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trade long enough with Renko, you will notice that in strong trends you will have correction of 1, 2 or 3 boxes (or other numbers, depends on box size). Renko, averages and indicators (RSI, macd) Trade examples gbpjpy, box size.2 Lets start with an easy one. The Pink, eMA (89) is used as a indicator of the overall trend.
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Correction example.10. There are few signals which we can take to enter short. For all the time of move up, it was holding above that blue support line. Renko plugins for MT4 and did not found any good one. Problem is, there is no golden rule to set correct box size. Renko bricks, renko software, problem is that not every trading software has it build. Money management is more than 50 of success. It is a hard part to decide when to close trade when something goes wrong. As you can see, this was a false break and price started to move. Find the, renkoLiveChart _v2.1 indicator and attach it to the chart. Put the.tpl (Template) in the Metatrader/template folder. The trend is down, you see leg of red boxes.