Renko Chart Indicator
MT5 Pattern TradingFree DownloadThe Renko Chart Indicator for MetaTrader 5 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.
Some tips:
- 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.
