Introduction to the Renko Chart Indicator
The Renko Chart Indicator draws, instead of candles, bricks or boxes that are all of the same size. These bricks are based on the price movement while ignoring the time factor. It means that no matter of active timeframe, the Renko Chart looks always the same. The Renko Chart is good to use in markets during meaningful trend movements as far as a trader gets lion’s share of any significant trend. And vice versa, in periods of flat the Renko signals are unreliable.
- The main signal is the appearance of a bullish color box after bearish color box and vice versa.
- The signal will be more reliable after a series of false reversals (i.e. after the sideways trend).
- The renko is also useful to define support and resistance levels.
The Renko Chart 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 Renko Chart indicator in MetaTrader (MT5)?
Download the Renko Chart.rar archive at the bottom of this post, unpack it, then copy and paste the Renko Chart.ex5 or Renko Chart.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 Renko Chart 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 indicators to try.
Download Free Forex MT5 Renko Chart Indicator
To download the Renko Chart Indicator for Metatrader 5 (MT5) for free just click the button below: