Renko Boxes Chart Indicator
Watch the testing video here:
Introduction to the Renko Boxes Chart Indicator
The Renko Boxes Chart Indicator displays Renko Boxes directly on trading chart. It makes an analysis of the price movement and then draws boxes according to that movement. Trading with such Renko Boxes Chart helps in getting a clear picture of the market and reducing unwanted market noise.
The Renko Boxes Chart Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
As you can see, the Renko Boxes Chart Indicator draws boxes with different thicknesses. You should avoid trading wide boxes, as it indicates sideways movement. The best signals are provided when a very thin box occurs, after that sideways movement. Take a look at the detailed instructions below.
Buy Signal
Follow these steps for a long trade:
- Thin blue box is placed on a chart
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last swing low of the market
- Take profit or exit trade after reaching Risk:Reward ratio of 1:1 or more, or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Thin red box is placed on a chart
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last swing high of the market
- Take profit or exit trade after reaching Risk:Reward ratio of 1:1 or more, or use your own method of trade exit
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Renko Boxes Chart indicator in MT4?
Installation Guide
Download the Renko Boxes Chart.rar archive at the bottom of this post, unpack it, then copy and paste the Renko Boxes Chart.ex4 or Renko Boxes Chart.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
