If you will like to have forex renko charting capability on the Metatrader 4 trading platform, watch this presentation or ppt to get the latest free chart indicator download. The renko chart can now operate on any forex brokerage with Metatrader 4 platform. Free download for limited time only.

1. Using Forex Renko Chart in FX Trading

2. • Choosing the right tool to use in forex trading
is very important thus it is worth to discuss
the most popular chart use by most traders
today and that is the Forex Renko Chart. The
name Renko gets its name from a Japanese
word renko meaning "bricks". If you encounter
a Renko chart you will see a colored brick
instead of a line.

3. • The Forex Renko Chart help in trend trading if you
are a trend follower. The goal of this strategy is
help traders in spotting potential trends and
instructing them the key levels to join the trend.
Of course, analysis still plays a big role.
• One benefit Renko chart can offer is that it can
screen out minor price movements within any
major trend which is very helpful when planning
out analysis.

4. • This kind of chart is concerned with the price
movement not with volume or time. Renko
chart is made by placing a brick in the next
column when the price exceeds the top or the
bottom of the last brick set by a predefined
amount.

5. • There are several colors use in the bricks, a black brick
means a trend is down while a white brick means the
trend us up. This kind of chart is very effective in
determining support or resistance levels. If the
direction of the trend changes then, there will be
transaction signals through changes in the bricks color.
• If there is a reversal in the basic trend then you will see
a green or red brick in the chart. A green brick signals
the start of a new uptrend while red bricks signals the
start of a new downtrend.

6. • Since Renko chart present trends direction pretty
well, there may be times when the chart gives
signals near trend exhaustion.
• But it is expected that most of the time, traders
could follow major parts of the significant trends.
• One advantage of working with Renko chart is
that it is not complicated and is easy to
understand. For beginners in forex trading, Fx
Renko Chart is a big help.

7. • One trait a forex trader will need to develop using
Forex Renko Chart - patience. You definitely need
patience and self-discipline when you start Forex
trading.
• The more that you have to stretch your patience
and disciplined when you work with Forex Renko
chart. Why is that? This is one drawback that
most traders have to say with Renko chart, you
do not know when the next Renko box or candle
will form.

8. Unlike the Japanese candlesticks chart you get a new candle in every five
minutes. But with the Renko chart you get only one candle in the whole 2
days in period where market is expecting a huge news release.

9. • So it takes a long time before you can actually
determine a trend thus it takes time too to
place a trade.
• However the chart is found to be quite
accurate although as most traders would
say, in trading you are not assured of hundred
percent win. But it is worth to use the best
tool for you to make right trading decisions.

10. • For limited time only, Metatrader 4 or Mt4 forex
traders can get access to a free renko chart. The
chart comes in the form of an mql4 indicator
which is a popular format for forex traders
trading with Metatrader 4 platform.
• The forex renko chart comes with a manual pdf
and online support helpdesk to assist traders on
installation and indicator usage. Visit this link to
find out more .

11. http://www.forexchartistry.com/mt4renkoindicator