Renko_v2 – indicator MetaTrader 5

Real author:

TrendLaboratory Ltd

The indicator implements a breakthrough system using the Renko channel. When price exits the gray channel, the bar color changes to the color corresponding to trend direction.

Green for the growth of a financial asset, red color – fall. Bright colors denote coincidence of trend direction and direction of a candlestick. Dark colors correspond to the situation when the direction of a candlestick is opposite to trend.

Figure 1. Indicator Renko_v2

Figure 1. Indicator Renko_v2


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Alternative:   i-MorningRange - indicator MetaTrader 5