The Renko Charts Indicator MT4 is a trend indicator for MetaTrader 4 and is designed to provide a much clearer view of trends compared to traditional candlestick or bar charts. It builds Renko bricks based on price movement, simplifying price action by eliminating market noise. This makes Renko charts highly effective for trend-following strategies. A shift from a red to a blue Renko brick signals a potential uptrend, where traders can initiate a buy position. Conversely, a shift to red indicates a downtrend, prompting a sell trade. In ranging markets, traders should confirm trend shifts by counting consecutive bricks to avoid false signals. Additionally, the indicator is well-suited for novice traders. It is also customizable, making it a valuable asset for identifying the general direction of a trend.

This indicator is suitable for traders of all skill levels and across all time frames. Its versatility extends to trading multiple currency pairs within any forex trading system or strategy, to identify the general direction of a trend.

Indicator Settings

How to Install Renko Charts Indicator MT4

Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:

The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.

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