The AG Renko Chart MT4 indicator provides simple, yet effective Renko based buy and sell signals on the activity chart.
The indicator draws two different line colors, blue and red.
A blue colored line indicates the trend is up and traders look for buy trade opportunities.
On the contrary, a red colored line indicates the trend is down and traders look for sell trade opportunities.
You can load the indicator onto any chart and timeframe of your choice.
The EUR/USD H1 chart below displays the AG Renko Chart forex indicator in action.
Basic Trading Signals
Trading the AG Renko Chart indicator goes as follows:
Buy Trade: Open buy order when the indicator draws a blue line on the MT4 chart.
Sell Trade: Open sell order when the indicator draws a red line on the MT4 chart.
Close the open trade at an opposite signal or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the ag-renko-chart.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)