вторник 06 ноября
Renko Bars Indikator
The Renko (and Mean Renko) Engulfing Bar Indicator is a versatile trading indicator that plots Buy/Sell arrows and gives potential trade ideas including buy entry and stop loss levels. The indicator is designed to work on offline renko charts as well as Mean or Median Renko charts. It is recommended to use this indicator on a minimum of 20Pips fixed renko box or more. The indicator does not repaint. It prints the arrows after the bar close.
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The indicator's buy/sell arrows can be a powerful way to trade when combined with moving averages or stochastics oscillators and/or support/resistance levels. Renko Engulfing Bar Indicator Settings: • Count Bars: Default (4) - This is the minimum bar count in the previous trend.
Recommended values are between 3 - 7 • Show History: True/False (If set to true, it shows past signals) • Show Comment: True/False (If set to true, shows the Buy and Stop loss values) • AlertsOn: True/False (Enable pop up alerts) • Play Sound: True/False • Show Popup: True/False (Enables pop up alerts on your MT4) • Email: True/False (Enable to get email sent. You will have to configure your MT4 SMTP to use this feature).
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The Renko Bars MT4 Indicator displays the bricks on the candle by means of colour-coding. Red bricks are used to represent a downtrend while white bricks represent an uptrend. Therefore, the Renko Bars MT4 indicator is used to trade price reversals, which occur when the bricks change colour. Renko Bars MT4 Indicator Strategy and Trading Rules The Renko Bars MT4 indicator performs a colour change on the bricks when the trend changes. So it is left for the trader to determine how to take advantage of these trend changes. Trend changes could be in the form of reversals, breakouts or retracement/continuation price patterns.
Once the Renko bricks have changed to a particular colour and the trend is on, the trade can be taken and left open until the colour of the Renko bricks change once more. For the long and short entries we will demonstrate in this article, we use the Renko bars in two different ways: a retracement-continuation as well as a breakout pattern. Renko Bars MT4 Indicator Long Trade Entry Rules In this situation, we use the Fibonacci retracement indicator as well as the Stochastics to measure the price continuation point for the Renko bars following a retracement. The Stochastics should be oversold when a Renko bar is at a Fibo retracement point. Download free art of prediction by jn bhasin pdf. The long trade entry signal occurs when the following is seen on the charts: • The Renko Bars MT4 indicator shows white bars. • The lows of the Renko bars are located at a Fibo retracement level on which the Stochastics is oversold. • The long trade entry is made when the next candle opens.
The chart example is shown below. Renko Bars MT4 Indicator Long Trade Entry Rules Here, there is an uptrend followed by a short retracement. The Fibo level to which a white Renko bar retraces to when the Stochastics is oversold is the BUY area. Stop Loss and Take Profit Settings The stop loss is set a few pips below the Fibo level where the trade entry occurs. The Take Profit point should be set at a price area which coincides with the Renko Bars changing colour to red. Renko Bars MT4 Indicator Short Trade Entry Rules For the Short trade, we have a situation where we will be trading a price breakout. A support level has been identified and the Renko bars have changed colour to red, which means that the market bias is for a downtrend to dominate. So how is this traded?
• The Renko Bars MT4 indicator shows red Renko bars after price action for the preceding candles consistently bounces off a support line. • The Renko bars then break below the support line and close below it. • Allow a retracement back up to the broken support which will not act as a resistance, then initiate the short trade entry when the next Renko candle opens. The chart example is shown below. Renko Bars MT4 Indicator Short Trade Entry Rules In this chart, we can see the trend line downside break by the red Renko bars.
This is a signal to sell. Stop Loss and Take Profit Settings The stop loss is set a few pips above the trend line which acted previously as a support but is now acting as a resistance to price action. The trade should have commenced before the stop loss is set. The Take Profit point is set at an area where the red Renko Bars change colour back to white, which indicates that the market bias is changing to a bullish one.