This makes key support and resistance levels more apparent and more clearly defined. Formation of trends are also more distinct in a Renko chart as market noise has been removed delivering smoother trading opportunities as trends develop in waterfalls and steep slopes. Effectively this filters out the noise that you would see on a normal chart, as the chart is then based solely on price action.Such a chart offers the following advantages: The result is a chart with equally sized bars running up or down in 45 degree angles.
In a Renko chart, a bar is created when price exceeds the previous bar’s high or low by a predefined amount or what we call the Box Size. Instead of drawing bars in constant intervals (time) as a normal chart would, a Renko chart does so only when price moves beyond a predefined amount. Renko is a well-known Japanese charting technique that removes time from the chart. Configuring the Live Renko Charts Indicator for MT5
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