With traditional Renko chart, traders tend to create all sorts of indicators in the separate indicator charts. This indicator can help you identify important support and resistance lines quite clearly comparing to traditional charting techniques like candlestick or range bars, etc. At the simplest level, this indicator can add the second opinion on the current and future trend direction on your existing system. Smart Renko can be used for many different purposes. When you use brick height, please use factor of 100 or 1000 pips for best performance. Smart Renko can draw round numbers (psychological numbers) in your chart.ĭefault setting can be used for any currency pairs and any time frame.Smart Renko will indicate the future brick level for buy and sell bricks in advance.
Therefore even a starter can use this Smart Renko Indicator. Smart Renko includes automatic brick height calculation using Standard Deviation and Z value.You will see reference lines on both charts.) (Simply just double click on your main chart or indicator chart. You can cross reference between the Renko bricks on your main chart and Renko bricks on your indicator chart.You can display spread view of Renko bricks on your main chart allowing you to backtest with other technical indicators.Smart Renko will show you generally agreeable trend movement towards all timeframe.You can use any timeframe to calculate your Renko bricks including M1 and M5.Smart Renko overcomes the limitation of traditional Renko charting and it brings you many other benefits for your efficient trading with renko chart. However, we brought Smart Renko Chart here. Especially backtesting of your strategy using typical Renko charting is very difficult and time consuming. As Renko charting does not use time, original Renko charting have some difficulties to be used together with other technical indicators. Renko charting can provide much clearer trend direction and it helps to identify important support and resistance level more clearly. Therefore, naturally one can see clear price movement with less noise than other charting type. To give you some idea on its working principle, Renko chart is constructed by placing a brick over or below when the price make the movement beyond a predefined range, called brick height. The main characteristics of Renko Charting concern price movement. Price Action and Pattern Trading Course.Free MetaTrader Indicators and Expert Advisors.How to Enable Email Notification in Optimum Chart.Generating Buy and Sell Signals with Optimum Chart.Harmonic Pattern Signal for Forex Market.Forex Market Prediction for Day Trading.
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