Renko Chart Line Indicator for MetaTrader 5 Download – Free – [TFLAB]

The Renko Chart Line Indicator uses colored bricks to display significant price movements. By removing minor fluctuations and focusing on notable price changes, this trading tool enables clearer trend direction recognition.

In this indicator, pink bricks represent bullish phases, while blue bricks indicate declining prices.

Renko Chart Line Indicator Specifications

The specifications of the Renko Chart Line Indicator are shown in the table below.

Renko Profile at a Glance

In the Renko Line Chart Indicator, when bricks appear at close intervals and alternate directions, it typically signals a range-bound or trendless market. These price congestion zones can be interpreted as key support and resistance levels.

Bullish Trend Conditions

According to Polkadot's (DOT) 4-hour chart analysis, a regular sequence of pink bricks is observed over a significant portion of the chart. This consistent bullish brick formation indicates a steady upward price movement.

Bearish Trend Conditions

Based on the 30-minute chart analysis of Silver vs. US Dollar (XAG/USD), the repeated formation of blue bricks reflects seller dominance and a strong bearish trend in the market.

The downward pattern without notable pullbacks indicates high selling pressure and buyer weakness.

Renko Chart Line Indicator Settings

The settings of the Renko Line Chart Indicator are described below:

• Box Size: Defines the unit size of Renko bricks

Conclusion

The Renko Chart Line Indicator simplifies trend detection by displaying upward or downward-moving bricks.

Unlike conventional charts, Renko boxes are formed based on fixed price movements (in pips), not time. Because bricks appear at key reversal levels, this tool also has strong potential in identifying support and resistance zones.