Pairs:EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY, EURJPY, GBPJPY, AUDJPY, CHFJPY, CADJPY, GBPCHF, EURGBP.
Box Size: 5 pips or higher (10 pips recommanded)
Indicators
Tick Value – It will display the value of 1pip (minilot) and the spread.
IINwmarrows – Shows when to sell and when to buy.
SMC4Scalper Candles v3.1
SMC4Scalper Candles v3.1 – We will use this indicator instead of heiken ashi , provides more details other than buy/sell colors, like if the price is moving above the open of the candle it will display a Aqua box and if the price is moving below the open of the candle it will display a Gold box.
Two Moving Average Channe
Two Moving Average Channel – We will be using 2 Smoothed Moving averages, one based on the High prices and one based on the Low prices to create a channel. This concept has been taken from the Synergy system; it helps identify Range bound/Trending and breakout Scenarios. It is also to be used to place our stop loss which would be on the other side of the channel.
MA_In_Color_wAppliedPrice
MA_In_Color_wAppliedPrice – We will use a Linear Weighted MA in Color of 10 periods to see the next probable direction for a 100pips of movement.
MACD with Alert
MACD with Alert – We will be using a MACD (Moving Average Convergence Divergence)
Indicator to see the crossover of 10 EMA vs 20 EMA and Convergence/divergence between them, We will be using a 5 periods Signal SMA on the MACD. So what you’re basically seeing is a 100 pip average vs. a 200 pip average with a 50 pip signal line on the MACD in the Renko Chart. This indicator will generate a sound and popup box alert.
Wick-O-Gram
Wick-O-Gram – This indicator will basically show you the wicks generated by the renko candles in a histogram window. Green bars means that the price went up before going down and red bars means the price went down before going up. You can also see how many pips the size of the wick by placing the mouse cursor over the bar, It should show you the + or – pips so you have the details. Histograms showing how many pips price went against the trend before heading back into the intended direction.
Renko AM
RenkoAM_v2.0 – This is the most important indicator of the Renko Ashi 2 system. You have to know that there is a flaw in the renko chart and that is the absence of Time, you can really never know how much time it took for one candle to another looking at a renko chart, further more you can really never tell if there was a sudden big movement and the renko chart shows you a trend, but in actuality
it was not a tradable scenario because the movement was too fast to be able to trade, like for example a big sudden movement due to news, spikes or volatility.
For this reason we will need to pay attention to this indicator, It displays the time taken for the renko bars in a histogram, Now it’s not much of a concern if it took more time for the renko candle to close,
But it is of Major concern if it takes too little time or due to the sudden big movements, So we use this indicator to detect untradeable scenarios.
The green bars on the histogram grows every minute more the Renko candle takes and the maximum a green bar can grow is 30 minutes (you can change the settings for more). I have put a horizontal red line on 5minutes, so if the green bars and renko candles closes below the red line, it is probably an untradeable scenario and not actually a tradable setup.
RULES
Buy
Buy Rules
1. Make sure the candles are green in color
2. Make sure the MA_in_applied price is blue
3. Make sure the candles are broken out of the 2 Moving Averages channel
4. Make sure the MACD is flipped Up and Signal is Green
5. Enter a Buy and place the stoploss on the other side of the 2 moving averages channel.
Sell
Sell Rules
1. Make sure the candles are red in color
2. Make sure the MA_in_applied price is red
3. Make sure the candles are broken out of the 2 Moving Averages channel
4. Make sure the MACD is flipped Down and Signal is Red
5. Enter a Sell and place the stoploss on the other side of the 2 moving averages channel.
