Forex Strategy Renko Street Trading System: Worth Attention?
The Forex Strategy Renko-Street-Trading-System (RSTS) is an indicator strategy that is suitable for the Forex market and is well adapted for binary options. The strategy came to us from bourget, where indicator systems are so fond of.
A bit of theory about Renko strategy
For RSTS, the timeframe of the traded instrument is not important. Renko charts do not determine the amplitude of price fluctuations. First of all, the strategy takes into account the price itself, its current value and changes. This allows you to trade on any time interval, from M1 to MN. Even for a moment you can make good profit, despite the presence of a large amount of noise. Again, a minute is advantageous in that there will be many signals. Given that this Forex indicator strategy is universal, i.e. multicurrency, there will be even more signals.
The word “renga” from Japanese translates as “brick”. One of the RSTS indicators, or rather, RenkoStreet_Trend, displays the signals in the form of red and green bricks (columns). Hence the name of the strategy.
Indicators and RSTS Templates
The following indicators are part of the templates for this strategy:
RenkoStreet_channel - draws the bottom green and red top lines, like Bollinger Bands showing the current amplitude of the quotes.
RenkoStreet_Trend - green and red “bricks” at the very bottom of the graph.
RenkoStreetMTF - a list of trading instruments (currency pairs) with the determination of the direction of the trend and its strength in percent from -100 to 100. The amplitude from -100 to 0 is a downtrend, from 0 to +100 - an uptrend.
These 3 indicators are part of the RenkoStreet template.
The improved RenkoStreet + template also includes support and resistance levels, plus the template draws trend lines.
RSTS strategy purchase
On the RenkoStreet_channel indicator, we see a green dot (on the bottom line).
RenkoStreet_Trend draws a green brick.
On RenkoStreetMTF, opposite our currency pair, we see one green bird upward, as well as green bars and numbers from 0 to 100. The larger the number, the better.
We set StopLoss and TakeProfit slightly lower and slightly higher than the green and red lines of the RenkoStreet_channel indicator.
RSTS Strategy Selling
On the RenkoStreet_channel indicator, we see a red dot (on the top line).
RenkoStreet_Trend draws a red brick.
On the RenkoStreetMTF, opposite our currency pair, we see one red bird pointing down, as well as red bars and numbers from -100 to 0. The smaller the number, the better. Those. -70 is better than -20, talking about the greater strength of the downtrend.
Set StopLoss and TakeProfit, respectively, slightly higher and slightly lower than the red and green lines of the RenkoStreet_channel indicator.
Here is such a simple indicator strategy - Renko-Street-Trading-System.