AG Renko Chart Buy Sell Indicator
Platform: MT4 Type: Trend Last update: August 4, 2024The AG Renko Chart Buy Sell Indicator is a simple, but effective forex trading tool that provides Renko based buy and sell signals on the activity chart. That forex indicator plots a blue/red line – its color depends on the trade direction. It definitely helps in reducing market noise.
How does it work? How to apply in trading?
The core of the AG Renko Chart Buy Sell Indicator is a signal line. A blue colored line indicates the trend is bullish and traders should look for buy trade opportunities. Similarly, a red colored line reflects the bearish trend and traders should look for sell trade opportunities.
Buy Signal
Follow these steps for a long trade:
- Color of the AG Renko signal line changes from red to blue
- Price is above the AG Renko signal line
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last red line of the AG Renko
- Take profit or exit trade whenever R:R ratio exceeds 1:1 or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Color of the AG Renko signal line changes from blue to red
- Price is below the AG Renko signal line
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last blue line of the AG Renko
- Take profit or exit trade whenever R:R ratio exceeds 1:1 or use your own method of trade exit
