Adaptive Renko Indicator
Platform: MT4 Type: Trend Last update: October 6, 2024The 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.
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.
