Python FX Renko Indicator

Python FX Renko Indicator

About Renko
Renko charts are based on PRICE, not on TIME. Renko charts update dynamically, tick by tick. Renko charting is considered best for predicting the change in the market sentiment that precedes a new trend. Trend reversals are signaled by the emergence of a different color candle. An easy system to follow is to trade in the direction of the trend and exit when it reverses. Support and resistance levels are easily seen on Renko charts.

Renko Indicator charts smooth out market noise, clearly show trends and detect reversals. Renko charts are very effective for traders in identifying critical support and resistance levels. Buy/sell signals are generated when the direction of the trend & color of the candles changes. Actual volume values are displayed for each Renko candle.

Renko Strategy will send you a signal alert via platform pop-ups. This is helpful as it means you do not need to stare at the charts all day waiting for signals to appear, and you can monitor multiple charts simultaneously.

Python FX Strategy can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, binary options, precious metals, oil, gas, etc. You can use it Renko Chart or on any time frame that suits you best, from the 15-minute through to the 4-hour charts.

How to Install (Important)
How to Use the Renko Indicator
A Green arrow represents a buy signal.
A Red arrow represents a sell signal.
It does not require detailed analysis: use arrows and two indicators in the second indicator windows as entry signals. The Green Buy arrow, TMA centered MACD, and the UOPTrader MACD Aqua color should indicate the BUY Signal. If the Red Sell arrow, TMA centered MACD, and the UOPTrader MACD Red color shows a SELL Signal.

Exit position
You can take profit from your order at the opposite signal or use the risk-to-reward ratios.

On the last swing, high for Sell trades.
On the last swing, low for Buy trades.
Close to important support/resistance area.
Or exit on the opposite signal.