Introduction to the Renko Shade Forex Indicator
The Renko Shade Forex Indicator draws Renko Bricks directly on the main activity chart along with standard forex Japanese Candlesticks. Renko Bars are based on price movement, while Japanese Candles are based on time intervals. When both are loaded on the same chart, you can see how they correspond to each other with a naked eye.
The Renko Shade Forex Indicator fits all kinds of timeframes (but small timeframes like M15 or M30 are recommended) and currency pairs. It is displayed directly on 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 Shade Forex indicator in MetaTrader (MT4)?
Download the Renko Shade.rar archive at the bottom of this post, unpack it, then copy and paste the Renko Shade.ex4 or Renko Shade.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Renko Shade Forex 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 MT4 Renko Shade Forex Indicator
To download the Renko Shade Forex Indicator for Metatrader 4 (MT4) for free just click the button below: