The Renko V2 Forex system developed for Metatrader 5 combines the powerful Renko chart technique and the ATR indicator to generate reliable signals for buying and selling currency pairs.
This versatile trading system caters to the needs of scalpers, day traders, and swing traders, accommodating a wide range of trading styles.
To grasp the concept of this simple trading system:
- A green Renko bar is displayed when the price closes above the trading channel. This creates a buy trade opportunity.
- A red colored Renko bar is generated when the price closes below the trading channel. This generates a sell trade opportunity.
To gain a solid understanding of the Renko-based trading system, it is recommended to familiarize yourself with its principles and extensively test it on a practice account for an extended period.
Users have the flexibility to customize the following indicator settings and variables: period ATR, horizontal shift, and Renko bar colors.
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The following image shows what the Renko V2 Forex system looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Renko V2 Forex System?
Find a simple trading example below:
- A buy trade opportunity is signaled when the green colored Renko bar gets displayed on the price chart (see chart example above).
- Initiate a buy transaction and place your stop order below the previous swing low.
- Exit the buy trade for a fixed take profit target of your preference, or hold the trade and await a sell signal.
- A sell trade opportunity is indicated when the red colored Renko bar is shown on the price chart.
- Initiate a sell transaction and place your stop order above the previous swing high.
- Exit the sell trade for a fixed take profit target of your preference, or hold the trade and await a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the renko_v2.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration