Challenges
FX Blue Renko indicator for MT4
The Renko bar indicator draws Renko blocks on a normal MT4 time-based chart. The blocks can either be drawn as continuous, or as separated elements whenever a new Renko block is completed. he indicator can also be used to create an offline MT4 chart containing only the Renko blocks - a more traditional Renko chart which is not time-based like a normal MT4 chart.
Renko charts in the Figaro Advanced Trader Tools
The charting in our Figaro Advanced Trader Tools is now our recommended way of creating Renko charts, in both MT4 and MT5. The Renko indicator remains available (for MT4 only, below), but is no longer our suggested solution.
For an example, including technical indicators and trading from the Renko chart, see our 1-minute video:
About the app
The Renko bar indicator draws Renko blocks on a normal MT4 time-based chart. The blocks can either be drawn as continuous, or as separated elements whenever a new Renko block is completed. (The blocks have varying widths, or gaps between them, because Renko bars are not time-based and have varying durations).
The indicator can also be used to create an offline MT4 chart containing only the Renko blocks - a more traditional Renko chart which is not time-based like a normal MT4 chart:
The indicator has many useful features such as the ability to display the price at which a new block will start, to issue alerts when new blocks are confirmed etc. For more information, please see the online user guide.