Renko Level – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • The indicator displays the Renko bars on the MetaTrader 5 chart.

    The calculation of the nearest border is as follows:

    Renko level

    For the current price three price levels are calculated:

    • price_ceil
    • price_round
    • price_floor

    In this case, the distance between “price_ceil” and “price_round” and the distance between “price_round” and “price_floor” is equal to the size of the “brick”. The size of the brick is set in the input parameter “InpSize“.

    If you want to clearly see the price, then turn on the “Chart in foreground”:

    Chart in foreground

    After that the price will be on top of the “bricks”:

    Renko level Chart in foreground.png

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window