Renko Street Indicator FREE Download
Renko Street Indicator is an indicator system that provides easy-to-use buy/sell signals on the Renko chart. It is a Renko chart based trading system designed to filter out all market noise (manipulation and spikes).
About Renko
Renko charts are based on price, not time. The Renko chart is dynamically updated tick by tick. Renko charts are considered best for predicting changes in market sentiment ahead of new trends . A trend reversal is signaled by the appearance of candles of different colors. An easy system to follow is to trade in the direction of the trend and exit when the trend reverses. Support and resistance levels are easy to see on a Renko chart.
Renko indicator charts remove market noise, clearly show trends and detect reversals. Renko charts are very effective for traders to identify key support and resistance levels. Buy/sell signals are generated when the trend direction and candle color change. Shows the actual volume value for each Renko candle.
This Renko indicator system can give you trading signals that you can keep as is or add additional chart analysis as suggested to further filter the signals . While the system can be used by traders of all experience levels, it may be helpful to practice trading on an MT4 demo account until you become consistent and confident enough to go online.
You can set up brick street indicators to send you signal alerts via mobile notifications or platform pop-ups . This is helpful because it means you don't need to stare at the chart all day long waiting for a signal to appear, and you can monitor multiple charts at the same time.
The Brick Street Indicator can be used on any Forex currency pair and other assets such as stocks, commodities, cryptocurrencies, precious metals, oil, gas, etc.
How to install (important)
- Copy all files to the appropriate folders
- Restart your Metatrader 4
- Open your favorite currency pair, for example: EURUSD, GBP/USD, etc. and select the time frame M1 . Zoom out to the smallest diagram and press the HOME key on your keyboard several times. (We do this step to get historical data going back at least 1 to 2 months).
- Click Tools > Options
- Click the Chart tab and check all the boxes to insert 99999999999999 into the Maximum Number of Bars in History field and the Maximum Number of Bars in Chart field.
- Attach the “ Renko Street Map Maker ” EA to your diagram. Default or feel free to experiment.
- Click on tab File ➔ Open Offline
- If you previously attached an EA to the EURUSD currency pair, you can find EURUSD M2 (if not found, you may need to restart MT4). Click to open it.
- Attach a " RenkoStreetV2 " template to your new chart in the final step.
How to use (strategy)
It draws lines and dots. In this indicator you will see the dots redraw. But don't worry, we only need to make the trade after the 3 indicators confirm each other.
I usually define stop loss and take profit through this indicator. Look at the horizontal lines: red and lime. I use the red line as the resistance line and the lime line as the support line.
In the above case, you can also set Take Profit 2 10-15 pips above the horizontal line.
BUY
- Enter the trade "BUY" when you receive the "BUY" prompt, then,
- RenkoStreet STF= Green
- RenkoStreet_Channel= Green
- RenkoStreet_Trend= Green
- Take profit on the horizontal line above your position. Or 10-15 points before the horizontal line above your position.
- Stop losses at the horizontal line below your jump.
SELL
- Enter the trade Sell when you receive a "Sell" alert, and,
- RenkoStreet STF= Red
- RenkoStreet_Channel= Red
- RenkoStreet_Trend= Red
- Take profit on the horizontal line below your position. Or 10-15 points before the horizontal line below your position
- Stop loss is placed on the horizontal line above your position
Click here to download the Renko Street Indicator
- Read More NitroFX Indicators – [Cost $139] – Free
2d9e83c0_Renko_Street_Indicator.zip
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