Renko MACD Demo
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
This is the lite version of the Renko MACD indicator.
The only limitation of this version is some parameters can not set (read only).
In this way the user can start to appreciate how this indicator can be very powerful and simple at the same time.
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.
I suggest you to use 2 indicators: 1 for short term and the other for long term.
PS: please rate this indicator and leave a comment. Do not forget: your feedbacks are important!
For any question/suggestion do not hesitate to send me an email or message.
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 often as possible)
Entering on retracement could be dangerous(trend if your friend :)