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Renko Scalping Indicator
Renko scalping indicator is a Forex scalping MT4 indicator based on Renko charts.
This is a simple trading tool and is suitable for all-level traders.
This indicator forms a signal in blue, red, and orange bricks. Also, it places a blue and red horizontal line directly on the MT4 chart.
Go long after the blue line appears on the chart.
Go short after the red line appears on the chart.
This MT4 indicator works in all time frames and currency pairs.
The default settings of this indicator can be modified discreetly from the input tab.
BUY trade setup:
First, Wait for the Renko charts to form 3 blue bricks and the price to reverse up.
Now, determine the price corresponding to the three blue bricks and set the BUY order.
Behind the probable entry point, Set stop-loss to the low level of the three blue bricks.
SELL trade setup:
Wait for the Renko chart to form 3 red bricks.
Price to reverse down.
Find the price corresponding to the low of the three red bricks and set the SELL order.
Behind the probable entry point, stop loss at the price corresponding to the high of the three bricks.
It doesn’t coincide with candlesticks. So, you should constantly look at this indicator to determine whether momentum is reversing or not.
And, there are many ways to trade in the Renko Scalping MT4 indicator.
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