The renko charts outwardly resemble three-linear breakthrough charts, but in case of the renko all boxes are of the same size. During drawing the indicator, only those movements which value is more or equal to a set threshold are considered. The renko is good to use in markets with a significant 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.
Considering review of the indicator, i.e. the fact that the drawing of the renko chart on close prices of large timeframes, the indicator “missed” rollbacks and trend changes inside bars, the given version of the indicator always draws on close prices of the minute timeframe. In other words, no matter on what chart timeframe the indicator will be attached, with the same parameter of the box size the renko charts will always look the same as the charts will consider “all happening” (on М1 timeframe).
MT5 Indicator – Download Instructions
Renko is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Renko provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Renko.mq5?
- Download Renko.mq5
- Copy Renko.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Renko.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Renko.mq5 is available on your Chart
How to remove Renko.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: