The tipu_renko MetaTrader 4 indicator is a technical study that plots Renko charts on the activity chart. Renko charts can be traced back to Japan, but became prominent in the Western world following its introduction by Steve Nison, who’s largely know to be the father of present day candlestick.
The foundation of the Renko chart is in the ability of being able to factor in time or volume, as well as price change when trading. Renko charts disregard time and volume, while considering only price changes.
The tipu_renko MetaTrader 4 indicator forms what looks like small bricks or boxes. These boxes or bricks come with lower and lower shadows. It is possible to alter the size of the box in the tipu_renko charts.
A new box is seen on the chart, simply when we experience change in special price level. We tend to have new boxes come faster when the box size setting is set to smaller value, but if the setting is set to higher value then larger price change is needed for a change to occur in forming of a new box on the chart.
The smaller the size of the tipu_renko boxes, the higher the number of boxes, which in turn translates into more details for price changes. The larger the size of the tipu_renko boxes, the fewer the details to expect from minor price changes and noises in the market.
The trend is said to be bullish when the color of the tipu_renko MetaTrader 4 indicator boxes is dodger-blue, while it is said to be bearish when the color of the boxes turns tomato.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Box Mode, renko Mark, Renko Size, Line Style, Line Width, Up Color, Down Color, Fill candles, Alert Mobile, Alert OnScreen, Alert Email), Colors, width & Style.
Time frames: Any