Renko BB Scalper
- Göstergeler
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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. - Sürüm: 1.0
- Etkinleştirmeler: 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:
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Bollinger Bands (based on Renko closes)
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A smoothed moving average
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Volatility squeeze detection
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Crossover-based signal logic
Main Features
1. Renko-Based Price Construction
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Builds Renko bricks internally using 1-minute historical data
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Box size defined in pips
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Displays synthetic Renko candles in a separate window
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Helps reduce market noise and highlight trend structure
2. Custom Bollinger Bands on Renko Data
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Bollinger Bands are calculated from Renko close values
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Middle band = SMA of Renko closes, then smoothed
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Upper and lower bands are derived using standard deviation
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Reflects volatility of the filtered price movement rather than raw ticks
3. Smoothed Moving Average
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Additional moving average applied directly to Renko closes
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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:
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Signal generation is temporarily filtered
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Designed to avoid entries during low-volatility consolidation
5. Signal Generation Logic
Signals are generated using a crossover between:
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BB Middle Line (smoothed SMA of Renko closes)
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Smooth MA of Renko closes
Buy Signal
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Occurs when BB Middle crosses below the Smooth MA
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Signal arrow plotted below the Renko brick
Sell Signal
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Occurs when BB Middle crosses above the Smooth MA
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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:
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Buy alert
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Sell alert
Indicator Plots
The indicator displays:
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Color Renko candles (synthetic open/high/low/close)
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Bollinger Upper Band
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Bollinger Middle Band (smoothed)
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Bollinger Lower Band
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Smooth Moving Average
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Buy signal arrows
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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
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Suitable for short-term and intraday analysis
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Can be used on any symbol supported by MT5
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Works as a visual confirmation tool alongside other analysis methods
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Not dependent on chart timeframe for logic, since Renko is built from M1 data
Important Notes
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This is an analytical indicator, not an automated trading system
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Performance depends on market conditions, symbol characteristics, and broker data
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Renko representation is synthetic and differs from standard time-based candles
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Traders should test settings on a demo account before live use
