Renko Street Indicator mt4 is an indicator system that offers simple buy and sell signals for Renko charts. It’s a trading system built in the Renko chart, with the aim of removing signals from the market (Manipulations as well as spikes).
Renko charts are constructed based on the price of the product and not TIME. Renko charts change rapidly, tick-by-tick. Renko charts are believed to be the most accurate method to predict the shift in market sentiment prior to an upcoming trend. Trend reverses are characterized by the appearance of a new color candle. An easy method following is that you trade with the current trend and then exit when it changes. The levels of resistance and support are readily visible when using Renko charts.Renko indicator charts eliminate market noise, and clearly illustrate the direction of the market, and can identify the reversals. Renko charting is highly efficient for traders to recognize important resistance and support points. Buy/sell signals are generated when the direction and the color of the candle shift. The actual volume is displayed on the each Renko candle.
Renko indicator mt4 system gives you trading signals that you can either take at face value or you can add additional analyses of charts in order to find out the signals further. This is highly recommended. Although traders of all experience levels are able to use this system, it may be beneficial to test trading with a demo MT4 account until you’re reliable in your trading and are confident enough move to live.
You can configure the Renko Street Indicator forto send you an alert through Mobile Notifications or pop-ups on platforms. This is beneficial because it means that you don’t have to look at the charts for hours waiting for signals to come through and you can also monitor several charts simultaneously.
Renko Street Indicator can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc.
How to Install (Important)
- Copy all the files to the according folders
- Restart your Metatrader 4
- Open your preferred Pair e.g: EURUSD, GBPUSD, etc, and select Time Frame M1. Zoom out to the smallest chart then press the HOME key on the keyboard several times. (We do this step to get history data a minimum of 1 to 2 months ago).
- Click Tools>Options
- Click on the Charts tab and check all boxes, Insert 9999999999999 to field Max bars in history and Max bars in the chart.
- Attach “RenkoStreet Chart Maker” EA to your chart. Default Settings or feel free to experiment.
- Click Tab File ➔ Open offline
- If you previously Attach the EA to the EURUSD pair, you can find EURUSD M2 (if you can’t you may need to restart the MT4). Click Open it.
- In the last step attach one of the “RenkoStreetV2” templates to your new chart.
How to Use (Strategy)
It draws lines and dot circles. In this indicator, you will see that dot circles do repaint. But don’t worry, we only need to enter a trade when 3 indicators have been confirmed with each other.
By this indicator, I usually define SL and TP. See horizontal lines: red and lime. I use the red line as a Resistant and Lime is Support.
In the case above you can also place Take Profit 2 at 10-15 pips above the horizontal line.
- Enter trade BUY when you get the alert “ BUY” and,
- RenkoStreet STF=Green
- Take profit on the horizontal line above your position. Or 10-15 pips before the horizontal line above your position.
- Stop Loss on the Horizontal Line below your posistion.
- Enter trade Sell when you get the alert “ SELL” and,
- RenkoStreet STF=Red
- Take Profit on the horizontal line below your position. Or 10-15 pips before the horizontal line below your position
- Stop loss on the horizontal line above your position