Renko Charts Metatrader 4 Indicator

Renko charts are only concerned with price movement and can be used to identify key support and resistance levels. Renko bars are called bricks and every brick has the same size. A new Renko brick is drawn one brick size above or below the previous brick. Adjacent bricks never overlap. This indicator works for all currency pairs and charts.

Identifying Support & Resistance with Renko Charts

USD/JPY Daily Chart Example