As the name suggests, the Blue Renko Bars MT5 Forex Indicator displays Renko Candlesticks colorized blue. The default size of each brick is ten pips. Remember that Renko Chart works differently than standard Japanese Candlesticks Charts. In the case of Renko, the candlesticks are based on the price movement, not on the time passed.
The Blue Renko Bars MT5 Forex Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window below the mt5 trading chart. The settings can be edited directly from the input tab. Try to experiment with the indicator settings and parameters to fit your preferences.
How to set up the Blue Renko Bars mt5 forex indicator in MT5?
Installation Guide
Download the Blue Renko Bars.zip archive at the end of this post, unzip it, then copy and paste the Blue Renko Bars.ex5 or Blue Renko Bars.mq5 indicator files into the MQL5 folder of the MetaTrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.
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Bottom Line
The Blue Renko Bars indicator is well worth adding to your trading collection. An easy forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide good signals 100% of the time. Thus, this forex mt5 indicator provides false entry signals occasionally. Its performance will change significantly depending on forex market conditions. Feel free to make your trading strategy based on it. Don’t forget that we still have more great free Forex MT5 indicators to download and try.
