Simple Renko Chart Buy/Sell Forex MT4 Indicator
The simple Renko chart buy/sell indicator works out of the box for everyone.
Even if you don’t know how Renko bars work.
This Forex Renko powered indicator draws a buy and sell dual-colored signal line on the chart that’s based on Renko bricks.
- A blue Renko signal line represents a buy signal.
- A red Renko signal line represents a sell signal.
The Renko period can be modified by accessing the indicator’s inputs tab.
Feel free to experiment with this value.
Renko works for any trade style such as scalping, day trading and swing trading.
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Simple Renko Buy/sell Forex Signal 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 Signal Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the Renko Signal MT4 indicator paints a blue signal line on the chart.
Place a stop loss 5 pips below the most recent support level, or use your own stop loss placement method.
Take profit at fixed profit target, for example 30 pips on the 5-minute chart, or at previous resistance high level.
Sell Trigger: Open a sell trade when the Renko Signal MT4 indicator paints a red signal line on the chart.
Place a stop loss 5 pips above the most recent resistance level, or use your own stop loss placement method.
Take profit at fixed profit target, for example 70 pips on the 1-hour chart, or at previous support low level.
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Renko 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.