Adaptive Renko CLD Indicator
Platform: MT5 Type: Trend Last update: September 24, 2024The Adaptive Renko CLD Indicator is a forex trend-following indicator using the Renko indicator included in its formula. It consists of two elements: an upward/downward band and a cloud. It does a really good job at recognizing trend-momentum, and obviously, it works best during strong market swings.
How to use the Adaptive Renko CLD in practice?
The trading signals of Adaptive Renko CLD Indicator are provided by the upward/downward band. It is green and sinks below the price during bullish trend-momentum, and conversely, it is red and floats above the price during bearish trend-momentum. That band also works as dynamic support and resistance levels.
Buy Signal
Follow these steps for a long trade:
- The band of Adaptive Renko CLD Indicator switches from red to green
- Price swings higher from recent low swing
- Buy trade is triggered after the first candle meeting above conditions
- Set stop loss a few pips below the last swing low of the market
- Take profit or exit trade whenever Adaptive Renko CLD Indicator provides opposite signal or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- The band of Adaptive Renko CLD Indicator switches from green to red
- Price swings lower from recent high swing
- Sell trade is triggered after the first candle meeting above conditions
- Set stop loss a few pips above the last swing high of the market
- Take profit or exit trade whenever Adaptive Renko CLD Indicator provides opposite signal or use your own method of trade exit
