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RENKO_2 - Indicator for MetaTrader 4

RENKO_2
TypeIndicators PlatformMT4 Version10 Date created 9 February 2016 Date updated19 August 2017
Formatmq4 Size9.1Kb Downloads205 Rating
3.51 of 5
based on 91 rates

The indicator is based on the Renko chart - an earlier version of Japanese candles. Unlike the latter, the Renko chart consists of bricks of the same size. Bricks are built in the direction of the previous price movement, until the price changes for a certain amount equal to the price of one cell.

A trend reversal signal is an emergence of a brick of a different color. An emergence of a blue brick means the beginning of an uptrend, and the red - a downtrend.

When working with this indicator, it should be noted that it reacts only to long-term trends sifting out all minor price fluctuations.

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