Renko Bars and How to Setup in MT4
What is Renko Bars ? Its cubic brick chart without High without Low, just Body with size. Another reference... from Investopedia "What Does Renko Chart Mean? A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors." Most like i said...
How to trade is simple, find and seek Support and Resistance in your chart to make breakout entry. Another way to trade is find strong trend Support and enter when bounce in trend line. Or take entry when reversal happen in strong Resistance. All method is so technically.
Ilustration of Renko Bars and how to trade...
Its look simple, naked, and seems works but... the bad news is MT4 generally never ever have Renko Bars Chart. Our only option is analyze in Candlestick Chart, Line Chart or Bar Chart itself. So how to generate Renko Bars in MT4? Some of great coder has did the job... what you only need to do is trying to make profit. Am i sounds trying to sell product ? That's question is not necessary for one year trader's. Just click read more and you will find something gifted... hopefully...
Download this MQ4, for this time its the best free Renko indicator i can see, put it in your MT4 Script folder : DOWNLOAD HERE
Already put it in Script? Now restart the MT4, ok, first open a blank chart lets use GBP/USD in this sample.
Open your MT4 Navigator Window, select RenkoLiveChart Script... double click.
There are some option, we can change the value, or keep it in default... 
but i try to make some of experiment... 
Click ok then a statement appears at Top Left window chart. It have some of information...
Next open an offline chart window...
Search chart according to information in statement of Top Left Window....
Double click and... VOILA! Renko Chart is in front of eyes... not magic not scam...
The fun part begin... try to observe with many indicator, it looks different...
I'm a Part Time Trader, if i have much free time i will trade, of course the Live Trading. "Method is not how much you can got Pips but how it can fit with your way to trade and keep survive" My Proverb | 
5 Response to "Renko Bars and How to Setup in MT4"
ngetes ahh ;D
@Minyu2Fx monggo di tes lah bro... tp jgn langsung live ntar bablas wae... :D
Works - well done indeed. Whether it will help the profits, we will have to see!
I have to keep my fingers crossed and hope this works. Thank you very much for great information! automated forex trading systems
XXXXXX-times thank you.
Already use Renko in NinjaTrader,
but this in MT4 !
Gilbert.
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