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Nims Forex Renko Chart Strategy

Jul 18, 2019
Nims Forex Renko Chart Strategy

You can now download the Nims Forex Renko Chart Strategy for free on AtoZ Markets indicators gallery.

Nims Forex Renko Chart Strategy is a combination of Metatrader 4 (MT4) indicators and template. The essence of this forex strategy is to transform the accumulated history data and trading signals. It provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Currency Pair: any

Timeframe: any

Trading Session: any

Forex Indicators:

  • Tick Value – Displays the value of a pip and the spread.
  • IINwmarrows – Indicates when to buy or sell.
  • SMC4Scalper Candles v3.1 – provides details about the price movement either below or above the open of a certain candle.
  • 2 SMA channel HIGH and LOW – It identifies breakout, trend and range market. It can be a basis of the stop loss.
  • MA_In_Color_wAppliedPrice, period 10 – Identify next probable direction.
  • MACD with Alert – To see if there is a crossover of 10 EMA vs 20 EMA and Convergence/divergence between them. period 5 SMA is also used in this indicator. So what you’re basically seeing is a 100 pip average vs. a 200 pip average with a 50 pip signal line on the MACD in the Renko Chart.
  • Wick-O-Gram – Identify wicks formed by the renko candles in a histogram window.
    Green bars means that the price went up and red bars means the price went down.
    Determines how many pips the size of the wick by placing the mouse cursor over the bar. It should show you the + or – pips so you have the details.
  • Histograms – Shows how many pips price went against the trend before heading back into the intended direction.
  • RenkoAM_v2.0 – It displays the time taken for the renko bars in a histogram and detect no trade scenarios. The green bars on the histogram grows every minute more the Renko candle takes and the maximum a green bar can grow is 30 minutes (you can change the settings for more). Horizontal lines are put on 5 minutes, so if the green bars and renko candles closes below the red line, it is probably a no trade scenario and not actually a trade setup.

How to trade with Nims Forex Renko Chart Strategy?

Buy Entry:

  • The candles must be green.
  • The MA_in_applied price is blue.
  • The candles are broken out of the 2 Moving Averages channel
  • MACD is flipped Up and Signal is Green
  • Enter a Buy and place the stop loss on the other side of the 2 moving averages channel.

Sell Entry:

  • The candles are red.
  • The MA_in_applied price is red
  • The candles are broken out of the 2 Moving Averages channel
  • MACD is flipped Down and Signal is Red
  • Enter a Sell and place the stop loss on the other side of the 2 moving averages channel.

How to download and install an indicator?

In order to install the indicator on your MT4 platform, you need to follow these steps:

  1. Click on “Download Indicator” button located at the top right corner of the screen.
  2. Save the file to your computer.
  3. Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
  4. Restart your Metatrader platform.
  5. Navigate to “Indicators.”
  6. And select “Trend Dynamic Index Forex Scalping Strategy” template to apply it on the chart.

 

Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.