Renko Levels - MetaTrader 5 Script | Forex Indicator Downloads - MT4/MT5 Resources - MetaTrader 5 Resources
This indicator displays Renko patterns on MetaTrader 5 charts.
The nearest boundary is calculated as follows:
For the current price, three price levels are calculated:
In this case, the distance between "price_ceil" and "price_round" and the distance between "price_round" and "price_floor" are equal to the dimensions of the "brick". The size of the bricks is set in the input parameter "Set size ".
If you want to see the prices clearly, open the "Front Chart":
Afterwards the price will be above the "bricks":
Attachment download
📎 renko_level.mq5 (24.46 KB)
Source: MQL5 #18245
Renko Level - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Renko Level - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 resources are resources related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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