Renko BB Scalper
- Indicatori
-
Kuldeep Pradeep Nikam
I’m Kuldeep Nikam, an Algo Trading Strategist and Forex & Multi-Asset Trader focused on designing rule-based, execution-driven Expert Advisors using MQL4, MQL5, and Pine Script.
My work is centered on one principle:
capital preservation first, performance second. - Versione: 1.0
- Attivazioni: 5
Renko BB Scalper is a custom technical indicator for MetaTrader 5 that combines Renko price structure with Bollinger Bands and a smoothed moving average crossover model to highlight potential short-term trading opportunities.
The indicator is designed for traders who prefer noise-reduced price visualization and volatility-based analysis.
This tool is for analytical and decision-support purposes and does not execute trades automatically.
Core Concept
The indicator converts M1 price data into a synthetic Renko-style price series using a fixed box size. This helps filter minor market fluctuations and focuses on directional price movement.
On this Renko structure, the system applies:
-
Bollinger Bands (based on Renko closes)
-
A smoothed moving average
-
Volatility squeeze detection
-
Crossover-based signal logic
Main Features
1. Renko-Based Price Construction
-
Builds Renko bricks internally using 1-minute historical data
-
Box size defined in pips
-
Displays synthetic Renko candles in a separate window
-
Helps reduce market noise and highlight trend structure
2. Custom Bollinger Bands on Renko Data
-
Bollinger Bands are calculated from Renko close values
-
Middle band = SMA of Renko closes, then smoothed
-
Upper and lower bands are derived using standard deviation
-
Reflects volatility of the filtered price movement rather than raw ticks
3. Smoothed Moving Average
-
Additional moving average applied directly to Renko closes
-
Used as a dynamic reference line for crossover analysis
4. Volatility Squeeze Filter
The indicator detects periods of band contraction (narrowing Bollinger Bands).
When a squeeze condition is detected:
-
Signal generation is temporarily filtered
-
Designed to avoid entries during low-volatility consolidation
5. Signal Generation Logic
Signals are generated using a crossover between:
-
BB Middle Line (smoothed SMA of Renko closes)
-
Smooth MA of Renko closes
Buy Signal
-
Occurs when BB Middle crosses below the Smooth MA
-
Signal arrow plotted below the Renko brick
Sell Signal
-
Occurs when BB Middle crosses above the Smooth MA
-
Signal arrow plotted above the Renko brick
Signals are filtered during squeeze conditions.
6. Alert System
Optional real-time alerts when a new signal appears on the latest bar:
-
Buy alert
-
Sell alert
Indicator Plots
The indicator displays:
-
Color Renko candles (synthetic open/high/low/close)
-
Bollinger Upper Band
-
Bollinger Middle Band (smoothed)
-
Bollinger Lower Band
-
Smooth Moving Average
-
Buy signal arrows
-
Sell signal arrows
Input Parameters
| Parameter | Description |
|---|---|
| Box Size (pips) | Size of each Renko brick |
| BB Period | Period used for Bollinger Band SMA calculation |
| BB Deviation | Standard deviation multiplier for bands |
| Smooth MA Period | Period used to smooth the SMA and Renko MA |
| Squeeze Lookback | Number of previous bars checked for band contraction |
| Enable Alerts | Turns signal alerts on or off |
Recommended Usage
-
Suitable for short-term and intraday analysis
-
Can be used on any symbol supported by MT5
-
Works as a visual confirmation tool alongside other analysis methods
-
Not dependent on chart timeframe for logic, since Renko is built from M1 data
Important Notes
-
This is an analytical indicator, not an automated trading system
-
Performance depends on market conditions, symbol characteristics, and broker data
-
Renko representation is synthetic and differs from standard time-based candles
-
Traders should test settings on a demo account before live use
