RENKO arrow is a technical indicator where the basis of RENKO charts plotting is laid. The indicator combines 2 RENKO charts. One having bigger RENKO bricks is responsible for a trend position, another having smaller RENKO bricks is responsible for signal generation. The indicator is designed to assist you in trading. If you download its demo version, you can assess the indicator and quality of its signals.
The indicator generates signals in the form of alerts and arrows on the chart which is pretty handy.
The Indicator Settings
When launching the indicator on any chart, you shall adjust its settings. They are quite simple. Description of the settings:
- Renko trend options — This setting is responsible for trend RENKO construction. The bigger the RENKO brick is, the more accurate it will determine a buy or a sell trend.
- Renko signal options — This setting is responsible for signal generation. Recommended parameter of this setting is 1:3 or 1:4 in relation to Renko Trend Options. I.e. if we set Renko Trend Options to 1000, we set this parameter to 250.
- Color BUY signal — Buy arrow color.
- Color SELL signal — Sell arrow color.
- Width arrow — Arrow width on the chart.
- Alert — When an arrow appears on the chart, a window with buy or sell text will be displayed.