Introduction to the Renko Scalp MS Alert Indicator
The Renko Scalp MS Alert Indicator is, as the name suggests, a forex scalping indicator based on Renko Charts. In essence, it is a simple trading tool that displays signals in a form of blue, red, and orange bricks. Additionally, this forex indicator places blue and red horizontal lines directly on the activity chart. These lines act as places for trades entry points. Just go long after the blue line is placed, and conversely, go short after the occurrence of the red line. Orange bricks indicate market indecision.
The Renko Scalp MS Alert Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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.
How to set up the Renko Scalp MS Alert indicator in MT4?
Download the Renko Scalp MS Alert.rar archive at the bottom of this post, unpack it, then copy and paste the Renko Scalp MS Alert.ex4 or Renko Scalp MS Alert.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 Renko Scalp MS Alert indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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.
Download Free Forex MT4 Renko Scalp MS Alert Indicator
To download the Renko Scalp MS Alert Indicator for Metatrader 4 (MT4) for free just click the button below: