Introduction to the Adaptive Renko Indicator
The Adaptive Renko indicator utilizes trend recognition along with the trailing stops. It can even be your all-in-one trend riding trading tool.
That tool consists of two elements: small dotted lines and two bold red/green solid lines.
The dotted lines work as upper and lower bands of the channel, and the solid lines are support/resistance levels.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Simplified trading rules for Adaptive Renko are the following:
- Long entry – Open buy trade when the solid line Adaptive Renko turns green. Set you stop loss a few pips below that line. Close the trade at the occurrence of the opposite signal or use your own profit target.
- Short entry – Open sell trade when the solid line Adaptive Renko turns red. Set you stop loss a few pips above that line. Close the trade at the occurrence of the opposite signal or use your own profit target.
How to set up the Adaptive Renko indicator in MT4?
Copy and paste the adaptive-renko-indicator.ex4 or adaptive-renko-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Adaptive Renko indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Adaptive Renko Indicator Free Download
To download the Adaptive Renko Indicator for Metatrader 4 (MT4) for free just click the button below: