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Kenko Trend Indicator mt5

35 USD

Demo downloaded: 47

Published: 23 July 2021

Current version: 3.10

Kenko Trend Indicator mt5

Name: Kenko Trend Indicator mt5
Price: 35.00 USD
Rating: 5 (1 reviews)
Author: Felix Kenechi Onodu

Indicators
Felix Kenechi Onodu
Version: 3.10
Activations: 10

For anyone studying forex charts, the aim is to identify trends, and spot reversals. If you have years of experience it may be easy, but most of us need something to make the trend apparent. If you're familiar with the popular renko charting method, you know that it was developed for this purpose. But renko charting has a flaw; the trend is often broken by false reversals. So I developed my own version - the Kenko Trend Indicator.

The kenko trend indicator draws renko style trend following blocks over the chart using my improved step and ladder technique. It is a non-repainting indicator.

The technique is simple:

- kenko blocks are drawn only when a new candle opens

- the block size is drawn according to the number of pips set by the user

- the close price of the previous candle is used to determine whether a new block should be drawn; the wicks are ignored as they may give false signals

- kenko blocks are drawn over the candlestick chart

INSTRUMENTS

The kenko trend indicator works on all instruments.

TIMEFRAME

The kenko trend indicator works on all timeframes. I recommend the 1 hour (h1) timeframe (personal preference), but you can use any timeframe according to your trading rules and goals.

SETTINGS

Block size (in points) - size of the kenko block in points (or pipettes). Default = 200 (equivalent to 20 pips). You can increase or decrease it according to the volatility of the instrument you're studying, or the timeframe you're using.

Number of history candles in use - number of candles to analyse when the indicator is launched. When you insert the indicator it will draw the kenko blocks over this number of candles on the chart. Then, as the market moves, more blocks will be drawn. Default = 1000. You can increase it to have more blocks in on the chart, or you can decrease it to save computer processing power and resources.

ADDITIONAL INFORMATION

- when you close and re-open your MetaTrader, or you lose your internet connection for a while and the market has moved, please remove and re-insert the indicator to update the blocks.

- an mt4 version is available; get it on my products page.

more...

Screenshot #10 Kenko Trend Indicator mt5

Screenshot #11 Kenko Trend Indicator mt5

949

Stefan Constantinescu 2023.02.22 00:22 #

Very useful indicator. I used it in my scalping strategy combined with Heiken Ashi.

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Filter:

949

Stefan Constantinescu 2023.02.22 00:22 #

Very useful indicator. I used it in my scalping strategy combined with Heiken Ashi.

3955

Reply from developer Felix Kenechi Onodu 2023.02.23 00:42 #

Thank you