RENKO Reversal

The RENKO Reversal software by StockGamblers revolutionizes Forex trading on the MT5 platform. As a reliable Forex tool, it focuses on currency trading with a distinct approach, using custom symbols for drawing and providing real-time updates during the formation of a “brick”.

Key Features of RENKO Reversal

Primarily, RENKO Reversal operates within the MQL5/Experts folder, specifically located at C:\\Users\\user\\AppData\\Roaming\\MetaQuotes\\Terminal\\terminal_number\\MQL5\\Experts. The tool utilizes two crucial settings: ValuePerBar and revCandle. The ValuePerBar refers to the height of the “brick” in points, while revCandle serves as a multiplier for the height of the turning “brick”. For instance, if the initial value is 10 points and the multiplier is 3, then the turning “brick” will be 30 points high.

Ensuring Effective Use of the Tool

Before implementing this Forex indicator, it’s essential to verify that the broker supplies “trading ticks” to the terminal. To check this, you need to navigate to “Symbols”, select the instrument of interest and proceed to the “Ticks” tab. Choose the type of ticks “Last/Volume” and click the “Request” button. If successful, a list of trading ticks with the price and volume should appear. In case a broker does not supply such tick data, the script will not function. Moreover, before closing MT5, it is advised to close the custom symbol tab with RENKO.

Forex Market Analysis with RENKO Reversal

RENKO Reversal assists traders in performing comprehensive Forex market analysis. With the ability to apply any indicators without worry, traders can utilize the tool to develop and execute effective Forex strategies. The software’s dynamic and efficient approach to drawing and displaying the movement of the last price in real time can significantly enhance trading automation and technical analysis.

Independent Testing and Updates

For those interested in observing the performance of RENKO Reversal, independent testing of this product is available at forexroboteasy.com. Users can also subscribe to receive updates on the results of testing this product, providing them with valuable insights into its effectiveness.

FAQs

Q: Where does RENKO Reversal operate?
A: RENKO Reversal operates within the MQL5/Experts folder on the MT5 platform.

Q: What are the key settings of RENKO Reversal?
A: The software utilizes two settings: ValuePerBar, which determines the height of the “brick”, and revCandle, a multiplier for the height of the turning “brick”.

Q: How can one ensure the effective use of RENKO Reversal?
A: Before using, ensure that the broker supplies “trading ticks” to the terminal. If not, the script will not function.

Q: Where can one find independent testing of RENKO Reversal?
A: Independent testing of the product is available at forexroboteasy.com, where users can also subscribe to updates on the testing results.

In conclusion, RENKO Reversal provides a unique approach to Forex trading on the MT5 platform. With its comprehensive features and user-friendly interface, it has the potential to enhance Forex market analysis, trading automation, and the formulation of effective Forex strategies. Your feedback and experience with this tool are most welcome, as it contributes to a broader understanding and evaluation of its performance in the currency trading landscape.