Renko System

The Renko System offers a unique perspective to the forex trading market. It can be utilized as an independent trading system, providing a novel way to analyze currency pairs. This system employs a timeless indicator that can be adapted to manual trading or automated trading with an expert advisor.

Unique Features of the Renko System

The Renko System boasts of multiple exceptional features. Its primary element is the Renko bars, which are developed when the price reaches a predetermined threshold. Alongside the Renko bars, the system also exhibits three moving averages.

The system provides for three modes: Renko mode, median Renko, and custom median Renko. It further exhibits wicks and a datetime indicator for each block. Custom notifications to PC and phone are available when a new bar is created or when a cross between moving averages appears. In addition, it raises an event for use with an EA under the same circumstances.

How to Operate the Renko System

Renko charts are based on bricks with a fixed value that filters out minor price movements. The first step is determining the brick height, which depends on the intended duration of market involvement and market volatility. A practical choice could be leveraging the ATR indicator to examine the average candle value in the desired operating timeframe.

The timeframe should be low relative to the set brick height for a precise representation of historical bars. Users are strongly encouraged to switch timeframes, e.g., from 30M to 15M and back to 30M, to allow for data refreshing at the beginning, otherwise, a misleading graph may be displayed.

Input Parameters of the Renko System

The Renko System requires several input parameters for customization, including DisplayMode, Brick size (in Points), Calculation Type, AVGx Average length, AVGx Average type, Alert on new bar, Alert on Avg cross, Show wicks, Optional comment, and Sync graph with midnight.

Limitations and Problems

For receiving phone notifications, users need to have MT5 installed on their phones and follow the procedure to enable push notifications. If no display appears, users are advised to turn off the Sync feature, check the brick size, and adjust the max bars in the chart in the MT5 tools option.

Final Thoughts

The Renko System is an innovative tool for forex trading. It offers a different way to view and analyze the currency market, providing traders with new strategies and analysis techniques. For those interested in independent testing of this product, forexroboteasy.com offers updates on the results of product testing. Feel free to share your experience using this product. Please note that this is an independent product review.

FAQs

What is the Renko System in Forex Trading?
The Renko System is a trading indicator that provides a new perspective to view and analyze currency pairs. It includes several features including Renko bars and three moving averages.

How does the Renko System work?
Renko charts in the system are based on bricks with a fixed value that filters out smaller price movements. The brick height is determined based on the intended duration of market involvement and market volatility.

What are the input parameters for the Renko System?
The system requires several input parameters for customization. These include DisplayMode, Brick size (in Points), Calculation Type, AVGx Average length, AVGx Average type, Alert on new bar, Alert on Avg cross, Show wicks, Optional comment, and Sync graph with midnight.