![]() ![]() Now go to the left side of your MT5 terminal. You can gain access to this folder by clicking the top menu options, which goes as follows:įile > Open Data Folder > MQL5 > Indicators (paste here). ![]() How to set up the Renko Chart indicator in MetaTrader (MT5)?ĭownload the Renko Chart.rar archive at the bottom of this post, unpack it, then copy and paste the Renko Chart.ex5 or Renko Chart.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform. Feel free to experiment with the settings and parameters to fit your personal preferences. The default settings can be modified directly from the input tab. It is displayed in a separate window placed just below the main trading chart. The Renko Chart Indicator fits all kinds of timeframes and currency pairs. The renko is also useful to define support and resistance levels.The signal will be more reliable after a series of false reversals (i.e.The main signal is the appearance of a bullish color box after bearish color box and vice versa.And vice versa, in periods of flat the Renko signals are unreliable. The Renko Chart is good to use in markets during meaningful trend movements as far as a trader gets lion’s share of any significant trend. It means that no matter of active timeframe, the Renko Chart looks always the same. These bricks are based on the price movement while ignoring the time factor. The Renko Chart Indicator draws, instead of candles, bricks or boxes that are all of the same size. Introduction to the Renko Chart Indicator
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