- May 1, 2022
- Posted by: Forex Wiki Team
- Category: Forex Trading System
Best Forex Renko Strategy Review
Best Forex Renko Strategy is a Renko indicator system that provides easy-to-use buy/sell signals on Renko charts.
This is a trading system based on the Renko chart in order to filter out all market noise (manipulations and surges).
Today I’d want to share with you a technique that I’ve been working on for a few months… it appears to be pretty basic, and it’s based on Renko 10pips box charts…
I began putting together a strong approach, putting together some indicators and being very cautious not to overfill the chart, and to date, I can state that I have discovered an amazing method capable of bringing home 200 to 500 pips every week by following three basic guidelines.
Renko charts are based on PRICE, not TIME. Renko charts update dynamically tick by tick. Renko charts are considered the best for predicting changes in market sentiment that precede a new trend.
A trend reversal is signaled by the appearance of a candle of a different color. A simple system is to trade in the direction of the trend and exit when it reverses. Support and resistance levels are easy to see on Renko charts.
Renko indicator charts smooth out market noise, clearly show the trend, and detect reversals. Renko charts are very effective for traders to identify key support and resistance levels.
Buy/sell signals are generated when the direction of the trend and the color of the candles change. Actual volume values are displayed for each Renko candle.
This best Renko strategy can give you trading signals that you can use as-is, or add additional chart analysis to further filter the signals, which is recommended.
While this Best Forex Renko Strategy can be used by traders of all experience levels, it can be beneficial to practice trading on an MT4 demo account until you are consistent and confident enough to get started.
You can set up a Renko strategy to send you a signal alert via mobile notification or platform popups. This is useful because it means you don’t have to look at charts all day waiting for signals to appear and you can track multiple charts at the same time.
The Best Forex Renko Strategy can be used on any Forex currency pair and other assets such as stocks, commodities, cryptocurrencies, precious metals, oil, gas, etc.
Best Brokers List
The Best Forex Renko Strategy works with any broker and any type of account, but we recommend our clients to use one of the top forex brokers listed below:
|BROKER NAME||REGISTER||Year Founded||Headquartered||Leverage||Minimum Deposit||Regulating|
|Register||2008||Cyprus||1:Unlimited||$10||CySEC, FCA, FSCA, FSA, BVI|
|Register||2006||Dublin, Ireland||1:400||$100||CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA|
|Register||2008||Port Vila||1: 1000||$10||VFSC|
How to install Renko Charts
- Copy all files to their respective folders
- Restart Metatrader 4.
- Open your preferred pair, for example, EURUSD, GBPUSD, etc., and select the M1 timeframe. Reduce to the smallest chart
- Download the “LoadAllHistory” script. (Let it run until the gray rectangle disappears)
- Then press the HOME key on your keyboard several times. (We take this step to get history data at least 1-2 months old).
- Then load the “###1M – Build Renko Chart” template onto the chart.
- Now you can open a Renko chart, press Tab File ➔ Open offline.
- If you have previously connected an EA to the EURUSD pair, you can find EURUSD M4 (if you cannot, you may need to restart MT4). Click Open.
- In the last step, load the “#!VALDECCHIO_RenkoChart” template onto a new chart .
How to use (Renko strategy)
- Trading Examples 2
Download Best Forex Renko Strategy
We highly recommend trying Best Forex Renko Strategy for at least a week with ICMarket demo account. Also, familiarize yourself with and understand how this system works before using it on a live account.