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Kenko Trend Indicator mt5

5

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.

Reviews 1
Stefan Constantinescu
784
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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Range Break Index EA
Felix Kenechi Onodu
This EA trades the range break indices from deriv.com on mt5 It scalps the market after every spike, taking each order with stop loss and take profit levels. It also features optional smart automatic lot size adjustment in case of losses. INSTRUMENTS Range Break 100 and Range Break 200 indices from deriv.com TIMEFRAME m1 (one minute timeframe) recommended SETTINGS Stop loss in points: size of the stop loss in points. Default = 1000 Take profit method: how to determine take profit size. Def
Trendy Boom and Crash Trader
Felix Kenechi Onodu
3 (1)
INTRODUCTION Designed to trade the boom and crash indices from deriv.com on mt5, Trendy EA is a consistent scalper. It uses one or two moving averages to determine the trend, and then the awesome oscillator is used to identify entry points. All analysis is done on the 1 minute time frame, and e very position is opened with stop loss and take profit levels. FEATURES Quick set-up using t rading modes Trade all instruments from a single chart Smart automatic lot size adjustment Fully automated tr
Kenko Trend Trader
Felix Kenechi Onodu
This is the EA version of the Kenko Trend Indicator mt5. It follows the trend on all instruments and trading pairs according to my improved step and ladder technique. INTRODUCTION 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 cha
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Stefan Constantinescu
784
Stefan Constantinescu 2023.02.22 00:22 
 

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

Felix Kenechi Onodu
3211
Reply from developer Felix Kenechi Onodu 2023.02.23 00:42
Thank you
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