Adaptive Renko Forex Indicator For Metatrader 5
The Adaptive Renko Forex indicator is a popular trend trading indicator that works well in any market condition.
Understanding the Adaptive Renko brick Forex indicator for MT5 is simple, even for absolute beginners:
- A green adaptive Renko line that appears somewhat below the candlestick represents a bullish trend.
- A red adaptive Renko line that appears somewhat above the candlestick represents a bullish trend.
It’s a typical buy and sell currency trading system that works for scalping, day trading and swing trading.
Feel free to experiment with the indicator’s different inputs parameters and values.
Deploy the Renko trading indicator on any currency pair, stocks, indices, Gold,…
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Adaptive Renko Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 5 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Adaptive Renko Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Buy the currency pair when the Adaptive Renko Forex MT5 indicator draws a green signal line on the chart. The trend is now considered bullish.
Place stop loss 3 pips below previous swing low support, or use your own stop loss placement method.
Exit the buy trade for a reward to risk 2.0:1 ratio or use a fixed profit target, for instance 20 pips on the 1 min scalping chart.
You can also exit the buy trade when the Renko indicator draws a red signal line on the chart. The trend reversed now to bearish.
Sell Trigger: Sell the currency pair when the Adaptive Renko Forex MT5 indicator draws a red signal line on the chart. The trend is now considered bearish.
Place stop loss 3 pips above previous swing high resistance, or use your own stop loss placement method.
Exit the sell trade for a reward to risk 2.0:1 ratio or use a fixed profit target, for instance 30 pips on the 5 min scalping and day trading chart.
You can also exit the sell trade when the Renko indicator draws a green signal line on the chart. The trend reversed now to bullish.
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Multiplier, indicator to calculate, period of volatility, price calculation period, thickness of a brick in points, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT5
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Renko
Copy and paste the indicator in the MT5 indicators data folder.
Then restart the MT5 terminal and attach it to any chart.