Step-by-step guide: Adding Renko charts to MT4 for more accurate forex trading

How to Get Renko Charts on MT4

If you are an avid forex trader, you are probably always on the lookout for new tools that can help improve your trading accuracy. One such tool is the Renko chart, which is known for its ability to filter out market noise and provide clearer signals. However, adding Renko charts to the popular MT4 platform can be a daunting task for some traders. This step-by-step guide will walk you through the process of adding Renko charts to MT4, so you can take advantage of this powerful tool and enhance your forex trading strategy.

Table Of Contents

Step 1: Download and install the Renko chart plugin

The first step is to download and install the Renko chart plugin for MT4. You can find this plugin on various forex forums and websites. Once you have downloaded the plugin, navigate to the “File” menu in your MT4 platform and select “Open Data Folder”. This will open the folder where your MT4 platform is installed.

> It is important to note that not all brokers allow third-party plugins on their MT4 platforms. Make sure to check with your broker before proceeding with the installation.

Step 2: Copy the plugin files

Inside the data folder, you will find a folder called “MQL4”. Open this folder and you will see a folder called “Indicators”. Copy the Renko chart plugin files into this “Indicators” folder. Once the files are copied, close the data folder.

Step 3: Restart the MT4 platform

After copying the plugin files, you will need to restart your MT4 platform for the changes to take effect. Once the platform is restarted, you will be able to access the Renko chart plugin from the “Insert” menu.

With the Renko chart plugin successfully added to your MT4 platform, you can now start using this powerful tool to improve your forex trading accuracy. Renko charts can help you identify trend reversals, breakouts, and key support and resistance levels, providing you with clearer signals and potentially higher profits. So why not give them a try and see how they can enhance your trading strategy?

Overview of Renko Charts

Renko charts are a type of charting method used in financial markets, including the forex market, to filter out small price movements and focus on significant price changes. Unlike traditional candlestick or bar charts, Renko charts are based solely on price movements and do not take into account time or volume.

Renko charts consist of bricks or blocks that are used to represent price movement. Each brick has a fixed size, and a new brick is only formed when the price moves by a predetermined amount, known as the Renko brick size. This means that if the price does not move enough to form a new brick, no new bricks will be added to the chart, resulting in a smoother representation of price movement.

Renko charts can be used to identify trends, support and resistance levels, and chart patterns. By eliminating noise and focusing on significant price movements, Renko charts can help traders make more accurate trading decisions. They are particularly useful for traders who prefer a visual representation of price action and want to reduce the impact of short-term price fluctuations.

Adding Renko charts to your MetaTrader 4 (MT4) platform can provide you with an additional tool for analyzing the forex market and improving the accuracy of your trading strategy. By following the step-by-step guide in this article, you will learn how to add Renko charts to MT4 and start using them in your trading.

Step 1: Download and Install the Renko Indicator

In order to add Renko charts to your MetaTrader 4 (MT4) platform, you will need to download and install the Renko indicator. The Renko indicator is a custom technical indicator that is not included in the default MT4 platform, so you will need to find a reputable source to download it from.

Follow the steps below to download and install the Renko indicator:


1. Go to your preferred search engine and search for “Renko indicator for MT4 download”.
2. Look for a reputable website or source that offers the Renko indicator for download. Make sure the source is reliable and that the indicator is compatible with your version of MT4.
3. Once you have found a suitable source, click on the download link or button to begin the download process.
4. Save the downloaded file to a location on your computer that you can easily access.
5. Open the downloaded file to extract its contents. This may involve using a file extraction tool such as WinRAR or 7-Zip.
6. Locate the extracted file, which should have a .ex4 or .mq4 extension.
7. Open your MT4 platform and go to “File” > “Open Data Folder” in the top menu.
8. In the window that appears, navigate to the “MQL4” folder and then the “Indicators” folder.
9. Copy or move the extracted Renko indicator file into the “Indicators” folder.
10. Close and reopen your MT4 platform for the changes to take effect.
11. Once your MT4 platform is reopened, you should be able to find the Renko indicator in the “Navigator” window.

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Now that you have successfully downloaded and installed the Renko indicator, you can proceed to the next step of setting up Renko charts in your MT4 platform.

How to find and download the Renko indicator for MetaTrader 4 (MT4)

If you’re interested in using Renko charts in your forex trading, you’ll need to find and download the Renko indicator for MetaTrader 4 (MT4). Here’s a step-by-step guide:

Step 1: Open your preferred web browser and search for “Renko indicator MT4”. You’ll find several websites that offer free and paid Renko indicators for download.

Step 2: Visit one of the websites and look for the Renko indicator that suits your needs. Make sure to read the descriptions and user reviews to ensure that the indicator is reliable and compatible with your version of MT4.

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Step 3: Once you’ve found the Renko indicator you want to download, click on the download link provided. This will usually be a zip file containing the indicator file.

Step 4: Save the zip file to your computer and extract its contents. You should now have a file with the extension “.ex4” or “.mq4”. This is the Renko indicator file that you’ll need to install in MT4.

Step 5: Open MT4 and click on “File” in the top menu. From the dropdown menu, select “Open Data Folder”. This will open a new window with your MT4 installation directory.

Step 6: In the MT4 installation directory, locate the “MQL4” folder and open it. Inside the “MQL4” folder, you’ll find a “Indicators” folder. Open the “Indicators” folder.

Step 7: Copy the Renko indicator file (".ex4" or “.mq4”) from your computer and paste it into the “Indicators” folder in the MT4 installation directory.

Step 8: Close the file explorer window and restart MT4. Once MT4 has restarted, you should be able to find the Renko indicator in your MT4 platform.

Step 9: To add the Renko indicator to your chart, click on “Insert” in the top menu and select “Indicators”. From the list of indicators, find and click on the Renko indicator that you’ve just installed.

Step 10: Configure the settings of the Renko indicator according to your preference. You can adjust parameters such as brick size and brick formation method. Once you’re satisfied with the settings, click “OK” to add the Renko chart to your MT4 platform.

Now that you have successfully found and downloaded the Renko indicator for MT4, you can use it to enhance your forex trading strategy with accurate Renko charts.

FAQ:

Can I add Renko charts to my MT4 platform?

Yes, you can add Renko charts to your MT4 platform by downloading and installing a Renko chart indicator.

What are Renko charts used for?

Renko charts are used for more accurate forex trading as they eliminate the noise and focus on the price movements.

Are Renko charts suitable for all forex trading strategies?

Renko charts can be used with various trading strategies, but they are especially useful for trend-following and mean-reversion strategies.

How do I install a Renko chart indicator on MT4?

To install a Renko chart indicator on MT4, you need to download the indicator file, open your MT4 platform, go to “File” - “Open Data Folder,” open the “MQL4” folder, open the “Indicators” folder, and paste the indicator file into the folder. Then, restart your MT4 platform, and the indicator will appear in the Navigator window.

Are Renko charts available on other trading platforms besides MT4?

Yes, Renko charts are available on other trading platforms as well. Some popular platforms that offer Renko charts include TradingView, NinjaTrader, and MetaTrader 5.