The Adaptive Renko indicator for Metatrader 5 is based on the Renko trading method and provides solid buy and sell signals to Forex traders.
It converts the classic Renko bricks into easily understandable colored lines indicating buy and sell trend signals.
Here’s how you should interpret the Renko trading signals:
- A buy trend occurs when the green colored Adaptive Renko line gets displayed on the chart.
- A sell trend occurs when the red colored Adaptive Renko line gets displayed on the chart.
The indicator offers the following inputs and parameters for customization: multiplier, indicator to calculate, volatility period, price method, brick in points.
The Adaptive Renko indicator works for any trading instrument supported by the Metatrader 5 charting platform.
Familiarize yourself with this technical analysis tool and test it first on a demo account before applying it to a real account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
adaptiverenko.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Adaptive Renko Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The Adaptive Renko Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is confirmed when the green colored Adaptive Renko line appears in the price chart.
- Place a stop order below the green colored line.
- Take profit method 1: close and reverse the buy trade when the red Renko line is shown on the chart.
- Take profit method 2: exit the buy trade for a predetermined pips target.
Sell Signal
- A sell signal is confirmed as soon as the red colored Adaptive Renko line gets displayed in the price chart (see chart example above).
- Place a stop order above the red colored line.
- Take profit method 1: close and reverse the sell trade when the green Renko line is shown on the chart.
- Take profit method 2: exit the sell trade for a predetermined pips target.
Download Now 🆓
adaptiverenko.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the adaptiverenko.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration