The developers behind the Renkomaker pro trading strategy claim this to be a new profitable, easy, simple and a clean trading system that can be used with Renko charts. More importantly, Renkomaker pro also claims to have no complicated rules when it comes to applying this easy trading strategy to Renko charts. But is this really true and does Renkomaker pro really stands for what it claims?

The charts certainly entice you into believing that trading with Renkomaker pro is as simple as going long or short when just two simple conditions are met.

In this review of Renkomaker pro I take a detailed look at the trading system in question and put it to the test. If you are interested in using an easy trading strategy for renko charts, then read this review of Renkomaker pro to get a better idea of this simple and clean trading strategy.

Taking a look at the Renkomaker pro website, the developers seem to have offered charts that shows trading signals which look too good to be true. This fact, if true could mean lot of profits for traders who make use of this simple trading strategy. The first thing you need to use the Renkomaker pro trading system is of course the Renko charts.

You can click here to download the Renko EA to generate offline Renko charts on the MT4 trading platform. This leaves us with the three other indicators. Renkomaker pro trading system indicators.

The MTF Trendbar indicator, which is nothing but the trend indicator sits on the top right corner of your screen. It shows the trends across the different time frames on the chart. You might wonder why make use of a multi time frame trend indicator, when you are using Renko charts.

Still, having the indicator on can be a good way to look at the overall trend in the markets.

RenkoMaker Pro MT4 Trend Follower Trading Forex System Profitable Indicators | eBay

As shown in the above chart, the remaining two indicators are the signal indicator which is plotted above and below the Renko bricks while the Renko confirm indicator is plotted in the sub-window and is used as a confirmation of the trade signals. Firstly, you also get a template. It loads all the remaining three indicators and you are good to go.

Renko Maker Pro Trading System – Forexobroker

The chart below shows an example of a buy and sell signal using the Renkomaker pro trading system. Renkomaker Pro trading signals. One of the biggest factors is that the Signal Indicator is a repainting indicator. While there is nothing wrong in using a repainting indicator, it does make the rules of the trading system redundant.

For example, if you had a near perfect buy signal, but then price falls and the signal indicator moves in the opposite direction, you would be left with a trade that is moving against you.

Not quite what you expected it to be. The fact that this issue has been missed on the Renkomaker Pro website is something of a concern. The following charts shows how badly the repainting issue can hurt when trading with the Renkomaker pro in the markets.

Renkomaker Pro — Repainting issue, Chart 1. In this first chart, we can see that there is a buy signal, marked by the Renko confirm indicator plotting an up arrow and the Renko signal indicator is plotting green.

So a long position was taken with stops at the recent swing low. A couple of bars later, here is how the Renkomaker pro adjusted its signals. Renkomaker Pro — Repainting issue, Chart 2. The long position was stopped out and the Renko signal indicator turned to red, while the Renko confirm indicator had given another buy signals. Renkomaker Pro — Repainting issue, Chart 3.

And the final chart, where you can see how the Renkomaker signal indicator repaints the green and red levels.

What you see here is that in hindsight the Renkomaker pro trading system looks to point out to the perfect looking trading signals, but as price action continues to evolve, traders are very likely to be prone to potential losses.

In conclusion, Renkomaker pro merely markets itself as an easy trading system, but the repainting issue makes the trader vulnerable to losses.

Stay away from this system. Nobody should ever use this useless indicator for trading.

Even worse than the repainting is the fact, that the indicator generates from time to time buy and sell signals one bar after the other! Another one for the bin……………. In case you come across any more such false trading systems let me know so I can test it and write about these fake systems that only rob the traders off their money.

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I think you misunderstood the article. The repaint issue is with the indicator not the Renko indicator. There is no repainting issue with the indicator or an EA that generates the Renko chart.

The reason why an indicator repaints is because of the way it is coded. Repainting is a common problem with indicators even on candlestick charts. Yes, onBarClose is a setting that you can even apply to any regular indicators on NT.

This way the values are only set for the previous bar and the current bar is not calculated until a new session or bar opens.

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Do you know where can I find a review for the renko chart plug-in supplied by http: They provide two plug-in: I just do not know how to choose the best one. Home Renko Basics Renko Strategies Analysis Renko Chart Software Forex Brokers Free Renko Charts About Contact. Facebook Twitter Google LinkedIn Email Print. I thought the indicator repainted because the underlying bars repainted.

Thanks for your reply. Hi Ranga, Do you know where can I find a review for the renko chart plug-in supplied by http: Follow me on Twitter.

Copyrights - The information provided on this website is purely for educational purposes. Trading the financial markets is risky and you could lose more than your deposited or invested amount and it is therefore not suitable for everyone. Please consult with your financial adviser before trading.

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