Renko Chart indicator for MT5 Download - Free - [TradingFinder]

The Renko Chart indicator is one of the indicators available. This MetaTrader 5 oscillator provides traders with a Renko bricks chart representing specific price movements. It removes the noise of price trends and plots price movements based on predetermined amounts simply and clearly. A series of red bricks indicates buying pressure, while a series of blue bricks indicates selling pressure.

Indicator Specifications Table

Category	Oscillator - Support and Resistance
Platform	MetaTrader 5
Skill Level	Beginner
Indicator Type	Continuation - Reversal
Time Frame	5 minutes - 1 hour - 1 day
Trading Style	Day Trading
Markets	All Markets

Overview of the Indicator

This trading tool chart removes the time factor and uses extracted price data to form Renko bricks. This feature makes it easy to identify Support and Resistance levels that may be difficult to spot on standard charts. Using Renko brick charts alongside price charts provides traders with a broader perspective.

Performance of the Renko Brick Chart in an Uptrend

The 30-minute price chart of Gold against the US Dollar (XAU/USD) shows how the indicator performs in uptrend conditions. As shown in the image, a Renko brick is formed whenever the price fluctuates by the predetermined amount. In an uptrend, if the bricks are formed higher than the previous ones consecutively, it indicates buying pressure and the continuation of the uptrend.

Performance of the Renko Brick Chart in a Downtrend

The 1-hour price chart of the cryptocurrency Binance Coin (BNB) shows how the indicator performs in downtrend conditions. As shown in the image, a Renko brick is formed whenever the price fluctuates by the predetermined amount. In a downtrend, if the bricks are formed lower than the previous ones consecutively, it indicates selling pressure and the continuation of the downtrend.

Settings

• Box Threshold: The threshold required for forming a brick is 55.

Conclusion

The Renko Brick Chart indicator is a useful tool. This indicator removes the time factor and uses price data to provide traders with a simple and clear chart. Using this indicator alongside price charts and other trading tools helps traders analyze price movements more effectively.

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