If we simply define Renko street trend no repaint so it is a trend following system that does no repaint. This indicator work on Renko chart and used for any type of currency pair regardless of minor or major.
Renko street trend no repaint:
It combined with major Renko indicator to develop a strategy. It was developed for medium and professional traders. It is developed on simple barded graph predicting exit trade and take profit. Valid signals only show when three indicators confirm same direction.
What is Renko chart?
Renko chart is used to predict the change in market move and the start of new trend.
It helps to identify support and resistance level and generate signals for trend start, move back/backwards and it use candles to show the market trend. When a trend starts its time for trading and when it moves back/backwards just put a stop or exit a trade.
Files that Renko street contains:
- Renko Street channel
- Renko Street MTF
- Renko Street PV
- Renko Street TL
- Renko Street Trend
Features of Renko street trend no repaint:
Platform: Meta trader 4
Time frame: M1, M5, M15 etc. Even smaller times are important.
Assests: Currency pairs any AUD/USD, USD/JPY, EUR/USD, USD/CHF, GBP/USD, USD/JPY, AUD/USD, USD/CAD, AUD/USD and GBP/USD etc.
Interface: bared chat
Trade time: any regional time
Templets: Renko street and Renko Street+
Buying and selling signals:
Buying in Renko street:
Renko street shows green bars and upward trend start on chart.
Green dots appear and show price move a green trend
Selling in Renko street:
Renko street shows red bars and a downward trend on chart.
Red dots appear and predict price moves a red trend.
Exit a trade:
Using with a Renko chart develop an Renko EA system in it so automatically it gives give signal for take profit or stop loss/exit trade. These signals are always under the position line of trade.
Enter a trade when 3 indicators confirm each other’s direction and these profits taking signals are always above your position line.
Benefits of Renko street.
It comes with full manual guide which make it easier and user friendly.
Sometimes known as highly profitable.
It works for any currency pair at any time frame and you can also work in Asian time that mostly indicator does not consider.
Built in with other indicators it does show valid signal and it also does not repaint.
Its simpler structure even makes beginners as an expert trader.
It is capable to analyse diversity of price for any currency pair.
Demerits of Renko street:
Some cases are it does not provide valid signal all the time and also does it repaint some times.
It is based on high low prices and when a new high or low price is bigger/smaller than the previous it will repaint.
First alert is reported as false alert and sometime repeated alerts.
Sometimes it takes longer time to show alerts so it becomes risky.
Market is a complex place so it requires your practice.