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Smart Renko MT5

80 USD

Demo downloaded: 1 050

Published: 8 June 2015

Current version: 6.5

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Smart Renko MT5

Indicators
Young Ho Seo
Version: 6.5
Updated: 3 March 2022
Activations: 5

Introduction to Smart Renko

The main characteristics of Renko Charting concern price movement. To give you some idea on its working principle, Renko chart is constructed by placing a brick over or below when the price make the movement beyond a predefined range, called brick height. Therefore, naturally one can see clear price movement with less noise than other charting type. Renko charting can provide much clearer trend direction and it helps to identify important support and resistance level more clearly. As Renko charting does not use time, original Renko charting have some difficulties to be used together with other technical indicators. Especially backtesting of your strategy using typical Renko charting is very difficult and time consuming. However, we brought Smart Renko Chart here. Smart Renko overcomes the limitation of traditional Renko charting and it brings you many other benefits for your efficient trading.

Main Features of Smart Renko

You can use any timeframe to calculate your Renko bricks including M1 and M5.
Smart Renko will show you generally agreeable trend movement towards all timeframe.
You can display spread view of Renko bricks on your main chart allowing you to backtest with other technical indicators.
You can cross reference between the Renko bricks on your main chart and Renko bricks on your indicator chart. (Simply just double click on your main chart or indicator chart. You will see reference lines on both charts.)
Smart Renko includes automatic brick height calculation using Standard Deviation and Z value. Therefore even a starter can use this Smart Renko Indicator.
Smart Renko will indicate the future brick level for buy and sell bricks in advance.

Some Note on Smart Renko

Smart Renko must be used together with other indicator. You can use it with many built-in technical indicators successfully, such as MACD, RSI or Stoch, Moving Average to construct your trading strategy.
Line chart is preferred with Smart Renko. Therefore, in default setting, Smart Renko uses line chart. However, you can always switch off the line chart and use candlestick chart.
Renko chart should be calculated using M1 data. You can choose M1 timeframe for its calculation with Smart Renko. However, most brokers have short historical data for M1 timeframe. Therefore, default timeframe for calculation is M5 timeframe.
It is possible to draw bricks on entire historical data. This may slow down your trading terminal.
For Brick Height Mode = 1, Smart Renko will use Standard deviation to calculate brick height automatically. Use the common Z value sensibly such as 1.0, 1.68, 1.96, etc. for profitable trading.
For Brick Height Mode = 0, you can input any brick height in pips. Smart Renko will use your input to construct the Renko Chart.
Hit R key on your keyboard When Smart Renko does not load automatically at start up. This happens due to initial data loading on sub-timeframe (M1, M5, etc.) of current timeframe.
Smart Renko uses sub-timeframe (M1 or M5) for brick calculation and it displays bricks on the current timeframe. Do not use weekly or monthly chart. M1 or M5 timeframe mostly does not have sufficient data to draw Renko brick on weekly and monthly chart.

Trading Strategy Guide

You can use Smart Renko together with any of following technical analysis.

Guide for Harmonic Pattern Detection Indicator

Guide for Triangle Pattern, Falling Wedge Pattern, Rising Wedge Pattern and Channel

Important Note

This is the off the shelf product. Therefore, we do not accept any modification or customization request on this product. In addition, we do not provide any code library or any support for your coding for this product.

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Introduction Harmonic Patterns are best used to predict potential turning point. Traditionally, Harmonic Pattern was identified manually connecting peaks and troughs points in the chart. Manual harmonic pattern detection is painfully tedious and not suitable for everyone. You are often exposed under subjective pattern identification with manual pattern detection. To avoid these limitations, Harmonic Pattern Plus was designed to automate your harmonic pattern detection process. The functionality

98 USD

Ace Supply Demand Zone Indicator The concept of supply demand relies on the quantity mismatching between buying and selling volumes in the financial market. Supply and demand zone can provide the good entry and exit. A zone is easier to trade than a line. The supply demand zone can provide the detailed trading plan and the risk management. Its ability to predict market direction is high. There are two distinctive points about Ace Supply Demand Zone Indicator. Ace Supply Demand Zone indicator was

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Introduction This indicator detects volume spread patterns for buy and sell opportunity. The patterns include demand and supply patterns. You might use each pattern for trading. However, these patterns are best used to detect the demand zone (=accumulation area) and supply zone (=distribution area). Demand pattern indicates generally potential buying opportunity. Supply pattern indicates generally potential selling opportunity. These are the underlying patterns rather than direct price action. T

80 USD

Peak Trough Analysis is the great tool to detect peaks and troughs in your chart. Peak Trough Analysis tool can use three different peaks and troughs detection algorithm. The three algorithm include the orignal Fractals Indicator by Bill Williams, the Modified Fractals indicator and ZigZag indicator. You can use this peak and trough analysis tool to detect the price pattern made up from Equilibrium Fractal-Wave process. For further usage, there are good guide line on how to use this peak trough

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Introduction to X3 Chart Pattern Scanner X3 Cherart Pattern Scanner is the non-repainting and non-lagging indicator detecting X3 chart patterns including Harmonic pattern, Elliott Wave pattern, X3 patterns, and Japanese Candlestick patterns. Historical patterns match with signal patterns. Hence, you can readily develop the solid trading strategy in your chart. More importantly, this superb pattern scanner can detect the optimal pattern of its kind. In addition, you can switch on and off individu

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Introduction to Sideways Market Analyzer Notable period of Low volatility and non-trending movements in the financial market is considered as Sideways Market. Sooner or later, the low volatility will increase and the price will pick up a trend after Sideways Market. In terms of trading point of view, Sideways Market can serve as the very good entry timing for traders. Sideways Market is also quite often the representation of accumulation of large orders from big investors. Therefore, knowing the

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Introduction to Fractal Moving Average Fractal Moving Average indicator was designed as part of Fractal Pattern Scanner. Inside Fractal Pattern Scanner, Fractal Moving Average Indicator was implemented as multiple of chart objects. With over thousands of chart object, we find that it was not the best and efficient ways to operate the indicator. It was computationally too heavy for the indicator. Hence, we decide to implement the indicator version of Fractal Moving Average indicator to benefit ou

Introduction To Time Box Indicator Time Box Indicator is a must have indicator for any trader. It will display daily, weekly and Monthly box according to your preferences. Yet, you can extend any important price levels in your chart automatically. You can use them as the significant support and resistance levels. It is very simple but effective tool for your trading. Graphic Setting Use White Chart Line Style for Current Open price Daily Setting Update Timeframe for daily box Number of days to

Introduction Auto Chart Alert is a convenient tool to set alert for your trading in your chart. With Auto Chart Alert, you can set the alert line in one click in your desired location in your chart. You can even set alert over the sloped lines in your chart. Auto Chart Alert is a great tool when you have to watch out importnat support and resistance levels for your trading. You can receive the sound alert, email and push notification when the price hit the alert line at you desired location. Au

How to use Pair Trading Station Pair Trading Station is recommended for H1 time frame and you can use it for any currency pairs. To generate buy and sell signal, follow few steps below to apply Pair Trading Station to your MetaTrader terminal. When you load Pair Trading Station on your chart, Pair Trading station will assess available historical data in your MetaTrader platforms for each currency pair. On your chart, the amount of historical data available will be displayed for each currency pai

280 USD

Introduction To Turning Point Indicator The trajectories of Financial Market movement are very much like the polynomial curvatures with the presence of random fluctuations. It is quite common to read that scientist can decompose the financial data into many different cyclic components. If or any if the financial market possess at least one cycle, then the turning point must be present for that financial market data. With this assumption, most of financial market data should possesses the multipl

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Introduction to Order Risk Management EA ORM EA is specially designed for fast and accurate market order execution to be used with our Price Action and Econometric Trading strategies listed below. ORM EA is fully automatic and ORM EA is also very easy to use. ORM EA is totally free of charge. You can also use this robust order execution feature of this ORM EA for any other your own trading strategy. Trading Strategy Guide Order Risk Management EA provides the guide for the risk management for y

Introduction to GARCH Indicator GARCH is the short initial for Generalized Autoregressive Conditional Heteroskedasticity and it is the volatility prediction model commonly used in financial industry. GARCH model was first appeared in the work by Danish Economist, Tim Peter Bollerslev in 1986. The 2003 Nobel Prize winner, Robert F Engle also added much contribution for the refinement of GARCH model with Tim’s work. Our GARCH INM predictor took the original method of Nelder Mead for GARCH model bu

Introduction to Support Resistance Risk Management Support Resistance is the most trusted technical analysis. However, the risk management for the support and resistance is not practiced often. Hence we provide one effective risk managment method for the support and resistance trader. In the book: Scientific Guide To Price Action and Pattern Trading (Wisdom of Trend, Cycle, and Fractal Wave), how to use Support Resistance is described as well as Fibonacci Analysis, Harmonic Pattern, Elliott Wave

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Introduction Excessive Momentum Indicator is the momentum indicator to measure the excessive momentum directly from raw price series. Hence, this is an extended price action and pattern trading. Excessive Momentum Indicator was originally developed by Young Ho Seo. This indicator demonstrates the concept of Equilibrium Fractal Wave and Practical Application at the same time. Excessive Momentum detects the market anomaly. Excessive momentum will give us a lot of clue about potential reversal and

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Introduction to Harmonic Pattern Scenario Planner The present state of Forex market can go through many different possible price paths to reach its future destination. Future is dynamic. Therefore, planning your trade with possible future scenario is an important step for your success. To meet such a powerful concept, we introduce the Harmonic Pattern Scenario Planner, the first predictive Harmonic Pattern Tool in the world among its kind. Main Features Predicting future patterns for scenario

100 USD

Introduction to Chart Pattern MT Chart Pattern MT is a chart pattern scanner to detect the triangle pattern, falling wedge pattern, rising wedge pattern, channel pattern and so on. Chart Pattern MT uses highly sophisticated chart pattern detection algorithm. However, we have designed it in the easy to use with intuitive user interface. Chart Pattern MT will show all the patterns in your chart in the most efficient format for your trading. You do not have to do tedious manual pattern detection an

180 USD

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Version 6.5 2022.03.03

In version 6.5, we have made some minor improvement on Smart Renko.

You can use any timeframe to calculate your Renko bricks including M1 and M5.
Smart Renko will show you generally agreeable trend movement towards all timeframe.
You can display spread view of Renko bricks on your main chart allowing you to backtest with other technical indicators.
You can cross reference between the Renko bricks on your main chart and Renko bricks on your indicator chart. (Simply just double click on your main chart or indicator chart. You will see reference lines on both charts.)
Smart Renko includes automatic brick height calculation using Standard Deviation and Z value. Therefore even a starter can use this Smart Renko Indicator.
Smart Renko will indicate the future brick level for buy and sell bricks in advance.

Version 6.3 2018.01.10

In version 6.3, Smart Renko will be automatically copy the trend line to main window for your analysis.

Version 6.2 2017.03.30

In version 6.2, Smart Renko provides sound alert, email and Push notification when the brick color changes.

Version 6.1 2016.06.22

In the version 6.1, You can draw round number at the background.
Set Round Number Spacing to zero if you don't want to see these round numbers from your chart.

Version 6.0 2016.06.09

Smart Renko version 6.0, Smart Renko can draw the brick the same level on your chart regardless of amount of historical bars and Meta Trader platforms. To do this, you need to choose the brick height which is the factor of 100 pip or factor of 1000 pips with Brick Height Mode = 0.

For example, you can use Brick Height (in pips) = 10, 20, 25, 50, 100, 200, 500, etc, as they are the fact of 100 or 1000 pips. As long as you are using these brick height, the brick will be drawn in the same level regardless of the amount of historical bars and your brokers. This is really good property as traders can develop strategy universally working across different platform.

Version 5.8 2016.04.26

In version 5.8, cross referencing is improved. Now Smart Renko can display text for cross referce for more clear referencing.

Version 5.7 2016.04.20

In version 5.7, now Smart Renko can display ZigZag derived from Renko Chart. This Zig Zag derived from Renko is non parametric and is powerful comparing to traditional Zig Zag requiring 3 parameters. Only parameter required to construct this Renko ZigZag is brick height. Even for the brick height, you can just use default Standard deviation = 1.

// Draw ZigZag on Main Chart (true or false)
// ZigZag Width: Zig Zag width 1 to any 10
// ZigZag Colour Up: Up zig zag color
// ZigZag Color Down: down zig zag color
// ZigZag Correct: true or false only.