Rainwood's Tick Chart Indicator

An indicator developed for MetaTrader 4 to display japanese candlestick tick chart. The number of ticks per candle can be set as desired.

Unfortunately MetaTrader4 doesn't have a tick chart which would be able to draw candlestick charts with candles containing a set number of ticks. Realizing this we kept searching around the Internet to find one thats suits our needs. Since the few we found didn't meet our expectations, we had to develop our own. The development started back in 2013 and after many development phases and versions the indicator reached the point when we started to use it in day trading.

As there may be other traders out there who would like to use tick charts in MT4, we decided to make it available to everyone.

Rainwood's 30-tick chart example

Main Features

  • Real-time tick candle drawing in MT4 indicator window
  • Download real ticks or generate simulated ticks for history tick data
  • Bid, Ask or Mid price can be selected as base of tick chart
  • Real-time moving price line in the indicator window

  • Option to display Moving Averages, Bollinger Bands
  • Heiken-Ashi can be applied to tick chart
  • Add other tick-based indicators like CCI, MACD, RSI, Stochastics, Williams %R...
  • Display horizontal grid lines with set number of pips between them

  • Also supports offline tick charts
  • Offline tick charts refresh automatically
  • Custom indicators and Expert Advisors can be added to offline tick charts

What's New in v1.22    (released on January 2, 2020)

  • optimizations

  • bugfixes

Indicator Settings in Detail

Where to display the tick chart - Select where you would like to see the tick chart: in the indicator window, on offline chart or both

Number of ticks per candle - Set the tick volume of the tick chart. The minimum tick number you can set is '1' for a 1-tick chart.

Tick chart base price - Select Bid, Ask or Middle price as the base of the displayed tick chart

Offline Chart settings - With these settings it is possible to specify the offline chart updating frequency, the naming convention for the offline charts and the offline chart ID. Using offline charts you will also be able to add MT4 built-in/custom indicators and Expert Advisors to the tick chart.

History tick data settings - Define how much tick data history you want to load, decide if you want to download real tick data or generate simulated tick data (using the minute chart) for history and if downloading history you need to select the commodity/index symbol manually from the dropdown list. Symbols of Forex currencies, Gold and Silver are detected automatically.

Moving Average settings - Add one or two Moving Averages to the tick chart with the set period and method (Simple, Exponential, Smoothed and Linear Weighted). Enable or disable notification for cross of the Moving Averages.

Bollinger Bands settings - Set period and deviation for Bollinger Bands.

Heiken-Ashi settings - Enable/disable Heiken-Ashi applied to tick chart in indicator window.

Round price values - If enabled the indicator will round price values to pip values by dropping the least valuable digit (i.e. if you have a 5-digit broker, the candles will be displayed as it would be at a 4-digit broker, e.g EURUSD candle opening at price 1.31453 would look like it opened at 1.31450). Enable this setting, if you are familiar with Bob Volman's method of Price Action ScalpingBob Volman's book on Forex Price Action Scalping and want to enhance your view on candle blocks and clustering.

Candle and display settings - Set the maximum number of candles that will be drawn to the tick chart or adjust candle colors as well as the color of the quick control bar. You can also set the indicator to add candle open times to the description field of the candle object, copy main chart trendlines to tick chart, show OHLC data as tooltips and show open trade lines the same way as on the main chart.

Price Line settings - If you would like to have a real-time moving price line on the tick chart (similar to the main chart), you can choose between a single price line showing the current price or you can display both Bid and Ask lines.

Time Line settings - Time lines are vertical lines on the chart created at the set time intervals (5, 10, 15, 30, 60, 120, 240 minutes or 1 day). You are allowed to enable/disable time lines, set line style and line color.

Time Label settings - Time labels show tick chart time beside time lines. You can enable/disable time labels, change their display time intervals (5, 10, 15, 30, 60, 120, 240 minutes or 1 day), change their placement (top or bottom of indicator window), change color and font size.

Horizontal Grid Line settings - Enable/disable horizontal grid lines on the tick chart in MT4 indicator window, set the distance between them (5, 10, 20, 25, 50 or 100 pips), change line style or line color.

Tick Counter settings - Tick counter shows the current tick number. After reaching the current tick charts tick value the counter resets itself and starts counting from 1 (i.e if you have a 10-tick chart tick counter counts from 1-10 then starts again). You can enable/disable tick counter, set exact placement, change font type, font size and color.

By purchasing RW Tick Chart indicator you will receive a user manual with more detailed description of indicator installation and settings.