Renko charts for MT4 are only concerned with price movement and can be used to identify key support and resistance levels.
Renko bars are called bricks and every brick has the same size.
A new Renko brick is drawn one brick size above or below the previous brick.
Adjacent bricks never overlap.
This indicator works for all currency pairs and charts.
Identifying Support & Resistance with Renko Charts
USD/JPY Daily Chart Example
How to install the Renko Charts custom indicator in Metatrader 4?
- Download the Renko Charts.mq4 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.