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Renko Trade Assistant – MT4 Indicator

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One of the common problems when having multiple Renko charts with different box sizes is that a trader could end up getting confused on the Box Size of the Renko chart they are looking at. There are not many indicators which seem to address this, which is where the Renko trade assistant indicator can be of great help. By adding this Renko trade assistant indicator to your offline Renko or Median Renko charts, it can instantly show you the Box size of the Renko chart as well as the key reversal points.

The Renko chart below shows a glimpse of what this handy Renko indicator can do for you.

Renko Trade Assistant MT4 Indicator for Offline Renko or Mean Renko Charts

Renko Trade Assistant MT4 Indicator for Offline Renko or Mean Renko Charts

As you can notice, on the top right corner of the screen is the section which tells you what Renko box size chart you are looking at. On the price chart, you can see the price labels, which show the next reversal points on the chart.

Renko Trade Assistant – Indicator Settings

The following screenshot shows the indicator settings that can be configured.

Renko Trade Assistant: Indicator configuration

Renko Trade Assistant - MT4 Indicator Configuration

Renko Trade Assistant – MT4 Indicator Configuration

SHOW_RANGE_INFO: Toggle between Yes or No to display the Box size on your chart

CORNER: Use the drop down to position where the information is shown on your chart. You can choose between ‘Left upper chart corner/ Right upper chart corner /Left lower chart corner/Right lower chart corner’

COLOR: Click to choose a color for the font

Enable_Alert: Toggle Yes/No to be alerted when a new Renko or Median Renko box is printed on the chart

Enable_Email: Toggle Yes/No to be sent an email when a new Renko or Median Renko box is printed on the chart (note: You will need to configure the SMTP settings on your MT4 platform for this to work)

Alert_Reversal: Toggle Yes/No to be alerted ONLY when a Reversal Renko or Median Renko box is formed

Email_Reversal: Toggle Yes/No to be sent an email when a Reversal Renko or Median Renko box is formed

How can the Renko Trade Assistant Indicator help you?

The Renko Trade Assistant indicator helps you especially if you have multiple Renko or Median Renko charts opens. It can get a bit confusing when navigating between the various Renko charts as you will have to look at the Open/Close prices of previous boxes to determine the box size that you are using. With the Renko Trade Assistant Indicator, a quick glance and the indicator will show you what Renko chart you are looking at.

Take a look at the following screenshot where we have four different types of Renko charts with different box sizes and how they can be easily identified with the Renko Trade Assistant.

Multiple Renko Charts made easy with Renko Trade Assistant for MT4

Multiple Renko Charts made easy with Renko Trade Assistant for MT4

The Renko Trade Assistant is compatible with the latest MT4 build 950 and the indicator will be updated on any future MT4 versions. Download the zipped file from below.

  • Paul Richard Hynd

    Looks an interesting indicator to help with my Renko trading – thanks!

  • c0mputernick

    Thank you for the indicator! Could this be modified for push notifications? Or maybe release the mq4 file so i can have it added?

    Thanks!

    • Thanks, will add this option in the v2. For now email alerts are possible. Have you tried that?

      • c0mputernick

        I have, its a lot more work to get setup and its not as real time as push alerts. Ill look forward to v2. Also, it would be helpful if the alerts mentioned what pair the alert was for. It puts it in the log but not in the message pop up. Thanks again.

  • priyank patil

    can plz guide anyone for best renko brick size

  • Michael

    I adjust brick size by starting with 2 times the spread and then optimize by increasing or decreasing brick size to give me more one brick reversals than 2 brick reversals. The fewer 2 brick reversals the more chance you wills stay in longer trades. Risk is increased some but profitability is up. You have to be able to sustain the increased swing of prices with the larger bricks.

  • Krishna B

    Kindly consider to add Push Notification on this indicator.

  • James

    I want to use the email alert for reversals but it keeps spamming the alert over and over. Is it possible to change it so it will only alert one time?

    • Thanks for your feedback. What you asked takes quite a bit of work as the alerts are checked on every candle. Will see if this and some extra features can be added for a commercial version. Thanks.

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