renko trend indicator

renko trend indicator

Scotlowry indicator MTF

Three moving averages with MTF filter

Submit by FreddyFX

Renko in trend strategy is a trend following trading system based on three moving averages filtered by an multitime frame indicator. This strategy can be used also withot renko chart. This strategy is very easy and profittable.

Time frame 15 min or higher. Best time frame 30 min and 60 min.

Box size 3 pips or higher.

Currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, GOLD.

Metarader Indicators:

Exponential moving average 4 period close;

Exponential moving average 14 period close;

Exponential moving average 40 period close;

Scotlowry indicator MTF;

Pivot points levels.

Trading rules Renko in trend strategy

Trading in the direction of time frame 60 min 4H.

Trend up EMA 14>EMA 40

trend down EMA 14<EMA 40

Buy

EMA 14>EMA 40

Timing EMA 4 >EMA14

Place initial stop loss on the last swing low.

Make profit discretionary or athe pivot points levels.

Sell

EMA 14<EMA 40

Timing EMA 4 <EMA14

Place initial stop loss on the last swing low.

Make profit discretionary or athe pivot points levels.

In the pictures Renko in trend strategy in action