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.
Free Download
Download the “ag-renko-chart.mq4” MT4 indicator
Indicator Chart (EUR/USD H1)
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.
AG Renko Chart and Trend Predictor Forex Scalping Strategy for MT4
This MT4 scalping strategy combines the trend clarity of the AG Renko Chart Metatrader 4 Forex Indicator with the precise entry arrows of the Trend Predictor V1.0 Forex Indicator MT4.
The AG Renko Chart helps you read the market’s underlying trend using colored lines where blue shows bullish structure and red shows bearish structure.
The Trend Predictor adds timely entry cues with blue arrows for buying opportunities and red arrows for selling opportunities.
By combining these two indicators, scalpers can focus on high probability setups where both trend and entry direction are aligned.
This strategy works well on M1, M5, and M15 timeframes.
It is ideal for traders who want clear, fast entries and exits without complex rules.
The trend filter ensures you trade in the right direction while the entry arrows help you time your positions for short term moves.
Buy Entry Rules
- The AG Renko Chart line is blue, indicating a bullish trend.
- The Trend Predictor Indicator displays a blue arrow, signaling a buy entry.
- Enter a buy trade at the close of the candle with the blue arrow while the AG Renko Chart remains blue.
- Place the stop loss a few pips below the recent swing low or the latest minor Renko pullback low.
- Set a take profit target of 8 to 20 pips on M1, 15 to 35 pips on M5, and 30 to 50 pips on M15 or near the next resistance zone.
Sell Entry Rules
- The AG Renko Chart line is red, indicating a bearish trend.
- The Trend Predictor Indicator displays a red arrow, signaling a sell entry.
- Enter a sell trade at the close of the candle with the red arrow while the AG Renko Chart remains red.
- Place the stop loss a few pips above the recent swing high or the latest minor Renko pullback high.
- Set a take profit target of 8 to 20 pips on M1, 15 to 35 pips on M5, and 30 to 50 pips on M15 or near the next support zone.
Advantages
- Combines trend direction with timed entry signals for higher probability scalping setups.
- Works across multiple short timeframes, making it versatile for scalpers.
- Simple rules reduce guesswork and improve consistency.
- Clear blue and red visuals make it easy to identify the trend and entry direction quickly.
- Helps avoid entries against the underlying trend, improving overall win rate.
Drawbacks
- In fast news driven volatility, entries can trigger prematurely and require quick exits.
- Smaller timeframes may generate more false arrows during choppy conditions.
- Requires strict discipline to exit when trend or signal conditions reverse.
Case Study 1 – EURUSD M5
On EURUSD in an M5 chart session, the AG Renko Chart turned blue indicating a bullish trend.
Shortly after, the Trend Predictor Indicator showed a blue arrow.
A buy trade was entered at the close of the signal candle with the stop loss placed a few pips below the recent Renko pullback low.
The price continued upwards and hit a 30 pip take profit target within the next 12 minutes.
Case Study 2 – GBPUSD M15
During a London session on GBPUSD M15, the AG Renko Chart remained red confirming bearish pressure.
A red arrow appeared on the Trend Predictor Indicator.
A sell position was opened at the close of the signal candle with the stop loss just above the recent swing high.
Price extended lower and reached a 45 pip take profit near the next support level.
Strategy Tips
- Only take trades where the AG Renko Chart trend color matches the Trend Predictor arrow color to filter low probability signals.
- Adjust take profit targets based on the timeframe you trade: smaller targets on M1 and slightly larger targets on M5 and M15.
- Place stop losses just beyond the nearby swing structure instead of arbitrary fixed pip amounts to reflect true market action.
- Avoid trading during major news releases when the price can spike and whip back rapidly, causing stop outs.
- Monitor spread cost, especially on M1 and M5 since wider spreads can reduce net profits on tight scalping targets.
Download Now
Download the “ag-renko-chart.mq4” Metatrader 4 indicator
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
Type: Renko
