Renko charts are based on PRICE, not on TIME. Renko charts update dynamically tick by tick.Renko charting is considered to be best in predicting the change in the market sentiment that precedes a new trend. Trend reversals are signaled by the emergence of a different color candle.An easy system to follow is to trade in the direction of the trend, and exit when it reverses. Support and resistance levels are easily seen on Renko charts.
Renko charts smooth out market noise, clearly show the trend, and detect reversals.
Renko charts are very effective for traders to identify key support and resistance levels. Buy/sell signals are generated when the direction of the trend & color of the candles changes.
Actual volume values are displayed for each Renko candle.
What Renko charts can show even without any indicators (summary):
3. Support and resistance levels
4. Buy/sell/exit signals
5. Actual volume
In this version,you don’t need to watch and wait in front of your chart to get 3 indicators confirmed.You will get alert immediatelly every these 3 indicators have the same signal and confirmed each other.
Enter trade BUY when you get alert “ BUY ”.(RenkoStreet STF=lime,RenkoStreet_Channel=lime,RenkoStreet_Trend=lime)
Take profit on the horizontal line above your position.Or 10-15 pips before the horizontal line above your position.
Stop Loss on the Horizontal Line below your posistion.
Enter trade SELL when you get alert “ SELL “.(RenkoStreet STF=red,RenkoStreet_Channel=red,RenkoStreet_Trend=red)
Take Profit on the horizontal line below your position.Or 10-15 pips before the horizontal line below your position
Stop loss on the horizontal line above your position.
If you have take profit with long distance from your position,you might want to save your trade by trailingstop.This trailingstop will move your SL to save your profit.Pips by pips depending on your setting.Right click on your positionTrailing Stop choose your trail,recommended 20-30 pips.
Renko Street Free Download Links
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