The Tipu Renko Button Indicator for MT4 overlays Renko bricks directly on the candlestick price chart, allowing traders to view both candlestick and Renko trends simultaneously. It provides buy and sell alerts whenever a bullish Renko brick turns bearish, or vice versa, helping traders act on trend reversals quickly.
This indicator is suitable for all timeframes and is particularly effective for scalpers, though it also works for short-term and long-term trading. New traders should familiarize themselves with Renko chart concepts before using this indicator.
How It Works
- Bullish bricks: Green (or green up arrow if settings adjusted)
- Bearish bricks: Red (or red down arrow if settings adjusted)
- Renko brick formation:
- A new brick forms when price moves by the box size
- Bricks maintain the same color if price continues in the same direction
- Bricks change color on price reversal
Trading Strategy
- Trend-following:
- Enter a buy trade when a new green brick forms
- Place a stop below the previous swing low
- Hold the trade until the color changes
- Reversal trading:
- Enter a sell trade when a new red brick forms
- Place a stop above the previous swing high
- Close trade at opposite color change
- Optional arrow signals:
- Traders can enable arrows instead of bricks for clear visual alerts
Benefits & Features
✔ Combines Renko and candlestick charts for a complete market view
✔ Alerts bullish and bearish reversals
✔ Works on all timeframes
✔ Useful for Scalping, short-term, and long-term strategies
✔ Easy to interpret for new and advanced traders
Conclusion
The Tipu Renko Button Indicator for MT4 allows traders to monitor trend direction and reversals visually by using Renko bricks over candlestick charts. It provides clear buy/sell alerts, making it a profitable tool for scalpers and trend traders alike.
