Overview of the RenkoMaker Pro

This system utilizes Renko charts, which are unique in that they are based on price movements rather than time, making it easier to identify trends, support and resistance levels, and chart patterns. The system provides clear buy and sell signals through color-coded indicators, and it includes various features such as popup alerts and email notifications for new trading signals.

Key Features:

• Renko Charts: These charts are used for their simplicity and effectiveness in trend identification by filtering out minor price movements.
• Indicators: The system uses custom indicators to provide clear buy and sell signals.
• Alerts: Users receive alerts for new trading signals, helping them stay updated on market changes.
• Money Management: Emphasizes the importance of managing risk by limiting exposure to 1-3% of the account balance per trade.

Trading Rules

Basic Rules

• BUY: Enter a buy position when both indicators are lime in color at candle close.
• SELL: Enter a sell position when both indicators are red in color at candle close.
• CLOSED: Close the position at the first opposite color of the signal indicator at candle close.
• Take Profit and Stop Loss: These can be set manually or follow the "CLOSED" rule of the system. This means that regardless of profit or loss, the position should be closed when the signal indicator shows the first opposite color at candle close.

Advanced Rules

• Trade with the Trend: It is recommended to trade following the trend indicated by the MTF-TrendBar indicator on higher time frames (H1 and above). Lime indicates an uptrend, red indicates a downtrend, and dark gray indicates a sideways or flat market.
• Timely Entry and Exit: Enter the market immediately when both indicators form the same color at the close of the candle. Similarly, exit the market promptly when the indicators change color.
• Avoid Sideways Markets: Do not enter the market during flat or sideways movements. Exit if already in the market when such conditions are observed.
• Optimal Entry Points: Aim to buy at oversold levels and sell at overbought levels using daily range data to define these points.

Money Management

• Risk Management: Only risk 1-3% of the account balance on any single trade. This rule is crucial to avoid large drawdowns and potential margin calls.

Summary

The RenkoMaker Pro Trading System is a straightforward and effective tool for Forex trading, leveraging the Renko charting method for better trend detection and clear trading signals. The manual emphasizes the importance of following the system's rules precisely and practicing good money management to achieve consistent trading success.