Indicator: Renko Range Detector
- This nifty tool detects and displays the fixed size of the Renko Bar/Candle range on your Renko offline chart.
- Quickly identify chart parameters to boost your trading efficiency.
Note: This indicator is specifically designed for Renko Bars/Candles, notStandard Bars/Candles.
- All Renko Bars/Candles maintain the same fixed range value from open to close.
- Tip for beginners: A Renko offline chart is generated using scripts, indicators, or systems running on an M1 chart.
- There's a wealth of information available online to help you get the most out of this tool.
How to Calculate Renko Range Size: Open - Close for down bars; Close - Open for up bars.
Example:
GBPUSD, M11 (offline): 1.41975 - 1.41900 = 75 points = 7.5 pips.
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