Renko Chart indicator for MT4 Download - Free - [TradingFinder]

The Renko Brick Chart indicator in MetaTrader 4 displays a chart composed of bricks, each representing specific price movements independent of the price chart.

This oscillator filters out noise and gives traders a clear trend at a 45-degree angle. A new brick is formed whenever the price moves by a predetermined amount. Red bricks indicate a downward trend, while blue bricks indicate an upward trend.

Indicator Specifications Table

Overview of the Renko Indicator

The Renko chart removes the time factor and displays Support and Resistance levels that may be difficult to identify in candlestick and bar charts. This trading tool extracts price data and produces Renko bricks.

Uptrend Conditions

The 1-day price chart of the GBP/USD currency pair shows the uptrend conditions in the Renko Brick Chart indicator. A new brick is added to the chart each time the price increases or decreases by a predetermined amount. In an uptrend, the consecutive formation of red bricks above the previous brick indicates the continuation of the uptrend.

Downtrend Conditions 

The one-hour price chart of Bitcoin (BTC) shows how the Renko Brick Chart indicator performs in downtrend conditions. A consecutive formation of downward bricks indicates selling pressure. In a downtrend, each brick is formed below the previous one.

Settings

• Box Size: Settings for calculating brick size;
• Reverse: Settings for the number of bricks.

Conclusion

The Renko Brick Chart indicator analyzes actual price changes and removes the time factor, providing traders with a noise-free chart. The unique structure of the bricks allows traders to identify the main trends and accurately determine Entry and Exit points.

This trading tool is also suitable for use in various markets, including cryptocurrencies, forex, stocks, and commodities.