Indicator: Renko Range Detector
- Detects and displays the fixed size of the Renko Bar/Candle range on the Renko offline chart.
- Fast and easy identification of chart parameters facilitates trading efficiency.
Note: This indicator is intended for use with Renko Bars/Candles, not Standard Bars/Candles.
- Renko Bars/Candles all have the same fixed range value from open to close..
- Note for newbies: A Renko offline charts is generated from a Scripts, or Indicators, or Expert Advisor running on a M1 chart
- Abundant additional information is available on the internet.
Renko Range size calculation: Open – Close for down bar. Close – Open for up bar.
Image:
GBPUSD, M11(offline): 1.41975 – 1.41900 = 75 points = 7.5 pips.
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