The Renko Boxes indicator for Metatrader 4 transforms the price chart into a powerful buy and sell trading signals Renko indicator.
The indicator works for any currency pair and time frame and appears as red & blue colored boxes on the main chart window.
The Renko Boxes indicator is very easy to trade and beginner friendly.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- Based on the Renko technical analysis method
- Easy to buy & sell currency pairs
- Does not repaint the Renko boxes
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system.
Free Download
Download the “renko-boxes-chart-indicator.ex4” MT4 indicator
Indicator Example Chart
The AUD/USD 1-hour chart below shows the Renko Boxes Forex indicator in action.
Basic Trading Signals
BUY:
- A new buy signal is given when the indicator starts drawing the blue colored Renko box on the chart.
- Place stop loss below support.
- Exit the buy trade for a predetermined profit target or wait for an opposite trading signal.
SELL:
- A new sell signal is given when the indicator starts drawing the red colored Renko box on the chart.
- Place stop loss above resistance.
- Exit the sell trade for a predetermined profit target or wait for an opposite trading signal.
Download This Forex Indicator
Download the “renko-boxes-chart-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Box size, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: renko
How to install the Renko Box indicator in Metatrader 4?
- Copy and paste the renko-boxes-chart-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button