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.
- Based on the Renko method
- 100% No-repaint indicator
- Works for any trading instrument
- Follows the trend
- Newbie friendly indicator
- Programmed for Metatrader 5
The image below shows the Adaptive Renko indicator attached to the EUR/USD 5-minute trading chart.
The Adaptive Renko indicator for MT5 can be used in multiple ways, find a basic trading example below:
- 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.
- 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.
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
Make yourself familiar with this trading indicator and fully understand how it works before using it in a real account.