*** When evaluting this product over Strategy Tester, please use M1 timeframe with your preferred pair. Recommend SP500/US30/STOXX50/DAX/JPN225 for 1-2 hours after market open, Nonfarm payroll or Fed meeting. ***
Renko+Supertrend is one of most favorite combinations used by day traders of stock index futures. While rapid price moving right after market opens, Renko is well known to amplify the magnitue of bars, thus enhancing associated indicator's sensitivity.
There're a bunch of tutorial video at Youtube for Renko trading practice over Sp500/Dj/Nasdaq futures. You could search "Renko Emini", "Renko Futures" or "Renko Sp500" over there.
This MT5 indicator transforms M1 bar + latest 2000 tick data to Renko bricks shown at subchart. Most MT5 Renko products use main chart approach but it evitably takes different symbol name that hardly makes direct chart trading. That's why this product takes subchart approach - so traders could quickly place orders during hot sessions.
This indicator provides 2 SuperTrend & 2 Moving Averages as builtin.
As it's mainly used for stock index futures trading, I also supplements 3 stock session markers of US/Europe/Japan markets. Below algorithms are embeded for auto calibration:
- US and Europe's daylight-saving time
- Your broker time to GMT
- US NYSE holiday schedule formula
IF YOU NEED YOUR OWN FAVORITE INDICATOR OVER IT, YOU MIGHT CONTACT ME SEPERATELY FOR CUSTOM WORKS.
BrickSizeByPoint - for US30, if your broker's 10pips is 10.0, set 100 points as brick size. if 10pips is 10.00 (e.g. ICMarket), set 1000 points.
BrickSizeByPercent - you could use price percentage as brick size. if setting non-zero value, this variable will override above ByPoint.
SuperTrend - I put 2 supertrends. first one is set default as on and another is off. you may set both on or shut both off.
"SuperTrendPeriod" & "SuperTrendFactor" - there're two variables of supertrend.
the period is in fact the atr period - higher period leads to less sensitive to market moves.
the factor is the multiplier of atr range adding to bar median price (i.e. (high+low)/2) - higher factor value results in wider range.
MovingAverage - I put 2 MAs. both are set default as off. you may turn that on if required.
Each MA has its own setting for period/calculation/color/width. that should be pretty straightfoward.
Stock session marker - each session marker has its own color and switch. defaults are set off.
Note: MT5 used to have slower sync time for different timeframe. This Renko indicator heavily relies on M1 bars + 2000 latest tick data. If you don't instantly see renko on charts, please switch over another timeframe to speed up.