Renko Engulfing Indicator
The Renko (and Mean Renko) Engulfing Bar Indicator is a versatile trading indicator that plots Buy/Sell arrows and gives potential trade ideas including buy entry and stop loss levels. The indicator is designed to work on offline renko charts as well as Mean or Median Renko charts.
It is recommended to use this indicator on a minimum of 20Pips fixed renko box or more. The indicator does not repaint. It prints the arrows after the bar close. The indicator's buy/sell arrows can be a powerful way to trade when combined with moving averages or stochastics oscillators and/or support/resistance levels.
Renko Engulfing Bar Indicator Settings:
- Count Bars: Default (4) - This is the minimum bar count in the previous trend. Recommended values are between 3 - 7
- Show History: True/False (If set to true, it shows past signals)
- Show Comment: True/False (If set to true, shows the Buy and Stop loss values)
- AlertsOn: True/False (Enable pop up alerts)
- Play Sound: True/False
- Show Popup: True/False (Enables pop up alerts on your MT4)
- Email: True/False (Enable to get email sent. You will have to configure your MT4 SMTP to use this feature)