53# MT4 Renko Trading

Submit by Marc

MT4 Renko Trading is a very simple strategy created only for renko chart and Metatrader 4 platform. This is a trend following strategy based on Bollinger Bands as trend filter, fast simple moving average and Arrow with alerts. The main featrure of this trading system is that an very speculative strategy becouse generates many trades with good profittability.

Renko box 8 pips or higher.

Currency pairs EUR/USD, AUD/USD, USD/JPY, EUR/GBP, USD/CHF, EUR/CHF, GBP/USD, NZD/USD, GBP/JPY.

Metatrader 4 indicators:

Arrow with alert.

Bollinger Bands period 20 deviations 3.0.

Simple moving average 3 period, close.

Trading Rules MT4 Renko Trading

Buy

Renko chart close above meedle band.

Arrow with alert and simple moving average 3 period crosses upward meedle band.

Place initial stop loss 2X box size +2 pips.

Profit Target 2 X box size +2 pips.

Sell

Renko chart close below meedle band.

Arrow with alert and simple moving average 3 period crosses downward meedle band.

Place initial stop loss 2X box size +2 pips.

Profit Target 2 X box size +2 pips.

This strategy also generates false signals but you have to stay calm because it is able to recover.

In the pictures MT4 Renko Trading in action.

Share your opinion, can help everyone to understand the forex strategy.