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The indicator builds a Renko chart in the sub window for the current symbol. The bars are formed from live data and the desired bar size can be set in the inputs tab.
Most importantly, because the Renko chart only uses price to construct bars and ignores time, the indicator can be applied to any time frame and same results can be achieved.
Recommended usage
As Renko charts are famous for eliminating noise so traders can use this tool to see clear picture of the trend to help their analysis, entries & exits.
Parameters
- Bar length in points
- Bullish bar color
- Bearish bar color
- Bar width
