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The MetaTrader Adaptive Renko indicator is a trend-following, non-repaint forex indicator. This powerful MT4 trading tool was built in accordance with the Triangular Moving Average (also known as the TMA Renko strategy).
Trading with the TMA Renko Strategy (which can be a bit complicated to understand) is easy with this indicator. It’s simple to use and produces a similar result as those who trade manually with the TMA Renko Strategy.
The Adaptive Renko indicator can be used to trade market reversals or trending markets accurately. It is a useful tool for novice traders who don’t have much knowledge about the Renko trading system. Professional traders can also save time using the indicator as it does the analysis automatically.
Is Adaptive Renko Trading profitable?
Renko trading system is one among the most profitable in the financial trading industry. It gained popularity after high-quality traders who used the Renko approach to trading could record high trade accuracy. However, the system can be difficult to understand for forex traders new and old. This indicator (Adaptive Renko), is invaluable.
What Timeframe is the Best for Adaptive Renko Charts?
You can use the Renko chart on any time frame that suits your trading style. However, for scalpers, lower time frames work best. For day traders and swing traders, higher time frames work best.
Adaptive Renko Indicator BUY/SELL Signals
This is how the Adaptive Renko indicator will look after installation. It comes with two sets (RED and GREEN), dotted and bold lines. The dotted lines can be used to gauge channel fluctuation. The bold lines double as support/resistance levels, and BUY/SELL signals.
It is worth noting that the Adaptive Renko indicator should be used in conjunction with price action to optimize entries/exits. This will help you filter out false signals, and ultimately increase your trade success rates.
BUY Setting: The Adaptive Renko indicator indicates a potential BUY/LONG setup once the GREEN line is drawn. To open a high-probability BUY trade after the price has shown a willingness (price action), you can refer to the screenshot above which shows a good BUY entry following multiple rejections.
SELL Setup When the RED boldline appears, it indicates an SELL/SHORT entry. To make sure you open a high-probability SELL entry, please wait for rejections at the support level. In this case, the REDbold line.
Keep in mind that you should always have a realistic Take-Profit or Stop Loss when trading. A ratio of 2:1-3 is a common fact.
Conclusion
The Adaptive Renko indicator MT4 is a great trading tool. You might consider adding it to your chart to see how accurate they are.
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