The Blue Renko Bars Forex indicator for Metatrader 5 is a valuable tool designed to identify potential market trend reversals using Renko bricks.
The indicator analyses price data and transforms it into the popular Renko bricks.
The Blue Renko Bars work for any time frame of your preference.
How to interpret the Blue Renko Bars chart indicator?
- A filled blue Renko brick is considered bullish.
- A hollow blue Renko brick is considered bearish.
The following indicator inputs and parameters can be modified: brick size, show wicks, use full history.
The Blue Renko Bars indicator should work for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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Blue Renko Bars.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Blue Renko Bars indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Blue Renko Bars Indicator?
Find a simple trading example below:
Buy Signal
- The first blue filled Renko brick represents a buy signal.
- Open a buy trade and place your protective stop loss below the most recent support area.
- Exit the buy trade for a fixed profit target or wait for the first blue hollow Renko brick.
Sell Signal
- The first blue hollow Renko brick represents a sell signal.
- Open a sell trade and place your protective stop loss above the most recent resistance area.
- Exit the sell trade for a fixed profit target or wait for the first blue filled Renko brick.
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Blue Renko Bars.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Blue Renko Bars.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration