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.

Download This MT4 Forex Indicator Free

Download the “renko-charts.ex4” Metatrader 4 indicator

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.

Download This Forex Indicator Now

Download the “renko-charts.ex4” MT4 indicator

Adjustable Parameters

Renko bullish color, Renko bearish color, colors, width, style.

Usage

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

Installation

Copy and paste the indicator in the MT4 indicators data folder.

Then restart the MT4 terminal and attach it to any chart.

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