AG Renko Chart Buy Sell Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the AG Renko Chart Buy Sell Indicator

The AG Renko Chart Buy Sell Indicator is a simple, but effective forex trading tool that provides Renko based buy and sell signals on the activity chart. That forex indicator plots a blue/red line – its color depends on the trade direction. It definitely helps in reducing market noise.

The AG Renko Chart Buy Sell Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply in trading?

Trading Rules Explanation

The core of the AG Renko Chart Buy Sell Indicator is a signal line. A blue colored line indicates the trend is bullish and traders should look for buy trade opportunities. Similarly, a red colored line reflects the bearish trend and traders should look for sell trade opportunities.

Buy Signal

Follow these steps for a long trade:

Color of the AG Renko signal line changes from red to blue
Price is above the AG Renko signal line
Buy trade is triggered after the above conditions are met
Set stop loss a few pips below the last red line of the AG Renko
Take profit or exit trade whenever R:R ratio exceeds 1:1 or use your own method of trade exit

Sell Signal

Follow these steps for a short trade:

Color of the AG Renko signal line changes from blue to red
Price is below the AG Renko signal line
Sell trade is triggered after the above conditions are met
Set stop loss a few pips above the last blue line of the AG Renko
Take profit or exit trade whenever R:R ratio exceeds 1:1 or use your own method of trade exit

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the AG Renko Chart Buy Sell indicator in MT4?

Installation Guide

Download the AG Renko Chart Buy Sell.rar archive at the bottom of this post, unpack it, then copy and paste the AG Renko Chart Buy Sell.ex4 or AG Renko Chart Buy Sell.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The AG Renko Chart Buy Sell indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.