Software >> Metatrader 4 indicators >> Tick Chart

Tick Chart for Metatrader 4

This indicator creates offline tick charts. Both 1-tick and N-tick charts are possible. Tick charts are beneficial because they allow us to gather information about market activity. We can see when the market is most active and when it is barely moving.

Unlike time-based charts that are based on a set amount of time (5, 10 or 30 minutes for example), tick charts are based on a set amount of ticks. A tick simply means any price change. For example, when the number of ticks per bar is set to 10, each bar will consist of exactly 10 ticks.

Time is not a factor when drawing tick charts. Bars can start and end at any time depending on current price action.

Features:



Tick Charts Tick Charts Tick Charts

Main Parameters

Installation

  1. Find the correct location of your MQL4 folder by going to File -> Open Data Folder
  2. Copy the downloaded Tick Chart.ex4 indicator file to MQL4\Indicators
  3. Make sure that Allow DLL imports is enabled in Tools -> Options -> Expert Advisors
  4. Restart Metatrader
  5. The indicator should appear in the Custom Indicators section of the Navigator panel
  6. Double-click on the indicator or drag it to the chart

How to run it

  1. Double-click on the indicator or drag it to the chart.
  2. Note the Chart_Timeframe parameter in indicator's settings (Inputs tab).
  3. Go to File -> Open Offline and select the newly created offline chart. For example, if you attached the indicator to EURUSD and set Chart_Timeframe to 3, the new offline chart will be named: EURUSD,M3. Press Open.
  4. Done. Your tick chart opens and will be updated automatically with every tick.

Additional notes

Since there is no tick-by-tick history in Metatrader 4, the indicator can not show you tick charts of the past. This is simply impossible. The chart will start from the time you launched the indicator and last as long as the indicator is running. Removing or reinitializing the indicator (for example by changing chart's timeframe) will also clear (reset) the chart.

Built-in Metatrader's time scale may not always show the time correctly. This can happen when more than one bar need to be drawn at the same second. Metatrader is not capable of drawing two bars at exactly the same second, so the indicator will simply add one second to overcome the problem, but causing damage to the time scale. If you need to see the time scale correctly, please use time grid and time scale features of Tick Chart indicator.