RenkoFx System (RenkoFx System) | Foreign exchange indicator download-MT4/MT5 resources
I prefer to trade purely on price movement and use RENKO analysis to determine my entry and stop loss levels. This is a very simple concept based on price threshold levels. Essentially, I trade EURUSD with a trailing stop of 150 pips in steps of 75 pips. Price would have to retrace up to 150 pips to reverse the signal on my 75 pip RENKO box. The advantage of RENKO analysis is that the time variable on the chart axes is removed from the system. After the standard candle time frame ends, the Renko box does not redraw or flash, but the price must exceed the box value for a new box to appear.
I have attached the previously published RenkoFX indicator and screenshots of the Renko EURUSD since February 8th. In the last major move alone we saw that the 75 point RENKO box had captured over 1000 points without any "noise".
Depending on the box size chosen, it is possible to lose money in volatile markets using the RENKO box method. However, according to RENKO analysis, markets experiencing long-term price stagnation or stagnation do not send false signals. This is the main difference of the RENKO indicator compared to any moving average indicator that illustrates price momentum.
A quick visual inspection of the applied RenkoFX indicator will reveal the estimated profitability of your chosen box size in your market. The net profit of each direction color sequence can be calculated by counting the number of consecutive boxes in a consecutive series - minus three boxes. A three-box color retracement would be a break-even situation. A two-box retracement will result in a loss of one box value in points. A single frame retracement will result in a loss of two frame values in points.
The approximate winning value of the attached RenkoFX indicator screenshot since February 2008 when EURUSD was 1.4493 is 25 boxes x 75 points per box = 1875 points
Important note: This indicator must be placed on the 1-minute chart in the Metatrader platform. A larger time frame will provide a longer dynamic signal since the brick box won't "turn off" really quickly.
Thanks for the feedback. Thanks
I have attached the previously published RenkoFX indicator and screenshots of the Renko EURUSD since February 8th. In the last major move alone we saw that the 75 point RENKO box had captured over 1000 points without any "noise".
Depending on the box size chosen, it is possible to lose money in volatile markets using the RENKO box method. However, according to RENKO analysis, markets experiencing long-term price stagnation or stagnation do not send false signals. This is the main difference of the RENKO indicator compared to any moving average indicator that illustrates price momentum.
A quick visual inspection of the applied RenkoFX indicator will reveal the estimated profitability of your chosen box size in your market. The net profit of each direction color sequence can be calculated by counting the number of consecutive boxes in a consecutive series - minus three boxes. A three-box color retracement would be a break-even situation. A two-box retracement will result in a loss of one box value in points. A single frame retracement will result in a loss of two frame values in points.
The approximate winning value of the attached RenkoFX indicator screenshot since February 2008 when EURUSD was 1.4493 is 25 boxes x 75 points per box = 1875 points
Important note: This indicator must be placed on the 1-minute chart in the Metatrader platform. A larger time frame will provide a longer dynamic signal since the brick box won't "turn off" really quickly.
Thanks for the feedback. Thanks
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