Naturally, at first I was excited to give this forex trading strategy a try. After the initial excitement faded quickly, however, I’m now skeptical about the financial viability of the forex trading strategy.
If you practice more, there may be a better chance to get comfortable with the forex renko strategy.
The strategy’s title suggests that it is compatible with median renko chart.
Trade before you make a trade
These are some things you should remember before you start this strategy.
- This strategy is only compatible with the MT4 trading platform
- It is possible for your trading terminal’s speed to drop a little
- You will not make profits right off the bat (some improvements/personalization is required)
- This strategy will not be without risk and good money management.
- Understanding how renko chart work is essential. Particularly, it is important to learn how median Renko charts function.
Don’t let the trend and price movement on the charts fool you. You will need to be a bit creative in order to make consistent profit with this strategy.
We’ll get to the bottom of this trading strategy.
The forex renko zoomer strategy is available for MT4.
While I won’t get into all the technical details of how to download forex renko, it is possible to do a Google search. You won’t need to spend too much time searching for the download link of forex renko Zoomer Trading System. While there is a sales page for this, sadly, the purchase link doesn’t take you nowhere.
Contacting the developer was also unsuccessful. It is highly likely that this trading system, which was quite impressive, has been removed. Fortunately, the community makes it possible to download this trading software from many different places.
In case you still can’t find it, you can contact PM me via Twitter or Facebook.
Forex Renko Zoomer Strategy, MT4 indicator
Let’s quickly break down the different indicators that you get as part of the Forex renko zoomer strategy. First, there are only three indicators in this renko zoomer file download. All of these indicators may be used with the forex trading system.
Beginning with the obvious, let’s start at the beginning. Indicator for the renko chart original.ex4 indicator. The most significant indicator. This indicator allows you plot the median renko chart on the MT4 trading platform.
Easy to use, the renko original charts indicator. The article will go into greater detail about this.
The next indicator, the Reader News.ex4. The mt4 forex indicator, which is named “ex4”, can display the news feed. This indicator was created by mladen. You can also replace it with the working version. We can also make the optional mt4news reader indicator available for you to use in conjunction with your trading strategy.
We have finally the Forex Renko Zoomer indicator.ex4. This indicator is key to this strategy.
Template for Forex Renko Zoomer trading system
You will then find the template file included in the Forex renko-zoomer strategy. The template file allows you to include all indicators to your chart.
This is how your default Renko Zoomer Template.tpl looks when it’s added to metatrader 4, as shown below.
As you can see, the zoomer strategy doesn’t quite require the template. However, it’s easy to do, especially if multiple charts are being monitored.
Also, the renko-zoomer template file should be loaded to your median renko bar indicator that is already loaded into your Metatrader 4 trading platform. The first thing you need to do to use the forex renko system is to load and configure the indicator.
After you have moved all files to your folder, the next step is to configure your MT4 Renko charts.
You can configure the median renko indicator in metatrader 4, with many options. This indicator can create an offline median chart with a specific timeframe.
We won’t go into every configuration to keep it simple. Keep most of the configurations as they are, except for these.
This is all you need to do. Size of the box 1. This number is calculated using the pips. This means you can input 10 decimals to get a chart with 10 pip.
Use of the offline charts in Mt4
You can choose what offline chart period you would like to use once you’ve set it up. You can also enter any special value. Time frame 1. section. You can use a number like 7, 8, 17, and so forth. You should make sure that your offline chart does not use any default values.
Metatrader 4 allows you to choose between three default charts timeframe values: 1M-5M or 15M. You can use any value, as long it’s not one of these default values.
Once this is done, you can go to Do not forget to save You can click Online From the main menu on your Metatrader 4, platform. You will be able to select an offline chart that you have created by clicking this button.
Downloading and loading the Forex Zoomer Strategy Template on MT4
Once you’ve created your offline chart, it is time to download the template. This can be done by clicking right on the chart, or selecting the renko-zoomer template.
Another way to add the forex renko Zoomer indicator is to drag it onto your chart manually. Once you’ve done that, an prompt will appear asking you for configuration information. Assuming that you are using the forex renko zoomer strategy for the first time, don’t make any changes.
Optional: You may also add the news indicator the the metatrader4 chart.
This is the result of loading the indicator.
Remember that if you set most settings as defaults, the notifications settings will remain true. You will receive a pop-up notification whenever there’s a buy signal or sell signal. The notification can be disabled, however I do not recommend it.
Mt4 forex trading signals: Forex renko zoomer strategy
Therefore, traders will be able to easily understand the signals for buy and sell.
The median renko bar is green, which indicates a buy signal. A buy signal will be given when the renko Zoomer indicator indicates that there is an up arrow. Once the confirmation bar is closed, you will be able to take a position at the close in a long trade.
This chart shows an example of a buy signal.
Signal to sell
If you get the sell signal, it is possible to find a forex system. This means that the median renko bars should be red (bearish). Then, wait for the renko Zoomer indicator to notify you by displaying a down-arrow.
The chart and signal above show that while it might appear visually stunning, the pip count is actually quite low in profit. And also let’s face it. Catching the start of a strong trend isn’t that simple as it looks to be.
Can the Forex renko zoomer strategy Mt4 actually work?
Now you might be interested in finding out if this metatrader 4 Renko chart based system actually works.
Well, let’s go through this in detail.
First, the median-renko chart doesn’t repaint. This is an important thing, as traders are well aware of the potential dangers of a repainting indicator.
The second view is the median renko graph, which may be the most clear view of price movements.
The renko indicator shows you the trend. This trading strategy is not technical and can be profitable. It would be nice to know the source of this indicator.
Unfortunately, I don’t have much info to help me. The indicator I consider to be the true strength of the forex zoomer strategy, mt4. This indicator is a great complement to the median-renko charts.
If the trend is strong this median-renko forex strategy could provide some very good returns. You will receive a lot of signals to buy or sell in sideways markets. You should exercise caution when using this strategy.
The renko zoomer overall is quite good. This is mainly because it isn’t a repainting indicator.
Don’t forget risk and money management
This trading system can be very addictive. It is important that traders keep their feet on the ground. From the initial configuration, to making trades, your risk management begins.
To get maximum results, trades must be managed well. You can easily get overwhelmed by the trading environment. You should also be aware of this.
Is it possible to make this trading system more renko?
The barebones method was too easy and susceptible to misinterpretations when I first tried this strategy. The renko indicator is not able to repaint so prices can fluctuate quite a lot, and can cause losing trades.
Parabolic SAR seems to be a great way to establish your stop points. This can also be used to track the stops. You could also use the ATR stops method. PSAR is most effective when there’s a steady trend.
It is important to mention that this system is not without risk. It is not easy to use offline charts, so this is an important point.
Forex renko zoomer strategies can be used in all markets. Keep your focus on the major currency pairs. It is possible to start with the majors. You might also consider liquid currency pairs.
The accuracy of the signals will amaze traders. The indicators don’t repaint. It is easy to visual backtest signals from your Metatrader 4.
I found many websites that sell this lucrative trading strategy when searching the internet. There are many people who sell the indicator on eBay and elsewhere. Don’t fall for the scam.
This strategy’s main developer has stopped supporting it. If you shop at a site like eBay, then you know you’re being ripped off.
The forex renko zoomer strategy mt4 can be described as neutral. It is better than most other strategies. However, there are still some improvements to be made. You can share your experiences with this setup by leaving comments.