Smart Renko MT5
introduction
At the heart of Renko charts is monitoring the price movement. If
the price goes beyond a certain range, is displayed in the graph
bar ( "brick") above or below the previous one. As a result, we can clearly see
price movement and the important support / resistance levels. As
classic Renko graph is independent of time, it is quite difficult
used in conjunction with other technical indicators. This is especially
As for testing your strategy on stories. It is to overcome
this inconvenience and was designed by Smart Renko Chart. In addition, Smart
Renko has other advantages.
Key Features
- Calculation Renko performed on any timeframe, including the M1 and M5.
- Displays the trend on all timeframes.
- Ability to display on the main Renko chart for back-testing with other technical indicators.
- The ability to find a correspondence between Renko charts on the price
chart in a separate window. (Just double click on the price chart
or indicator window. You will see the corresponding lines on both
charts). - Automatic calculation range using standard
and deviation value Z (Z value). Therefore, the indicator is suitable
beginners. - Displaying the future levels of the building blocks for the purchase and sale.
some recommendations
- Smart Renko must be used together with other indicators, for example, MACD, RSI, Stochastic, moving averages.
- Smart Renko recommended for use on a line graph. By
Default indicator works on it. However, you can
switch on the candlestick chart. - Renko should be calculated on the data M1 chart. You can
select M1 timeframe for calculating the indicator Smart Renko. However,
most brokers is not enough historical data for this
timeframe. Therefore, the default is used M5. - You can display the blocks in the entire length of the historical data. However, this may reduce the speed of the terminal.
- When Brick Height Mode = 1, Smart Renko uses standard
deviation for automatic calculation of range. Choose a value of Z
wisely (1.0, 1.68, 1.96, etc.). On it depends the effectiveness of
indicator. - When For Brick Height Mode = 0, you specify a value for yourself
range in pips. Smart Renko uses your input to
constructing Renko chart. - Press R, if the Smart Renko does not load automatically when you
startup. This can happen due to the loading source data
further timeframe (M1, M5 etc.). - Additional timeframe (M1 and M5) is used to calculate
blocks and display them in the current timeframe. Do not use
weekly or monthly schedule. Usually on the M1 and M5 are insufficient data to
Renco display on the weekly and monthly schedules.
Using
Smart Renko can be used for different purposes. At its simplest,
if it can be used as proof of the indicator at
determining the direction of the current and future trend. It also helps
identify important support / resistance lines, making it better quality
compared with candlesticks, range bars, etc. Generally, the way
with standard graphs Renco traders must be parallel
use different indicators in separate windows. Now, this is not
needed. Enough to use the combined display
Renko bricks with the price chart, as well as all the necessary
standard indicators MetaTrader. The basic working principle of schedule
Renko is based on the price action. Accordingly, the light is best
for trading strategies, also based on the price action.
Smart Renko Chart Indicator works well in conjunction with our other
products:
- Harmonic Pattern Plus MT5
- Harmonic Pattern Scenario Planner MT5
- Price breakout Pattern Scanner MT5
- Sideways Market Statistical Analyzer MT5
- Price Action Candle Detector MT5
- TM Econometric Trader MT5
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