Easy Renko Chart Buy/Sell Forex Indicator For MT4
The easy Renko chart buy/sell indicator for Metatrader 4 works across all time frames on real-time charts.
It doesn’t need to be installed on the Renko default m2 offline charts.
This Renko chart indicator appears in a sub MT4 window underneath the main trading charts.
The Renko Bricks shows you the most profitable trend at any time.
- A blue colored Renko brick represents the start of a bullish trend.
- A red Renko brick represents the start of a bearish trend.
Feel free to experiment with the indicator’s parameters to suit your needs.
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Easy Renko Chart Buy/Sell Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Easy Renko Chart Buy/Sell Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a buy order when the easy Renko chart MT4 indicator draws its first blue brick on the chart.
Place stop loss 3 pips below support, or use your own stop loss placement method.
Close the buy trade for a reward to risk 1.5:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the Renko chart buy trade for a fixed take profit target, for example, 15 pips on the 1-minute scalper chart.
Sell Trigger: Initiate a sell order when the easy Renko chart MT4 indicator draws its first red brick on the chart.
Place stop loss 3 pips above resistance, or use your own stop loss placement method.
Close the sell trade for a reward to risk 1.5:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the Renko chart sell trade for a fixed take profit target, for example, 25 pips on the 5-minute day trading chart.
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Renko bullish color, Renko bearish color, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Renko
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.