The Renko indicator is a powerful technical analysis tool used in the MT5 forex trading platform. It is a price-based charting system which helps traders to pinpoint trend entries and exits, identify key support/ resistance levels, and detect potential breakouts. The Renko indicator creates a chart by plotting ‘bricks’ (or boxes) on the chart in a sideways (fork-tail) pattern. The size of each ‘brick’ is dependent on the price action and the settings you select. This powerful tool is a great way to analyze price movements, as it is able to achieve a more intricate reading of the data than traditional line charts.