Renko Star is an MT4 arrow-type indicator specifically designed to trade on Renko charts. It comes with a useful backtesting dashboard that provides essential data, such as the win rate and the number of points won over a series of trades. The indicator also calculates take profit and stop loss levels based on an Average True Range (ATR) multiplier.
Key Features Renko Star
The Renko Star indicator signals potential trades by placing arrows on the chart. Arrows can appear either at the bar open or during the bar (inter-bar). A yellow marker marks the exact price where the signal was generated, making it easier for traders to pinpoint the entry price.
When a signal is given, traders can follow the arrows to open either buy or sell orders, while setting TP and SL levels according to the values provided by the indicator.
One notable feature is that it does not repaint or backpaint, meaning its signals remain consistent without changing after the bar has closed.
How to Use this Indicator
The primary method of using Renko Star is straightforward. When the indicator generates a signal (an arrow), traders can enter a buy or sell trade accordingly. The suggested TP and SL values, calculated by the indicator, should be used for risk management and take profits.
Experimenting with the settings can lead to better or worse outcomes, so it is recommended to optimize them until the backtesting dashboard shows favorable results. The backtesting feature allows traders to see historical performance, factor in spreads, and evaluate the success rate of the signals.
Renko Star System can give you trading signals you can take as they are or add your additional chart analysis to filter the signals further, which is recommended. While traders of all experience levels can use this system, practicing trading on an MT4 demo account can be beneficial until you become consistent and confident enough to go live.
The Renko Star Indicator is straightforward. Even a complete beginner can start trading and making profits with this system. You can set it to send you a signal alert via mobile notification, platform pop-ups, and email. This is helpful because it means you do not need to stare at the charts all day, waiting for signals to appear, and you can monitor multiple charts simultaneously.
This Renko chart can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc. It can also be used on any time frame that suits you best, from the one-minute to the one-month charts.
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How to Open a Renko Chart on MT4
To fully utilize the Renko Star indicator, setting up a Renko chart on MT4 is essential. Below is a step-by-step guide on how to create a Renko chart:
- Copy Files to Appropriate Folders – Start by copying the indicator files you’ve downloaded into the correct folders within the MT4 directory. This typically includes placing the indicator files into the
MQL4/Indicatorsfolder. - Restart MetaTrader 4 – After copying the files, restart your MT4 platform so it can recognize the new additions.
- Open a Pair and Set the Timeframe – Open your preferred currency pair, such as EURUSD or GBPUSD, and set the chart to the M1 (1-minute) timeframe. This is crucial for the Renko setup to work properly. Once the chart is open, zoom out as much as possible to get a better view.
- Load Historical Data – Press the HOME key on your keyboard multiple times to gather enough historical data. This will load data from at least 1 to 2 months ago, which is essential for backtesting and Renko chart accuracy.
- Load the “STG_RenkoChart” Indicator – With your 1-minute chart prepared, load the
STG_RenkoChartindicator onto it. Do not close this chart, as closing it will stop the Renko chart from updating in real-time.- You can experiment with different box sizes and timeframes to suit your strategy and preferences.
- Open the Offline Renko Chart – After loading the Renko chart indicator, click on the M67 timeframe on the bottom right of your chart(or any other Renko timeframe you chosed). This will open a new offline chart where the Renko bars are displayed.
- Load the “Renko Star” Indicator – Finally, load the the indicator onto your newly created Renko chart. This will allow you to start receiving buy and sell signals from the system based on the Renko price movements. Be sure to verify that it is installed correctly, as shown in the provided screenshot.
- Read More about Renko Indicators and Strategies
Conclusion
Renko Star provides a simple yet effective way to trade Renko charts, offering clear signals and a range of adjustable settings. With its built-in backtesting and ATR-based risk management, traders have the tools needed to optimize their trading strategy. As with any indicator, adjustments to the settings and continuous monitoring of performance are key to achieving the best results.
