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Classic Renko Indicator

This MT5 indicator provides real-time updates of classic Renko charts. Renko charts focus on price movement, filtering out noise and highlighting trends.

What are Renko candles?

Renko charts display price movement using "bricks" of equal size, ignoring time. A new brick is drawn only when the price moves by a specified amount. They help visualize trends by removing time-based noise.

Parameters

- BrickSizePoints (20): Renko brick size in points
- HistoryDepthSec (3600): Historical data to initialize the chart (in seconds)
- PriceSource (Bid): Price source Ask(0) or Bid(1)

Real-time Calculation

The indicator calculates Renko bricks on every tick. It initializes with `HistoryDepthSec` due to performance limits, so full historical Renko isn't shown.

Time Scale


The Renko chart's X-axis doesn't match the main chart's time scale. Renko charts show price movement, not time. Interpret Renko sequences as price trends. `TimeDurBuffer` shows each bar's duration.

Indicator Buffers


1. Open: Renko brick open price
2. High: Renko brick high price
3. Low: Renko brick low price
4. Close: Renko brick close price
5. Color: Renko brick color (0 for up, 1 for down)
6. Time: Renko brick start time
7. TimeDuration: Renko brick duration (milliseconds)

Trading ideas


Consolidation breakout trading

Look for 2-3 bricks in a narrow range. Enter when 3-4 bricks of the same color appear in sequence. Place stop loss behind the last brick of the opposite color.

"Brick wall" strategy

After 5+ bricks of the same color, wait for 1-2 bricks in the opposite direction. Enter when movement resumes in the trend direction. Place stop loss behind the last retracement brick.

Support/resistance levels

Mark levels where brick direction changed 2-3 times. Use them as entry levels for market positions. Confirm with the formation of a new brick in the desired direction.







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The Friday Gold Rush trading advisor for MetaTrader 5 implements a very simple and effective strategy used by Andre Stagge . On the ForexFactory forum, I found a post with an elementary gold trading strategy: • Buy gold on Thursday and sell it on Friday. • This basic strategy has shown an advantage over simply holding gold in 2024. The advisor does not use Take Profit because the closing occurs forcibly at a specific time. Stop Loss can be set optionally or based on test results. Inputs 1. ENTE
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Chaikin Money Indicator (CMF) – Free Trading Indicator The Chaikin Flow Indicator (CMF) is a technical analysis tool based on the original Chaikin Money Flow (CMF) indicator, developed by Marc Chaikin in the 1980s. It is designed to track capital flows into an asset and helps identify buying and selling pressure. This indicator is useful for both intraday trading and medium-term analysis . How CMF Works CMF analyzes price action and volume over a given period by calculating the Money Flow Mult
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Expert Advisors often use a channel around standard MAs. The indicator builds such a channel and has three buffers: MA, MA Channel Top and MA Channel Bottom.  Now with the help of this single indicator you can plot a channel around the MA on the chart similar to similar Envelopes or Bollinger Bands. There are a lot of strategies for using it: on the breakout of borders or on the bounce from them. 
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Version 1.1 2025.04.23
[*] 'History Depth, sec' can be 0 for no history load on start