This is a real Renko candlestick indicator for Metatrader 4 that can be used on live Forex charts.
It delivers buy & sell signals.
The indicator draws 2 colored Renko candlesticks: gray and red.
Gray candlesticks suggest an uptrend, red candlestick suggest an downtrend.
You can combine this indicator with other analysis tools/indicators to build a complete trading strategy or Forex system.
Trading Signals
Buy signal: Look for buy signals at any gray Renko candlestick (up trend)
Sell signal: Look for sell signals at any red Renko candlestick (down trend)
Indicator Preferences
Currency pairs: any
Time frames: any
Trading sessions: any
Download
Download the RenkoColorBars1.ex4 indicator.
Configurable Indicator Options
Colors, method, filter,…
GBP/USD M1 Chart Example
How to install the Real Renko candlestick custom indicator in Metatrader 4?
- Download the RenkoColorBars1.ex4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.