Renko Candles - Time independent bricks (MT4)

Renko Candles redraw price as equal sized bricks that step only when price moves by a box size, ignoring time. This makes trends cleaner, filters noise, and clarifies breakouts and pullbacks on MetaTrader 4.

What it shows

• Up bricks and down bricks with fixed box size (points or ATR).
• Reversal rule: needs N boxes in the opposite direction to flip.
• Optional wicks to visualize intrabrick extremes.
• (If provided) alerts on brick flip, new highs/lows, or box count events.

Trade ideas

1. Breakout entry: trade the first brick close beyond a key level with the trend.
2. Pullback to structure: wait for a counter brick or two, then continue with the trend.
3. Trailing: move stops box by box behind the last opposite brick.
4. Multi TF: use larger ATR box to define regime, smaller fixed box for entries.

Inputs that matter

• Box size: fixed points or ATR based.
• Reversal boxes: how many bricks required to flip.
• Show wicks and color scheme.
• (Sometimes) offline chart creation or on chart overlay.

Suggested usage

• M5-M15: intraday scalps with small boxes.
• M30-H4: swing trends with medium ATR boxes.
• Daily+: regime map and breakout confirmation.

Installation (MT4)

1. Open MetaTrader 4 - File - Open Data Folder.
2. Copy Renko Candles.ex4 to MQL4/Indicators.
3. Restart MT4 or refresh Navigator and attach Renko Candles.
4. Adjust inputs - OK.

FAQ

Does it repaint? Bricks are final after they complete; forming bricks can expand until closed.
Use in EAs? Yes, via iCustom.
Markets? FX, indices, metals, crypto - anything on MT4.

Disclaimer: Always test on a demo first; risk management matters.