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Renko Scalping M1

The Renko indicator is a technical analysis tool used in the forex market to visualize price movements and trends by eliminating market "noise." Unlike traditional candlestick or bar charts, Renko is built based on price changes of a specified number of points, called the "brick size." When the price moves by this amount of points, a new "brick" is added to the chart. This indicator ignores time and volume, focusing exclusively on price changes. The main features of the Renko indicator include:

  1. Noise filtration: Since the Renko filter ignores minor price fluctuations, it helps traders better identify major trends and reversals.
  2. Trend identification: It is easier to identify upward and downward trends due to the clear visual representation of bricks.
  3. Entry and exit signals: The indicator can be used to generate trading signals. For example, a change in brick color can serve as a signal to buy or sell.
  4. Adaptability: Traders can adjust the brick size according to their preferences and market conditions. A smaller brick size provides a more detailed picture but can be noisier, while a larger brick size shows major movements but may miss minor trends.

The Renko indicator is especially useful for long-term traders and those who prefer trend trading, as it helps ignore insignificant price fluctuations and focus on significant movements.

Indicator settings:

  • RenkoBoxSize: Size of the Renko brick.
  • UpColor: Color of the Renko line for buying.
  • DownColor: Color of the Renko line for selling.
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Version 2.0 2024.05.19
Fixed an error in deleting objects from the chart