The “RenkoMaker pro Trading System” is a simple trading tool designed primarily to trade in the Forex Market successfully and consistently. Although it is possible you can use to trade in the stock market, gold and other.
The System is based on a Renko Chart that predicts the price micro trends with amazing probability! In our opinion this trading tool works better than all other system that we’ve tried because it uses a brand new trading algorithm and micro trends determination system!
The main principle of the indicator is a custom trading indicators composite + micro trend indicator + price action false signals filter – All in one!
The “RenkoMaker pro” will print color arrow and trend informer directly on yourcharts, plus, you will get a popup alert and email alert whenever there is a newtrading signal.
The hit rate of the system is up to 90+% in most currencies if you follow our recommendations!
You can expect up to 1500+ pips per trade
Renko Maker Important recommendation
We advise that you read and make sure you understand the entire system before putting it into practice. Experiment and gain experience in demo accounts before trading with your own money. If you find that you need further help or have any questions, do not hesitate to contact our technical department.
Renko (derived from the Japanese word “renga” or brick), is based on movements in price and not time. There must be a particular size of movement or the chart ignores it.
Renko charts predate the traditional PPS chart and were developed at least four centuries ago. Grounded in the “Renga”, the Japanese word for “brick”, Renko charts present a representation of the PPS movement not unlike a swing or three line break chart.
Unlike swing and three line break charts, the OHLC format is replaced by “bricks” which indicate the “trend” while filtering out small variations from the trend.
In classical Renko charts, not subject to tricks mentioned later, a brick is drawn in the direction of the prior move if and only if the securities price moves with a particular strength/magnitude; with a strength/magnitude indicated by the brick size.
Only when the price moves at least one brick size will the Renko chart add a brick — even if it takes several days to generate such a movement!
Thus, Renko charts ignore time and track ONLY the movement of the price regardless of how long it takes to register a change of sufficient magnitude/brick size.
The construction of the chart is simple — If prices move more than the Brick size above the top (or below the bottom) of the last brick on the chart, a new brick is added in the next chart column. Hollow bricks are added if prices are rising. Black bricks are added if prices are falling.
Only one type of brick can be added per time period. Bricks are always with their corners touching and no more than one brick may occupy each chart column. (Note: Some people use this coloring scheme, but others use customs colors.)
It’s important to note that prices may exceed the top (or bottom) of the current brick. Again, new bricks are only added when prices completely “fill” the brick.
For example, for a 5-point chart, if prices rise from 98 to 102, the hollow brick that goes from 95 to 100 is added to the chart BUT the hollow brick that goes from 100 to 105 is NOT DRAWN. The Renko chart will give the impression that prices stopped at 100.
More example, a 10 pip Renko chart would plot the bricks when price moves (and closes) 10 pips higher in an uptrend of 10 pips lower in a downtrend.
One of the distinctive advantages Renko charts have to offer is the fact that they are not time dependant. Therefore, new Renko bricks are plotted only when price moves up or down for the specified number of pips.
Renko charts are used to determine the following about a security:
- Easy identification of support and resistance lines.
- Easy identification of continuation patterns such as triangles.
- Identification of reversal patterns such as head and shoulders, triple tops, double bottoms and other classically accepted reversal patterns.
- Discovery of trends and their reversals that cannot be “seen” on a PPS chart.
- Refine our abilities to daytrade/swing a chart as to build up our accounts.
HOW TO USE Renko Maker Forex Trading System
This System based on Renko Chart, so at the first time before using the system is Installing Renko Chart. How to install you can follow the instruction below:
1.Extract file RenkoMaker Pro.ZIP and open folder expert then copy file ”RenkoLiveChart_v3.2.ex4” paste into your MT4 folder: …your MT4\MQL4\experts.
2. Back to your system folder, open folder Indicators, copy files: MTFTrendBar.ex4, RenkoMaker_Confirm.ex4 then paste into …your MT4\MQL4\Indicators.
3. Copy file: RenkoMaker Pro.tpl and paste into…your MT4 folder\Templates
4. Open your Metatrader
5. Open your preferred Pair e.g: EUR/USD and select Time Frame M1. Zoom out to smallest chart then press HOME key on keyboard several times. We do this step to get history data minimum 1 to 2 month ago.
6. Click Tools>Options
7. Click Tab Charts and check all boxs, Insert 9999999999999 to field Max bars in history and Max bars in chart.
8. Click Tab Expert Advisors and make sure to check all options like this picture below:
Then press OK
9. Drag and Drop file: RenkoLiveChart_v3.2 into your chart. We recommended to set the expert by DEFAULT. With RenkoBoxSize 10.
10. Restart / reopen your Metatrader
11. Click Tab File -> Open offline
12. If previous selecting Pair is EUR/USD, find Pair EUR/USD M2. Click Open.
13. If you success until this step you will get Renko Chart BoxSize 10
14. In the last step attach RenkoMaker Pro template into your chart
Renko Maker Forex TRADING RULES
- BUY when color of both indicators = Lime (Candle Closed)
- SELL when color of both indicators = Red (Candle Closed)
- CLOSED at the first opposite color of signal indicator (Candle Closed)
- TAKE PROFIT AND STOP LOSS you can set by your own target manually or follow the “ CLOSED” rule of the system. It mean that whatever you loss or profit you close your position whenever signal indicator show the first opposite color (Candle Closed )
We recommended to trade FOLLOWING THE TREND. Trading against trend might you get profit but it will be higher risk.You can see “MTF-TrendBar”indicator in the TOP RIGHT corner to get recent trend info. Use trend of Time Frame H1-above
Lime = trend UP
Red = trend DOWN
DarkGray = Sideway/ Flat Market
DO NOT BE LATE enter the Market. When in the closed candle both indicators formed same color, at the same time you Open Position immediately. As well as you closed your position. So you can maximize your profits.
If you see sideway market signed by flat candle movement, DO NOT ENTER the market. Or if you are in the market, just exit.
For Good result of your position. Buy in the lowest (oversold) and Sell in the highest ( overbought). Use DAILY RANGE to define this rule.
Renko Maker Forex MONEY MANAGEMENT
Money management is a very important concept that has an enormous effect on drawdowns and margin calls.
The cardinal rule of money management is the following:
You should ONLY RISK 1-3% of your account on any single trade. You may have heard this rule hundred times before, but it is amazing to see how many good traders fail to comprehend this concept – and don’t understand why they are wiped out again and again, despite great entries and timing of trades.