ChartReader

This indicator shows the trend based on two configurable moving averages.

A custom calculation shows market volatility in the lower frame. Higher bars mean higher volatility. The chart also shows suggestions for buy, sell or close with the help of arrows. It is possible to set minimum volatility for entry points and to set time filtered alerts.

This indicator is useful to judge trends or market volatility, for example to catch good periods for scalping.


Parameters

  • Volatility Period - volatility indicator period.
  • Channel Period - amount of candles analyzed for opening.
  • Minimum Threshold - minimum volatility to show BUY/SELL arrow.
  • Arrow Size - size of indicator arrows on chart.
  • Buy Color - buy color in MQL standard color codes.
  • Sell Color - sell color in MQL standard color codes.
  • Fast MA Period - Period for fast MA.
  • Fast MA Method - moving average calculation method for fast MA.
  • Fast MA Shift - Indicators line offset for fast MA.
  • Fast MA Price - applied price for fast MA.
  • Slow MA Period - Period for slow MA.
  • Slow MA Method - moving average calculation method for slow MA.
  • Slow MA Shift - Indicators line offset for slow MA.
  • Slow MA Price - applied price for slow MA.
  • Use Alert - whether or not you want to use alerts.
  • Hour Alert Start - starting hour of alert period.
  • Hour Alert End - end hour of alert period.
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PRO Renko System is a highly accurate trading system specially designed for trading RENKO charts. The ARROWS and Trend Indicators DO NOT REPAINT! The system effectively neutralizes so called market noise giving you access to accurate reversal signals. The indicator is very easy to use and has only one parameter responsible for signal generation. You can easily adapt the tool to any trading instrument of your choice and the size of the renko bar. I am always ready to provide extra support to help
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