Renko - VSRD (Renko - VSRD) | Forex Indicator Download - MT4/MT5 Resources
VSRD - Volume/Support/Resistance/Divergence
Hello! I just wanted to share a Renko trading system with volume/support/resistance/divergence.
Very simple. We will use Dr. Alexander Elder's definition of divergence, along with some S/R indicators.
“Remember, when tracking divergence, we first look at the MACD pattern and then the price pattern. Also remember that the indicator must cross its centerline again and again to mark a valid divergence. In the A break below the back of the bull market. Note that price fell below the value zone between the two moving averages, a fairly common target for a bull market breakout. In the Z zone, the Dow rose to a new bull market high, but the MACD-H rebound was weak, reflecting the bulls' decline from the Z peak, which gave a strong sell signal and signaled one of the worst bear markets. The bar must fall below the zero line before rising to the second top, otherwise there is no divergence: when MACD-H moves down from the second top, we do not need to wait for it to fall below the midline again and stop rising. The MACD line forms a bearish pattern between tops A and C, depicting a shorter bar than the previous one. The second top of the MACD line is shallower than the first top, confirming the bearish divergence of MACD-H. The line pattern tells us that the upcoming downtrend may be particularly strong.”
1- Load m1 into Renko chart using load all history script
2-Use EA Renko Chat Creator
3. Load the template.
Hello! I just wanted to share a Renko trading system with volume/support/resistance/divergence.
Very simple. We will use Dr. Alexander Elder's definition of divergence, along with some S/R indicators.
“Remember, when tracking divergence, we first look at the MACD pattern and then the price pattern. Also remember that the indicator must cross its centerline again and again to mark a valid divergence. In the A break below the back of the bull market. Note that price fell below the value zone between the two moving averages, a fairly common target for a bull market breakout. In the Z zone, the Dow rose to a new bull market high, but the MACD-H rebound was weak, reflecting the bulls' decline from the Z peak, which gave a strong sell signal and signaled one of the worst bear markets. The bar must fall below the zero line before rising to the second top, otherwise there is no divergence: when MACD-H moves down from the second top, we do not need to wait for it to fall below the midline again and stop rising. The MACD line forms a bearish pattern between tops A and C, depicting a shorter bar than the previous one. The second top of the MACD line is shallower than the first top, confirming the bearish divergence of MACD-H. The line pattern tells us that the upcoming downtrend may be particularly strong.”
1- Load m1 into Renko chart using load all history script
2-Use EA Renko Chat Creator
3. Load the template.
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