The Adaptive Renko Forex indicator for Metatrader 5 is based on Renko charts and delivers sold buy & sell signals.
The indicator appears the main chart window as a thick red and green signal line together with two additional trade entry lines.
A green thick line signals a bullish trend while a red thick line signals a bearish trend.
For scalping and day trading purposes, utilize the indicator during the London and New York trading sessions.
The Adaptive Renko indicator can be easily combined technical oscillators.
Key Points
- Based on the Renko method
- 100% No-repaint indicator
- Works for any trading instrument
- Follows the trend
- Newbie friendly indicator
- Programmed for Metatrader 5
Free Download
Download the “adaptiverenko.mq5” indicator for MT5
Example Chart
The image below shows the Adaptive Renko indicator attached to the EUR/USD 5-minute trading chart.
Trading Signals
The Adaptive Renko indicator for MT5 can be used in multiple ways, find a basic trading example below:
Buy Signal:
- The start of the green Renko line signals a buy trade.
- Place your stop loss below the most recent swing low price.
- Exit the buy trade when an opposite sell trading signal occurs on the chart.
Sell Signal:
- The start of the red Renko line signals a sell trade.
- Place your stop loss above the most recent swing high price.
- Exit the sell trade when an opposite buy trading signal occurs on the chart.
Download
Download the “adaptiverenko.mq5” indicator (MT5)
How to install the Adaptive Renko Forex indicator in Metatrader 5?
- Copy the adaptiverenko indicator file in the MT5 indicator folder
- Restart the trading platform
- Select and attach the indicator to any chart of your preference
How to remove the indicator from the chart?
- Click with your right mouse button in the chart
- Select the indicator list from the dropdown menu
- Remove the indicator from the list
- Press close
Tip
Make yourself familiar with this trading indicator and fully understand how it works before using it in a real account.