive market will produce longer bars because the price takes longer to move.
On a regular timeframe chart, it can indicate a falling candle because subsequent candles start later.
Here, the news was released at 15:30, but the candle was skipped, so the 15:31 candle took 120 seconds to start, counting from the start of the previous (15:29) candle.
Seems odd to put the time element back into renko charts but I figured it might produce useful information such as slow bricks indicating a turn in the market or price moving slowly inside a range. Or fast bricks indicating actual movement in price.
On a regular, standard timeframe chart, it can show where the chart/broker skipped one or more candles. It’s surprising how often this happens! Especially in the age of news.
Added MA as requested.
Attachment download
📎 renkotimev2.mq4 (1.99 KB)
📎 renkotimev2ma.mq4 (2.36 KB)
Source: MQL5 #12491
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