The Adaptive Renko CLD MT5 Forex Indicator is a forex trend-following indicator using the Renko indicator included in its formula. It consists of two elements: an upward/downward band and a cloud. It does an excellent job of recognizing trend momentum and works best during strong market swings.
The Adaptive Renko CLD mt5 forex Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified now from the input tab. Feel free to experiment with the settings and parameters to fit your preferences.
How does it work? How to apply in trading?
Trading Rules Explanation
The trading signals of the Adaptive Renko CLD, in the upward/downward band, provide the trading signals of the Adaptive Renko CLD Indicator bullish trend momentum. Conversely, it is red and floats above the price during the bearish trend momentum. That band also works as dynamic support and resistance levels.
Buy Signal
Follow these steps for a long trade:
- The band of the Adaptive Renko CLD Indicator switches from red to green.
- Price swings higher from recent chart low swing
- Buy-entry trade is triggered after the first candle meets the above conditions.
- Set stop-loss a few pips below the last swing low of the market.
- Take profit or exit trade whenever Adaptive Renko CLD Indicator provides the opposite signal, or use your method of trade exit.
Sell Signal
Follow these steps for a short trade:
- The band of the Adaptive Renko CLD Indicator switches from green to red.
- Price swings lower from recent high swing
- Sell trade is triggered after the first candle meets the above conditions.
- Set stop-loss(SL) a few pips above the last swing high of the market.
- Take profit or exit trade whenever Adaptive Renko CLD Indicator provides the opposite signal, or use your method of trade exit.
As always, to achieve results, remember about proper money management. To be a great profitable trader, you must master discipline, emotions, and forex psychology. You have to know when and when not to trade. Avoid trading during bad times and market conditions like low volume, market volatility, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Adaptive Renko CLD indicator in MT5?
Installation Guide
Download the Adaptive Renko CLD.zip archive at the end of this article, unzip it, then copy and paste the Adaptive Renko CLD.ex5 or Adaptive Renko CLD.mq5 indicator files into the MQL5 folder of the MetaTrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.
Bottom Line
The Adaptive Renko CLD indicator is well worth adding to your trading collection. A forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis mt5 tool, it cannot provide accurate forex signals 100% of the time. Thus, this mt5 forex indicator provides false forex signals occasionally. Its performance will change significantly depending on market conditions. Feel free to make your trading system based on it. Don’t forget that we still have more free forex indicators to try.
Adaptive Renko CLD MT5 Forex Indicator Free Download
