AdaptiveRenko - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Real author:
Konstantin Kopyrkin's NRTR Moving Average is used for trailing stops and trend indications. The dashed lines are the upper and lower boundaries (bricks) of the channel. The solid lines are support/resistance lines.
Limitation of brick minimum thickness (on-site WideMin eliminates false switches to thin markets) and by adding standard deviation.
A trend display (support/resistance) determined by the author's logic has also been added.
The restriction on the minimum thickness allows the use of fixed thicknesses like the classic brick shape (brick = 4 points).
It is important to note that the indicator depends on the starting point for its calculation, if, for example, the bar in the window in the Max Number terminal settings is changed, the indicator on the chart at that position will change!
The indicator was first implemented in MQL4 and published in the code base of mql4.com on April 5, 2010.
Figure 1 AdaptiveRenko indicator
Attachment download
📎 adaptiverenko.mq5 (10.18 KB)
Source: MQL5 #1177
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