Renko Charts Indicator MT4

MetaTrader 4 doesn’t offer a native Renko chart type, so traders who want that noise-filtered, price-only view have historically had to reconstruct it with an indicator. This free .mq4 file does exactly that — it rebuilds a Renko brick series from your chart’s own close prices and renders it as a two-tone histogram in a separate window, entirely from a single threshold input.

What Is the Renko Charts Indicator?

Renko charts ignore time and small price wiggles entirely and instead plot fixed-size “bricks”: a new brick only appears once price has moved by a set amount (in points) from the edge of the last brick. Anything smaller than that threshold simply doesn’t get drawn, which is the whole appeal — it strips out minor back-and-forth noise and leaves a cleaner picture of directional moves.

This indicator builds that brick logic from scratch using the Porog input (Russian for “threshold”) as the brick size in points. It walks through your chart’s Close price history from oldest to newest, and every time price closes beyond the current brick boundary by at least Porog points, it adds a new brick in that direction. Reversals require price to move a full two bricks’ worth in the opposite direction before the sequence changes direction — the standard Renko reversal rule — which is what keeps the brick series from flip-flopping on every small pullback.

One thing worth understanding before you use it: because it’s built from your chart’s own Close price series rather than raw tick data, the brick boundaries are tied to how often that chart’s bars close, not to a true tick-by-tick Renko feed. On a lower timeframe chart this matters less since closes happen more frequently, but it’s not the same construction method as a dedicated tick-based Renko chart generator.

Key Features

• Builds a full synthetic Renko brick series from your chart’s Close price history, no separate chart type or template needed
• Single threshold input (Porog, in points) controls the brick size — the only setting that changes the pattern
• Two-tone histogram rendering with separate, configurable colors for up-bricks and down-bricks
• Standard Renko reversal logic — a full two-brick move is required before the sequence changes direction
• Recalculates the full brick history from your chart’s available bars each time it runs

How to Use It

Place RENKO-2.mq4 (loads as “Renko Charts” in your Navigator) into your MT4 MQL4/Indicators folder, refresh the Navigator panel, and drag it onto a chart. It opens in its own window beneath the price chart, plotted as a series of colored histogram bars representing the bricks, most recent on the right.

Reading it is the same as reading any Renko chart: a run of same-colored bricks in one direction represents sustained directional movement with the noise filtered out, while a color flip marks a confirmed two-brick reversal. Because small price moves below your Porog threshold simply don’t produce a new brick, this is often used as a secondary, decluttered view alongside your normal candlestick chart rather than as a replacement for it — many traders use it to visually confirm that a move has real follow-through before acting on a signal from another indicator.

Set Porog to match the volatility and pip value of the instrument you’re trading — a value that’s too small will produce a brick series nearly as noisy as raw price, while a value that’s too large will filter out moves you actually wanted to see. There’s no universal default that works for every pair, so it’s worth testing a few values against your instrument’s typical daily range. Set Color1 and Color2 to whatever contrasts best with your chart theme for the up and down bricks.

One practical note on performance: rather than working with a fixed-size buffer, the indicator grows its internal brick array dynamically as it processes your chart’s history, resizing it in chunks as needed. On charts with a very long price history this means the very first calculation pass can take a moment longer than a typical fixed-buffer indicator, though subsequent recalculations are unaffected once the initial brick series has been built.

Best Timeframes / Best Use Cases

Since the brick construction is driven entirely by your Porog price threshold rather than by time, it isn’t tied to any single chart timeframe the way a normal oscillator or moving average would be — you can attach it to whichever timeframe chart you’re already working from. It’s most useful for traders who want a noise-filtered, price-only read on trend strength and reversal points without switching platforms or losing their existing chart setup, and pairs naturally with breakout or trend-following strategies where the goal is separating real directional moves from short-term chop.

Final Thoughts

This is a straightforward, single-purpose tool: one threshold input, one job — reconstruct a Renko view of price without leaving MetaTrader 4. It won’t replace a dedicated tick-based Renko charting platform for traders who need that level of precision, but as a quick, no-extra-software way to see price action stripped of minor noise, it does exactly what it says on the tin.