The Renko Line Break Forex system for Metatrader 5 offers reliable trading signals based on an easy-to-use Renko-based trading channel.
This trading system is suitable for scalpers, day traders, and swing traders, accommodating various trading styles.
Identifying the overall trend with this trading system is straightforward:
- An upward sloping Renko channel indicates an uptrend.
- A downward sloping Renko channel suggests a downtrend.
It is advisable to familiarize yourself with the Renko based trading system and thoroughly test it on a practice account for an extended period.
Users can customize the system through configurable parameters and input settings, such as the Renko box size and used colors.
To learn more about trading Forex using the Renko Line Break Forex system, please continue reading below.
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renkolinebreak.mq5 Indicator (MT5)
Chart Example
The following image shows how the Renko Line Break Forex system looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Renko Line Break Forex System?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the candle closes above the upper blue colored Renko channel line.
- Initiate a buy transaction and place your stop order below the red colored Renko channel line.
- Exit the buy trade for a fixed take profit target of your preference.
- Alternatively, await a valid sell signal.
Sell Signal
- A sell signal is triggered when the candle closes below the lower red colored Renko channel line.
- Open a sell trade and place your stop order above the blue colored Renko channel line.
- Exit the sell trade for a fixed take profit target of your preference.
- Alternatively, await a valid buy signal.
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renkolinebreak.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 renkolinebreak.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