The Renko MACD indicator is a poweful tool if used with the Renko indicator ( you can find here our Renko Adv product https://www.mql5.com/en/market/product/31606)
The indicator is a full timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor. Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages. In this case the averages are calculated on the renko indicator, so only price levels are considered.
How to use
Demo version will be available in short
Time frame must be low( 1M, 5M or 15M) to have a good representation of historical bars because TF affects hystorical values considering that storical data supplies only OHLC values.
You should find by yourself how to use this indicator in the best way.
I suggest you to use 2 indicators: 1 for short term and the other for long term.
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Box size (in Pip): the thickness of the renko bar in pips
Calculation Type: how to calculate a new renko bar
FAST Average length: length for the fast moving average
FAST Average type: simple or exponential moving average
SLOW Average length: length for the slow moving average
SLOW Average type: simple or exponential moving average
Alert on new bar: an alert is shown when there is a new bar
Alert on Avg cross: an alert is shown when there is a cross between averages
Optional comment: on push notification to EA(experimental), optional comment is sent
Sync graph with midnight: Renko is not dependent by the time, so if you close the metatrader and open it again in few hours, the graph could be a little different by today. With this feature the graph will start to be drawn by the first candle starting at midnight. For low TF, if nothing is displayed, try to turn off this feature.
Parameter values are good when the delay is not too much and colors are constant (e.g bar color should change less as possible)
Entering on retracement could be dangerous.