AG Renko Chart Indicator for MT4

AG Renko Chart is a free MetaTrader 4 indicator that overlays a Renko-style brick/step line directly on your normal candlestick chart, so you get Renko’s noise-filtering price structure without switching to a separate renko chart type. Download it free from mt4indicators.com and attach it to any MT4 chart.

What Is AG Renko Chart?

Traditional Renko charts replace time-based candles with fixed-size bricks that only form once price has moved a set distance, filtering out the small back-and-forth noise you get on a normal time-based chart. AG Renko Chart brings that same idea to your existing chart as an overlay: it calculates a rounded price level, the nearest multiple of your chosen Step size in points, from each completed bar’s close, then draws a stepped line — RencoUP in one color while price is building bricks upward, RencoDN in another while it’s building bricks downward — that only advances to the next level once price has actually moved a full Step, and only reverses direction once price has moved Revers times that Step against the current direction.

One detail worth knowing directly from the code: the brick levels are calculated from the close, high and low of your chart’s own timeframe, whatever period you have the indicator loaded on, and the core brick calculation is only re-run in full once a new bar’s data is available — it isn’t reconstructing bricks tick-by-tick from raw price the way some dedicated Renko charting platforms do. So on a fast-moving M1 chart you’ll get bricks that update roughly every completed candle, not continuously between candles.

Key Features

• Step input (default 250 points) sets the brick size — how far price must move before a new brick prints in the current direction.
• Revers input (default 2) sets the reversal threshold as a multiple of Step — price must reverse by Revers times Step points before a brick forms in the opposite direction, which is what keeps the line from flipping on every small pullback.
• Optional Signals arrows print on the bar where a new brick begins in a given direction, when Signals is turned on.
• Optional ZigZag line connects the reversal origin points, when ZigZag is turned on, giving you a simplified swing-structure view on top of the brick line.
• Runs as a chart overlay, so the brick line sits directly on your existing candles rather than opening a separate window.

How to Use It

Install it the standard way: copy ag-renko-chart.mq4 into your MQL4/Indicators folder, restart MetaTrader 4 or refresh the Navigator, and drag it onto a chart. Set Step in points to match the instrument and timeframe you’re trading — a small Step will produce frequent bricks and a choppier-looking line on volatile pairs, while a larger Step smooths things out at the cost of reacting more slowly. Revers controls how committed the indicator is to a direction before flipping; the default of 2 means it takes a two-brick move against the trend to trigger a reversal, which filters out a lot of single-brick head-fakes compared to a Revers of 1.

To read it, watch for a color change from RencoUP to RencoDN, or vice versa — that’s the point where the reversal threshold has actually been met and the indicator has flipped direction. If you enable Signals, the arrow prints right at that transition bar, giving you a clear visual marker instead of having to spot the color change yourself. The optional ZigZag line is best used as a quick structural summary rather than a precision timing tool — it connects the points where each directional leg began, which is only known for certain after that leg has ended and price has reversed.

That last point matters for how you treat the indicator’s signals in real time. The code writes the ZigZag point at the bar where a directional move started, but it only does that write once the later reversal is actually confirmed — meaning that particular marker is placed on an already-closed bar after the fact, not the moment that bar printed. The main brick line itself is built forward bar by bar and isn’t rewritten in that same retroactive way, so it’s the more reliable of the two visual elements to trade off.

Best Timeframes / Best Use Cases

Because the brick calculation follows your chart’s own timeframe, with no separate multi-timeframe input, the best results tend to come from choosing a Step size that’s genuinely proportional to that instrument’s typical range on that timeframe — for example, a much smaller Step on a 5-minute chart than you’d use on a Daily chart. Traders who like Renko’s trend-filtering effect but don’t want to give up their normal candlestick chart get the most value here, since AG Renko Chart layers the brick structure on top of price action rather than replacing it. It suits trend-following and breakout-style approaches better than very short-term scalping, given that bricks only update on completed bars rather than live intrabar ticks.

Final Thoughts

AG Renko Chart is a practical way to see Renko-style price structure without leaving your regular MT4 chart. The Step and Revers inputs give you real control over how sensitive the brick line is, and the optional Signals arrows make direction changes easy to spot at a glance. Just treat the built-in ZigZag line as a retrospective summary of past swings rather than a live, un-repainting signal, since the code places those markers only after a reversal is already confirmed.