39# Statistical trading with renko chart

Submit by Leopard 04/2017

Statistical trading is a forex system designed for renko chart based on Pearson and Spearman correlation. I applyed this indicator at the renko chart because the geometry of renko chart is more regular, then is more simple for indicator make a forecast for trading.

5 pips box size or more.

Currency pairs: majors.

In the folder there are two templates with two differents trend arrows.

Setting Indicators

Pearson and Spearman correlation (true, period fast 8, period slow 12, SM fast 4, sm slow 4).

slow arrow template 1;

Ultimate trend arrow template 2;

Trading Rules Statistical trading with renko chart

Buy

When appears buy arrow of Pearson and Spearman correlation arrow for entry wait a buy trend arrow.

Sell

When appears sell arrow of Pearson and Spearman correlation arrow for entry wait a sell trend arrow.

If the trend arrow appears before of the arrow Pearson and Spearman, reverse the previous conditions.

Exit position make profit with predetermined profit target depends by box size. Place initial stop loss below/above the support/resistance swing of Pearson and Spearman correlation indicator. In the folder there are other trend arrows.

Pearson and Spearman correlation on Renko chart have a great potential of winning.

You can apply the template with slow arrow a more Currency pairs because generates less signals.

An other ways to use this indicator is with support and resistance, but this is an other thing.

In the pictures Statistical trading with renko chart in action.

Share your opinion, can help everyone to understand the forex strategy.