Renko Chart - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

A Renko chart is similar in appearance to a Trilinear Breakout chart, but in the case of a Renko chart, all the boxes are the same size. During plotting of the indicator, only those movements whose values ​​are greater than or equal to the set threshold are considered. Renko charts are great for use in markets with major trend moves, as long as traders can get the lion's share of any major trend. And, vice versa, during flat periods, brick signals are unreliable.

Taking into account the fact of reviewing the indicator that Renko charts are drawn on the closing prices of a large time frame, the indicator "misses" rollbacks and intra-bar trend changes, a given version of the indicator always exploits the closing prices of the minute time frame . In other words, regardless of which chart time frame the indicator will be attached to, using the same box size parameter, the Renko chart will always look the same, since the chart will consider "all occurrences" (in the М1 time frame).

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Attachment download

📎 renko.mq5 (7.39 KB)

Source: MQL5 #1299