Arrow entry trigger when matched with colour candles, sloping colour MA and slope of MACD.
The arrows are a simple lwma cross and don't appear to repaint on a live run but of course the Renko chart itself repaints on restart so backtesting is difficult.
The black dotted MA is a standard 20 period smoothed and the MACD is standard minus the histo.
Place the .dll file in the mt4 Libraries folder (File > Open Data Folder > MQL4) then place the Range bar chart ex4 file as an indicator on a 1 minute chart, then open the corresponding M2 Offline chart and load the additional indicators onto the M2 chart.
As with all systems of this type price needs to be trending and so if the MAs are horizontal there will be many false triggers. Rectangle off any sideways price action and wait for price to breakout before looking for trade entries.
What I like about this system is it encourages you to get in even if you miss the break and to add on when price runs.
Most mt4 Renko and Range bar charts will not show bars that occurred while mt4 was shut down but if you start mt4 and wait a minute then close and restart all the missing bars will load.
- Range bar chart.ex4
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- MA in Color_wAppliedPrice.mq4
- (4.7 KiB) Downloaded 200 times
- smC4Scalper Candles_v3.1.ex4
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