Renko_v2 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Trend Labs Ltd.
This indicator uses Renko channels to achieve a breakout system. When price exits the gray channel, the bar color will change to the color corresponding to the direction of the trend.
Green represents an increase in financial assets and red represents a decrease in financial assets. Bright colors indicate that the trend direction is in line with the direction of the candlestick. Dark colors correspond to situations where the candlestick direction is opposite to the trend.
Figure 1. Indicator Renko_v2
Attachment download
📎 renko_v2.mq5 (10.41 KB)
Source: MQL5 #2093
Renko_v2 - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening recommendations
Renko_v2 - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. 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 on titles or short-term profit descriptions.
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