The Renko Bricks indicator for Metatrader 4 is an excellent buy/sell Forex tool that takes away market noise of the chart.
The MT4 price chart looks very clean without data that distorts the picture of the overall currency trend.
The buy and sell signals are very easy to follow and trade, even for beginners.
- A bullish Renko brick represents the start of an uptrend. It’s a buy signal.
- A bearish Renko brick represents the start of a downtrend. It’s a sell signal.
Some successful currency traders only use Renko brick charts for their daily trading.
Feel free to experiment with the indicator’s input options and parameters to improve it’s accuracy.
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Renko Bricks 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 Renko Bricks Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a new buy trade when the Renko Brick Forex indicator draws a bullish Renko Brick on the chart.
Place stop loss below support, or use your own stop loss placement method.
Close the buy trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the Renko buy trade for a fixed take profit target, for example, 25 pips on the 2-minute offline trading chart.
Sell Trigger: Open a new sell trade when the Renko Brick Forex indicator draws a bearish Renko Brick on the chart.
Place stop loss above resistance, or use your own stop loss placement method.
Close the sell trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the Renko sell trade for a fixed take profit target, for example, 30 pips on the 2-min offline trading chart.
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Renko box size, Renko box offset, Renko time frame, show wicks, ATR period, ATR time frame, MA method, MA period, 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.