62# Renko Street V.3

Submit by Dimitri

Renko Street V.3 is a new free web version of the Renko Street System,one of the first trading systems created for Metatrader 4, a system that, although it had the main indicator that it recalculated, has had many fans over the years, so much so that it has become the cornerstone of renko trading systems for Metatrader 4.

This new version maintains the structure of the previous one but tries to filter the movements with two momentum and trend indicators that are a solid support to the Renko street trend in order to obtain clear choices. A simplification that makes the trading system usable and actually makes it profitable.

The system is suitable for scalping and day trading.

These new features, however, also make it compatible with other types of charts such as median renko, candle chart and range bar (which among other things we have always considered one of the best types of chart).

Setup strategy

Main chart

Metatrader 4 indicators

Renko Street alert.

Renko Street STF.

Renko street channel.

VB bands period 55 deviation 0.9.

Force Power

Forex News indicator

In sub window

Renko Street trend

THV Trix

VB Timer

e-stoch trend.

Trading rules Renko Street V.3

In general, at least 3 indicators must be in agreement.

Buy

The price rebounds on the lower channel of the renko street chanel.

Renko street trend aqua bar.

Trix green line.

MBFX green line.

Stochastic oscillator crosses upward.

Sell

The price rebounds on the upper channel of the renko street chanel.

Renko street trend orange bar.

Trix orange line.

MBFX red line.

Stochastic oscillator crosses downward

Exit position

Place initial stop loss below/above the upper/lower Renko street channel.

Profit target minimum ratio stop loss 1:1.2.

Note: The system can also be interpreted as a breakout of the high from the previous low. “Spirit of the Renko Charts.” 

In the picures Renko Street V.3 in action.

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