KT Renko Patterns indicator for MT4/MT5 scans the Renko chart brick by brick to find some famous chart patterns that are frequently used by traders across the various financial markets.

Compared to the candlestick chart, price action and patterns based trading is easier and more evident on Renko charts due to their uncluttered appearance. ‘Renko’ is derived from the Japanese word ‘Renga,’ which translates to bricks.

What our customers say

A great product, often updated and listening to these customers, I recommend you to the top !!!! Thank you again for your outstanding customer support.

- Sebastien Cheseaux

Just a fantastic product, and your customer service is just perfect. Thank you for your program. It changed my trading a lot.

- Hamzeh Jaber

Another outstanding product from Keenbase. Choosing the correct box size according to your trading style is essential. I am amazed by the accuracy of this indicator.

- Adil Mushtaque

KT Renko Patterns indicator features multiple Renko patterns, and many of these patterns are extensively explained in the book titled Profitable Trading with Renko Charts by Prashant Shah.

Features

Identify and trade up to eight crystal clear Renko patterns without any ambiguity.
To offer the complete objectivity, Stop-loss and Fibo targets are provided with each pattern.
KT Renko Patterns indicator continuously measures the accuracy of each pattern and display vital statistics on the chart.
Renko brick reversals are marked, and alerts are provided for the same, which helps to plan the premature exits in case of a sudden reversal.
The identified patterns never repaint or redrawn.

Included Renko Chart Patterns
W - M Pattern
Power Pennant
AB=CD
Triple Top/Triple Bottom
Double Top/Double Bottom
Two-Back Strike
ZigZag Bricks
Swing Breakout

Optimizing the Signals Accuracy

KT Renko Patterns indicator shows multiple patterns, but not every pattern may be suitable for a symbol. You can quickly improve the accuracy of the signals by following the simple steps:

Make sure each pattern is set to True.
Choose a "Success Rate Criterion" (we recommend the second TP).
Turn-off each pattern one by one and monitor the success rate percentage.
If turning off a particular pattern improves the success rate, keep it off.
If turning off a particular pattern worsen the success rate, set it to True again.
Adjust the value of "Min. Bars Between Patterns" between 20 to 100.

Increasing the value of "bars distance" between the patterns will usually improve the success rate. However, a high value will significantly decrease the number of signals, so a balanced value between 20 to 100 must be selected.

How to get Renko Charts on MT4/MT5

Creating Renko charts on MT4/MT5 is an easy and straightforward process. We have covered the required steps in our blog article - How to Trade using Renko on Metatrader 4/5.

Input Parameters

Min. Bars Between Patterns: The minimum number of bars between each pattern. It can help to improve the accuracy of the signals.
Mark the Brick Reversal: It marks the Renko brick reversals on the chart.
Alerts for Brick Reversal: If true, it generates alerts at each brick reversal.
Draw Pattern Names: Draw the pattern name of each signal.
Performance Analysis: The indicator measures its performance and shows the essential metrics.
Success Rate Criterion: The benchmark to measure the success rate of the signals.

Patterns Identified by KT Renko Patterns Indicator

1. W-M Patterns

W pattern indicates a bullish price reversal. It usually occurs when a downtrend end with a double-bottom formation. A buy trade is placed at the break of the neckline.

M pattern indicates a bearish price reversal. It usually occurs when an uptrend ends with a double-top formation. A sell trade is placed at the break of the neckline.

2. Power Pennant Pattern

A pennant formation is a trend continuation pattern with a significant price movement in one direction, followed by a period of consolidation with converging trend-lines.

3. AB=CD Pattern

The ABCD formation is a reversal pattern that consists of two equivalent price legs with a notable retracement between the closing price swings.

4. Triple-Top / Triple-Bottom

Triple-Top: A Triple-Top pattern is a bearish reversal that consists of three equivalent highs. On a Renko chart, a sell trade can be placed on the first opposite brick after completing the third consecutive high.

Triple-Bottom: A Triple-Bottom pattern is a bullish reversal that consists of three equivalent lows. On a Renko chart, a buy trade can be placed on the first opposite brick after completing the third consecutive low.

5. Double-Top / Double-Bottom

Double-Bottom: A Double-Bottom is a bullish reversal pattern that consists of two consecutive lows. On a Renko chart, a buy trade can be placed on the first opposite brick after the completion of the second successive low.

Double-Top: A Double-Top is a bearish reversal pattern that consists of two consecutive highs. On a Renko chart, a sell trade can be placed on the first opposite brick after the completion of the second successive high.
Source: KT Double Top Bottom Pattern indicator

6. Two Back Strike Pattern

Two back strike is a trend continuation pattern that occurs after a small correction of two Renko bricks. It offers a low-risk entry opportunity that can be exploited to ride the ongoing trend.

Bullish Pattern: Streak of bullish bricks + small correction of two opposite bricks + streaks of bullish bricks.

Bearish Pattern: Streak of bearish bricks + small correction of two opposite bricks + streak of bearish bricks.

7. ZigZag Pattern

Zigzag is a Renko pattern that consists of indecisiveness Renko bricks followed by a breakout in either direction.

Bullish Zigzag: A series of five alternating color bricks followed by two bullish bricks.

Bearish Zigzag: A series of five alternating color bricks followed by two bearish bricks.

8. Swing Breakout

Bullish Swing Breakout: When a Renko brick close above the swing high(series of bullish Renko bricks) after a small price correction.

Bearish Swing Breakout: When a Renko brick close below the swing low(series of bearish Renko bricks) after a small price move.

Do you have any other patterns in mind that can provide leading signals on Renko Charts? Let us know via a support-ticket. We will do our best to incorporate it into the next version.

KT Renko Patterns indicator MT4 | MT5

What our customers say

Read More

Features

Included Renko Chart Patterns

Optimizing the Signals Accuracy

How to get Renko Charts on MT4/MT5

Input Parameters

Patterns Identified by KT Renko Patterns Indicator

1. W-M Patterns

Read More

3. AB=CD Pattern

4. Triple-Top / Triple-Bottom

5. Double-Top / Double-Bottom

6. Two Back Strike Pattern

7. ZigZag Pattern

8. Swing Breakout

Does it work on standard time-based charts?

How can I get the Renko charts on MT4/MT5?

Is there a way to optimize the accuracy of the signals?

I think a chart pattern that would be useful on the Renko charts. Can you add it in the next version?

V2.3

V2.1

V2.0

V1.5

V1.2

V1.1

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KT Renko Patterns indicator
MT4 | MT5