The Renko Street Indicator V2.0 for MT4 is a popular trading tool that leverages Renko charts to provide a clear and noise-free representation of market trends. This indicator is designed to simplify trading decisions by filtering out market noise and focusing on significant price movements.

Renko Street Indicator V2.0 MT4: A Comprehensive Guide

Introduction

The Renko Street Indicator V2.0 for MT4 is a powerful tool for forex traders, designed to simplify chart analysis and enhance trading strategies. This indicator uses Renko charts, which focus on price movement rather than time, providing a clearer picture of market trends and potential entry and exit points.

Key Features

• Platform: MetaTrader 4 (MT4)
• Chart Type: Renko
• Indicators: Includes multiple indicators for comprehensive analysis
• Customization: High level of customization for different trading styles

Strategy Details

The Renko Street Indicator V2.0 follows a combination strategy that can be tailored to suit various trading preferences. It is not specifically a martingale, hedging, or scalping system but rather a versatile tool that can be adapted to different approaches.

• Minimum Deposit: $100
• Time Frame: Any (Renko charts are not time-dependent)
• Currency Pairs: Major and minor pairs
• Lot Sizes: 0.01 lots and above, adjustable based on account size and risk tolerance

Trading Strategy

The indicator employs a trend-following strategy, identifying potential reversals and continuation points. Here’s how it works:

• Trend Identification: Utilizes Renko bricks to highlight trends without the noise of time-based charts.
• Entry Points: Signals are generated when Renko bricks change color, indicating a potential trend reversal.
• Exit Points: Exits are suggested when an opposite signal is generated or a predefined target is reached.
• Risk Management: Incorporates stop-loss and take-profit levels based on recent price action and volatility.

Advantages

• Clarity: Renko charts eliminate market noise, making trends more visible.
• Flexibility: Can be used on any time frame and with any currency pair.
• Customizable: Adjust settings to match your trading style and risk preferences.

Recommended Settings

• Minimum Deposit: $100
• Time Frame: Any (best suited for intraday and swing trading)
• Currency Pairs: Major pairs like EUR/USD, GBP/USD, USD/JPY
• Lot Sizes: Start with 0.01 lots, adjust based on account size and risk management rules

Trading Approach

• Non-Martingale: Avoids the high-risk strategy of doubling positions after losses.
• Non-Hedging: Focuses on clear trend signals without opening multiple opposing trades.
• Scalping-Friendly: Suitable for quick trades but can also be used for longer-term positions.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

Indicators:

• RenkoStreet_channel.ex4
• RenkoStreet_STF.ex4
• RenkoStreet_Trend.ex4
• RenkoStreetAlert.ex4

Templates:

• RenkoStreetV2.tpl
• RenkoStreetV2_BlackWhite.tpl
• RenkoStreetV2_brown.tpl
• RenkoStreetV2_deep.tpl
• RenkoStreetV2_light.tpl
• RenkoStreetV2_soft.tpl