GDS Renko Canvas with Bollinger Bands
Info
The GDS Renko Canvas with Bollinger Bands is a Indicator for MetaTrader 5 that inputs:- brick size: specifies the renko brick size in price units. - BB Period: Sets the Bollinger Bands lookback period in completed Renko bricks.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use GDS Renko Canvas with Bollinger Bands
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Inputs:- Brick Size: Specifies the Renko brick size in price units.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: GDS Renko Liquidity Sweep Lab: Price Action Analysis - another powerful indicator for MetaTrader 5 traders.
Inputs:- Brick Size: Specifies the Renko brick size in price units.
Also recommended: GDS Renko Brick Statistics - similar indicator with strong performance on MetaTrader 5.
- BB Period: Sets the Bollinger Bands lookback period in completed Renko bricks.
- BB Deviation: Defines the standard-deviation multiplier for the Bollinger Bands.
Visual Design:
- Renko bricks are displayed in cyan for up movements and red for down movements.
- Outer Bollinger Bands are shown in blue.
- The middle band of the Bollinger Bands is displayed in gold.
- Renko bricks are rendered as squares with automatic scaling.
- Utilizes a single Canvas bitmap layer for efficiency, avoiding hundreds of individual rectangle objects.
- Automatically redraws when the chart is resized.
This indicator does not require DLLs, custom symbols, offline charts, or external indicators.
This is an educational example designed to showcase custom Renko rendering combined with a Bollinger overlay. It does not generate trading signals or guarantee future performance.
Last updated 2026
You may also like: GDS Renko Canvas with Donchian Channel - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "0.11"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_plots 0
#include <Canvas\Canvas.mqh>
input double InpBrickSize = 1.00;
input int InpBBPeriod = 20;
input double InpBBDeviation = 2.00;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.