Trading utilities for MetaTrader 5
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MetaTrader 5
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Overview
KT Renko Patterns scans the Renko chart brick by brick to find some famous chart patterns that are frequently used by traders across the various financial markets.
Compared to the time-based charts, patterns based trading is easier and more evident on Renko charts due to their uncluttered appearance.
KT Renko Patterns features multiple Renko patterns, and many of these patterns are extensively explained in the book titled Profitable Trading with Renko Charts by Prashant Shah.
A 100% automated EA based on the KT Renko Patterns indicator is available here - KT Renko Patterns EA.
Features
- Trade up to eight crystal clear Renko patterns without any ambiguity.
- To offer the complete objectivity, Stop-loss and Fibo targets are provided with each pattern.
- KT Renko Patterns continuously measures the accuracy of each pattern and display vital statistics on the chart.
- Renko brick reversals are marked, and alerts are provided for the same, which helps to plan the premature exits in case of a sudden reversal.
- The identified patterns never repaint or redrawn.
Included Patterns
- W-M pattern
- Power Pennants
- AB=CD pattern
- Triple Top/Triple Bottom
- Double Top/Double Bottom
- Two Back Strike
- ZigZag Bricks
- Swing Breakout
Optimizing the Signals Accuracy
KT Renko Patterns shows multiple patterns, but not every pattern may be suitable for a symbol. You can quickly improve the accuracy of the signals by following the simple steps:
- Make sure each pattern is set to True.
- Choose a "Success Rate Criterion" (we recommend the second TP).
- Turn-off each pattern one by one and monitor the success rate percentage.
- If turning off a particular pattern improves the success rate, keep it off.
- If turning off a particular pattern worsen the success rate, set it to True again.
- Adjust the value of "Min. Bars Between Patterns" between 20 to 100.
Increasing the value of "bars distance" between the patterns will usually improve the success rate. However, a high value will significantly decrease the number of signals, so a balanced value between 20 to 100 must be selected.
Input Parameters
- Min. Bars Between Patterns: The minimum number of bars between each pattern. It can help to improve the accuracy of the signals.
- Mark the Brick Reversal: It marks the Renko brick reversals on the chart.
- Alerts for Brick Reversal: If true, it generates alerts at each brick reversal.
- Draw Pattern Names: Draw the pattern name of each signal.
- Performance Analysis: The indicator measures its performance and shows the essential metrics.
- Success Rate Criterion: The benchmark to measure the success rate of the signals.
FAQs
Q. Does it work on standard time-based charts?
A. The KT Renko Patterns indicator is explicitly developed for the Renko bricks. It works on the standard time-based chart but is not recommended as it defeats this indicator's whole purpose.
Q. Is there a way to optimize the accuracy of the signals?
A. Yes. The optimization instructions are provided above in the description.
Q. I think a chart pattern that would be useful on the Renko charts. Can you add it in the next version?
A. Please send us a message. If our research team finds the pattern valuable for Renko, we'll include it in the next version.
Q. Is it possible to import this indicator into an expert advisor?
A. Yes. Please send us a message to acquire the developer's code for the importation.
