[top_three_brokers] A forex broker is required to get market access and trade currencies in forex read more +. GER30 Trading Hours South Africa. Currency trading Company: ECN Broker. Forex MT4 Accounts Build any charts - including Renko, Kagi or Line break, with fully customizable settings. Light wins MT4 Strategy is a NON-Repaint (arrows) MT4 Renko Trading System that gives easy-to-use Buy/Sell signals on Renko charts. OZFOREX GROUP LIMITED ASX EXCHANGE

If price moves by 80 points or more, it will plot two blue bricks. Inversely, if price moves down by 80 points or more, it will also plot two red bricks down. Traders can modify the threshold number of points or pips each brick represents in order to fit the currency pair and time horizon it is used on. As mentioned above, the Renko Charts plots price movements regardless of the period covered. As such, the bricks on the Renko Charts would not correlate with the Japanese candlesticks on the main price chart.

Some traders who use Renko Charts would totally disregard the Japanese candlesticks and make their decisions solely on the Renko Charts. They would even minimize the actual price chart and view only the Renko Charts. Color changes and direction shifts on the Renko Chart bricks would indicate a momentum or trend reversal.

As such, traders can decide to buy whenever the Renko Chart starts to plot blue bars and sell on red bars. Traders can also opt to enter a trade based on a predetermined number of bricks moving in the same direction. Buy Trade Setup When to Enter? Wait for price to reverse up and the Renko Charts to form three blue bricks. Determine the price corresponding to the high of the third blue brick and set a buy stop order at that price level.

Set the stop loss at the price corresponding to the low of the brick three bricks behind the probable entry point. When to Exit? Trail the stop loss at the price corresponding to the third brick behind the current Renko Charts brick. Allow price to hit the trailing stop loss while in profit.

Sell Trade Setup When to Enter? Wait for price to reverse down and the Renko Charts to form three red bricks. Some have gone on to become best sellers giving one an impression that perhaps there is a nugget of gold hidden somewhere in the book. But truth be told, no matter how many books one reads or continues their endless pursuit of finding the trading system, if the trader does not understand how the prices are depicted on chart, no amount of hand holding will help a trader to be successful in their endeavor.

Day Trading with Renko Charts — An Alternative Approach If you are one of those traders who feel confused with the numerous chart patterns , candlestick patterns with fancy names, or find it hard to draw trend lines or support and resistance lines , then it is about time to reconsider your trading approach. Just as a driver would pull aside their car and give it a complete overhaul after repeated issues, the same it is with trading as well.

Day trading with Renko charts offers a simplistic approach to trading. Not new, and in fact as old as candlestick charts , Renko charts was given to the world by the Japanese, who also gave us the candlestick charts.

Despite them being ancient, somewhere in time, Renko charts lost their prominence. And in most cases, traders tend to switch to Renko charts after continued failure with using candlesticks or other conventional charting methods. To define Renko charts, they simply depict price movements at defined pips or points. For example, a 10 pip Renko chart would plot the bricks when price moves and closes 10 pips higher in an uptrend of 10 pips lower in a downtrend.

One of the distinctive advantages Renko charts have to offer is the fact that they are not time dependent. Therefore, new Renko bricks are plotted only when price moves up or down for the specified number of pips.

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It is for these reasons that when it comes to Renko charts, there are many different MT4 renko chart indicators and renko expert advisors. All these MT4 renko chart indicators follow pretty much the same logic, which is to render the Renko charts. The reason behind this is for the obvious fact that Metaquotes the company behind Metatrader has so fair not provided any solution for rendering MT4 Renko charts natively.

It is also unlikely that we will get to a point anytime soon, when MT4 may have this functionality. Renko Live Chart v. As the title suggests, this is an MT4 renko indicator which creates offline renko charts on MT4. Adding the RenkoLiveChartv3. You can download this MT4 renko indicator to generate Renko charts. Simply add in the configuration and open the offline Renko chart on a custom time frame. It is optional on whether you want to add the news indicator to the metatrader 4 chart as well.

When the indicators are loaded, this is how your new trading system looks like on the mt4 platform. Forex Renko Zoomer System Just remember that when you leave most of the settings to default, you will also leave the notification settings to true. This means that whenever there is a buy or a sell signal, you will be alerted via pop up. You can of course disable the notification, but I suggest not to do that.

Forex renko zoomer strategy mt4 trading signals One interesting aspect about this forex trading system is that the trading signals are easy to use. The main reason is because this forex trading system uses the median renko charts. As a result, traders will find that the buy signals and sell signals are easy to understand. Buy signal A buy signal for this forex trading system is created when the median renko bars are green bullish. You will get a buy signal when the renko zoomer indicator alerts you with an up arrow.

After the confirmation bar closes, you can then take a long position at the close. The below chart gives an example of the buy signal. Renko zoomer strategy — Buy signal Sell signal A sell signal for this forex systems can be found when you see the opposite of the buy signal.

Here, the median renko bars must be red bearish. Following this, you should then wait for the renko zoomer indicator to alert you with a down arrow on the chart. Renko zoomer strategy — Sell signal As you can see from the above examples, while the chart and signals might look amazing visually, the actual pip count in profits are quite small.

Does the forex renko zoomer strategy mt4 really work? By now you must be curious to know whether this metatrader 4 renko chart based system really works or not. Firstly, the median renko chart does not repaint. Now this is a good thing to have as traders know how bad a repainting indicator can be. Secondly, the median renko chart is perhaps one of the cleanest view to view price movements. The trend is clearly depicted when you use the renko indicator.

There is nothing technical in this trading strategy which interestingly can get profitable. I wish I knew what went into this indicator itself. But sadly, there is not much information that I could get about this. I think the real power of the forex renko zoomer strategy mt4 comes from this indicator. It compliments the median renko charts very nicely. When the trend is strong, this median renko based forex strategy can provide you with some really good profits.

During sideways markets, you will get lot of buy and sell signals. So one should be careful when using this strategy. Overall, the renko zoomer is fairly good, for the biggest reason that this is not a repainting indicator. Therefore, I should mention that traders should stay grounded. Your risk and money management starts from the configuration to the point of making the trades itself. The trades need to be actively managed to get the best results. Due to the nature of this trading system, you can easily end up over trading.

This also something to keep an eye on. Can you improve this renko trading system? When I tried trading using this strategy, I found that the bare bones method of trading is a bit too open and prone to false signals. Despite the fact the renko indicator does not repaint, price can move quite a bit and this can lead to losing trades. I find that using the Parabolic SAR is a good way to set your stops.

You can use this to trail the stops as well. But remember that PSAR works best only when there is a reasonable trend. One thing I should absolutely mention is that traders should also bear in mind is the risk when using this new trading system. Not everyone is familiar with offline charts and this is something to bear in mind. But try sticking to the major currency pairs. You can start off with the majors, and maybe look at liquid currency pairs only at first. Talking about the accuracy, the trader will be astonished to see that the buy sell signals are quite good.

This is because the indicators do not repaint. This makes it easy to visually backtest the signals on your metatrader 4 platform. Final thoughts!! When searching online for this strategy, I came across quite a few websites selling this profitable trading system. I have found quite a few people selling the indicators on ebay and other places.

Do not fall for this scam. The main developer of this strategy no longer supports the development. So when you are buying from a place like ebay, you can be sure that you are getting ripped off. Concluding on a neutral note, the forex renko zoomer strategy mt4 is ok for the fact that at least it is a lot better than other systems out there.

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Each following brick is painted at the degree angle to the previous one. The renko indicator is powerfull in combination with the vwap indicator mt4. Renko chart indicator is sensitive to support as well as resistance and stops the noise existing in the time-based charts. The Renko indicator is perfect to be used together with the mt4 spread indicator. An order or arrangement of successive down blocks is an obvious statement there is a downtrend in the market.

A clear but violent trading strategy that tries to picture the trend is designed for the trader to use each new brick as a signal for direction. A buy signal is represented by an up block new while a sell signal is represented by a down brick new. A trader can decide to have a classy technical strategy by combining Renko chart indicator MT4 with other types of indicators. With a combination of the Renko chart indicator and 15 Exponential moving average indicators, a sell signal will be when Renko bricks break below the 15 exponential indicator.

A buy signal will be when the Renko bricks break over the 15 exponential moving average indicator. Basically, you will have to download the Renko charts from the Internet. You may possibly have it in the form of an indicator. Take the following steps to achieve a successful download: 1.

Download the indicator Renko Chart MT4 2. You will need to paste the indicator into this folder. Restart MT4. But this is not so with Renko Indicator MT4. Renko Indicator MT4 simply focuses on the price movement. It allows you to plot the median renko charts on the MT4 trading platform. The renko original chart indicator is quite easy to use.

We will get into more details of this later in the article. The next indicator is called the News reader. As the name suggests, this mt4 forex indicator is used for showing the news feed. This indicator is developed by mladen. And therefore you can replace this with a working version.

So, we can make the mt4 news reader indicator an optional one that you may or may not want to use with this trading strategy. Finally, we have the Forex Renko Zoomer Indicator. This is the main indicator that is used in this trading strategy. Forex Renko Zoomer Trading system template We then have the template file itself that comes with the Forex renko zoomer strategy. This template file is handy as it allows you to add all the indicators on to your chart. Below is a screenshot of how the default Renko Zoomer Template.

But it is easy for you especially if you want to monitor multiple charts. It also goes without saying that when you use the renko zoomer template file, it should be loaded on your median renko bars that you have already loaded onto your metatrader 4 trading platform. So, the first step to go about using the forex renko zoomer system is to load the median renko bar indicator. Setting up forex renko zoomer strategy MT4 The first step after you get all the files and move them your folder is to get started with configuring your MT4 renko charts.

The median renko indicator for metatrader 4 comes with a lot of configurations. This indicator will create the offline median renko chart using a custom timeframe. Median Renko Indicator Configuration To keep things simple, we will not look into all the configurations.

Just leave most of it as is, except the following. Here, you only need to pay attention to the box size 1. The number you will input here is based on the pips. Which means that if you want a 10 pip chart, then input 10 four decimals. Using the offline charts in mt4 Once you set up this, you can also choose which offline chart time frame it is that you want to use. Input any custom value for the time frame 1 section. Use a value like 3, 7, 8, 17 and so on.

Just make sure that the offline chart time frame is not any of the default values. In the metatrader 4 trading platform you have the default chart time frame values of 1M, 5M, 15M. So use any value as long as it is not one of the default values. Once you have this done, go to File and click Open offline from the main menu of your metatrader 4 platform. This will open a window from where you can select the offline chart you created.

Loading the forex zoomer strategy template on mt4 Now that you have your offline chart ready, the next step is to load the template itself. To do this, you can either right click on the chart and select the renko zoomer template which is easier.

The other way is to manually drag and drop the forex renko zoomer indicator onto the chart. When you do this, you will be prompted for configuring the indicator. It is optional on whether you want to add the news indicator to the metatrader 4 chart as well. When the indicators are loaded, this is how your new trading system looks like on the mt4 platform. Forex Renko Zoomer System Just remember that when you leave most of the settings to default, you will also leave the notification settings to true.

This means that whenever there is a buy or a sell signal, you will be alerted via pop up. You can of course disable the notification, but I suggest not to do that. Forex renko zoomer strategy mt4 trading signals One interesting aspect about this forex trading system is that the trading signals are easy to use. The main reason is because this forex trading system uses the median renko charts. As a result, traders will find that the buy signals and sell signals are easy to understand.

Buy signal A buy signal for this forex trading system is created when the median renko bars are green bullish. You will get a buy signal when the renko zoomer indicator alerts you with an up arrow. After the confirmation bar closes, you can then take a long position at the close. The below chart gives an example of the buy signal. Renko zoomer strategy — Buy signal Sell signal A sell signal for this forex systems can be found when you see the opposite of the buy signal.

Here, the median renko bars must be red bearish. Following this, you should then wait for the renko zoomer indicator to alert you with a down arrow on the chart. Renko zoomer strategy — Sell signal As you can see from the above examples, while the chart and signals might look amazing visually, the actual pip count in profits are quite small.

Does the forex renko zoomer strategy mt4 really work? By now you must be curious to know whether this metatrader 4 renko chart based system really works or not. Firstly, the median renko chart does not repaint. Now this is a good thing to have as traders know how bad a repainting indicator can be.

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