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2013.12.23 11:20
Indicators

Renko Range Detector - indicator for MetaTrader 4

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Indicator: Renko Range Detector

  • Detects and displays the fixed size of the Renko Bar/Candle range on the Renko offline chart.
  • Fast and easy identification of chart parameters facilitates trading efficiency.

Note: This indicator is intended for use with Renko Bars/Candles, not Standard Bars/Candles.

  1. Renko Bars/Candles all have the same fixed range value from open to close..
  2. Note for newbies: A Renko offline charts is generated from a Scripts, or Indicators, or Expert Advisor running on a M1 chart
  3. Abundant additional information is available on the internet.

Renko Range size calculation: Open - Close for down bar. Close - Open for up bar.

Image:

GBPUSD, M11(offline): 1.41975 - 1.41900 = 75 points = 7.5 pips.

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