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 indicator 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

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.