The Adaptive Renko Metatrader 5 forex indicator is a technical tool that spots trends and gauges trailing stops.
The indicator consists of two distinctly colored dotted lines and two uniquely colored solid lines as well.
The dotted lines are known to act as upper and lower boundaries of the channel, while the solid lines are support/resistance lines.
One thing to note about the Adaptive Renko indicator is that it relies on the starting point for its calculations.
This implies that if the maximum number of price bars within a terminal window is altered, the location of the indicator on the activity chart will also alter.
Free Download
Download the “adaptiverenko.ex5” MT5 indicator
Example Chart
The USD/JPY H1 chart below displays the Adaptive Renko Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the solid line of the Adaptive Renko Metatrader 5 forex indicator turns lime, while aligning itself below the candlesticks.
Sell Signal: Go short when the solid line of the Adaptive Renko Metatrader 5 forex indicator turns red, while aligning itself above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Adaptive Renko indicator pops up a red solid line slightly above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Adaptive Renko indicator puts up a lime solid line fairly below the candlesticks.
Tips: Since the Adaptive Renko indicator is a trend following technique, there are times when it produces whipsaws, issuing signals near the end of short-lived trends.
Howbeit, the indicator offers traders the opportunity to ride the main portion of significant trends.
Download
Download the “adaptiverenko.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (multiplier, indicator to calculate, period of volatility, price calculation method, the minimum thickness of a brick in points), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | support/resistance
Installation
Copy and paste the adaptiverenko.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)