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.
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.
Input set up
Download Renko charts MT4 for free
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
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