Introduction to the Blue Renko Bars Indicator
The Blue Renko Bars Indicator displays, as the name suggests, Renko Candlesticks colorized to blue color. The default size of each brick is 10 pips. Remember that Renko Chart works in a different way than standard Japanese Candlesticks Charts. In the case of Renko, the candlesticks are based on the price movement, not on the time passed.
The Blue Renko Bars Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Blue Renko Bars indicator in MT5?
Download the Blue Renko Bars.rar archive at the bottom of this post, unpack it, then copy and paste the Blue Renko Bars.ex5 or Blue Renko Bars.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Blue Renko Bars indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT5 Blue Renko Bars Indicator
To download the Blue Renko Bars Indicator for Metatrader 5 (MT5) for free just click the button below: