The Renko Boxes indicator for Metatrader 4 transforms the price chart into a powerful buy and sell trading signal 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.
Key Features
- 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.
Simple Trading Signals
BUY:
- A new buy signal is given when the indicator starts drawing the blue colored Renko box on the chart.
- Place a 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 a stop loss above resistance.
- Exit the sell trade for a predetermined profit target or wait for an opposite trading signal.
Download Now
Download the “renko-boxes-chart-indicator.ex4” MT4 indicator
Enhanced Trading Strategy: Combining Renko Boxes with MACD Indicator
Overview
To improve the reliability of trade signals, this strategy integrates the Renko Boxes Indicator with the Moving Average Convergence Divergence (MACD) indicator.
While the Renko Boxes Indicator filters out market noise and highlights clear price movements, the MACD provides insights into momentum and trend strength, helping to confirm potential trade entries.
Required Indicators
- Renko Boxes Indicator: Displays red and blue boxes on the chart, representing bearish and bullish price movements, respectively.
- MACD Indicator: Consists of the MACD line, signal line, and histogram, used to identify momentum shifts and trend direction.
Trading Rules
Buy Setup
- Wait for the Renko Boxes Indicator to display a new blue box, indicating a potential bullish movement.
- Confirm that the MACD line has crossed above the signal line, and the histogram is positive, suggesting bullish momentum.
- If both conditions are met, enter a long position.
- Place a stop loss below the recent swing low or the bottom of the previous red Renko box.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2 or exit when the MACD line crosses below the signal line.
Sell Setup
- Wait for the Renko Boxes Indicator to display a new red box, indicating a potential bearish movement.
- Confirm that the MACD line has crossed below the signal line, and the histogram is negative, suggesting bearish momentum.
- If both conditions are met, enter a short position.
- Place a stop loss above the recent swing high or the top of the previous blue Renko box.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2 or exit when the MACD line crosses above the signal line.
Tips for Implementation
- Apply this strategy on time frames of 15 minutes or higher to reduce market noise.
- Adjust the Renko box size to suit the volatility of the currency pair being traded.
- Use additional tools like support and resistance levels to identify optimal entry and exit points.
- Always test the strategy on a demo account before applying it to live trading.
Strategy Conclusion
By combining the Renko Boxes Indicator’s clear depiction of price movements with the MACD’s momentum analysis, traders can enhance the accuracy of their entries and exits.
This integrated approach aims to provide more reliable trading opportunities in various market conditions.
Adjustable Parameters & Settings
Box size, colors, and 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)
