renko-charts-mt4

Renko charts MT4 indicator+ template

Renko charts MT4 indicator+ template creates an autonomous Renko chart where all bars are shown as Renko “bricks” with no wicks. The size of the “bricks” is specified in the settings.

The autonomous Renko chart is displayed not only on history, but also online. The chart is updated at least every three seconds.

tag: Renko charts

Platform: Metatrader 4

Download link: At the end of the post.

Introduction

What is Renko chart

The Renko Charts is a type of price charting which was also developed in Japan. It was first introduced to the traders in the United States by Steven Nison in his book, Beyod Candlesticks.

The Renko Charts plots price movements regardless of the period covered. As such, the bricks on the Renko Charts would not correlate with the Japanese candlesticks on the main price chart. Some traders who use Renko Charts would totally disregard the Japanese candlesticks and make their decisions solely on the Renko Charts. They would even minimize the actual price chart and view only the Renko Charts.

Color changes and direction shifts on the Renko Chart bricks would indicate a momentum or trend reversal. As such, traders can decide to buy whenever the Renko Chart starts to plot blue bars and sell on red bars. Traders can also opt to enter a trade based on a predetermined number of bricks moving in the same direction.

Screenshot

renko-charts-mt4
Renko charts MT4 indicator

Input set up

renko-charts-mt4-indicator

 

Download Renko charts MT4 for free

Renko charts MT4 indicator

Renko charts MT4 Template

How To Install Renko charts on MT4 (6 Simple Steps)

Step 1: Download The Indicator To Your Computer

Step 2: Go To Your Mt4 Trading Platform And Click “Open Data Folder”

Step 3: Click open the “MQL4” folder

Step 4: Click Open the “Indicators” Folder

Step 5: Paste The Custom MT4 Indicator Into The “Indicators” Folder

Step 6: Close Your MT4 Trading Platform And Then Restart It

keyword: forex mt4 indicator free download, renko chart generator mt4 forex

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments