Renko Reversal Trader
The Reversal auto entry was originally designed to work with NinZaRenko bars. However, it will work similarly on any Renko style chart. Many traders also use it with Heiken Ashi charts.
It will enter trades on any chart where the conditions are met. It is recommended to use it with Price based charts.
▸ Show Reversal Button:
⤷ This will open the Reversal Auto Entry options so that they can be configured.
⤷ You will see a ‘Reversal’ box on the top right hand corner of your chart when the Predator is enabled.
⚡ Trade Reversals ⚡:
⤷ This option will activate the Reversals Auto Entries. Orders will be places when they are detected.
⤷ White Reversal Box on your chart = ON. Will place trades when Reversals are detected.
⤷ Transparent Reversal Box on your chart = OFF. Will not place trades when reversals are detected.
Renko Reversal Trader Setup Video:
Reversal Selector:
This drop down will help you configure which patterns are considered ‘Reversals’. Please see below for details:
Simple Reversal:
⤷ A simple Reversal simply refers to the changing of candle colors. A reversal pattern will form when the candles change from Green → Red OR from Red → Green.
Wick Reversal:
⤷ Wick Reversals use a tick offset to indicate how many ticks your reversal candle must go above or below the previous candle in order to be considered a reversal pattern.
Example with 5 Tick Offset:
⤷ Bullish Reversal: Green Reversal candle must hit 5 Ticks Below the previous red candle.
⤷ Bearish Reversal: Red Reversal candle must hit 5 Ticks Above the previous candle.
Prior Bars Required:
This function is used to define how many bars are required in the previous direction before your Reversal candle is valid.
Example with Prior Bars Required (1):
⤷ Green Reversal Bullish only requires 1 Red candle immediately to the left.
⤷ Red Bearish Reversal only requires 1 Green candle immediately to the left.
(Pic 1)
Example with Prior Bars Required (5):
⤷ Green Reversal Bullish only requires 5 Red candles immediately to the left of the Green.
⤷ Red Bearish Reversal only requires 5 Green candles immediately to the left of the Red.
(Pic 2)
Colored Reversals are the ones eligible for trades. Pic 2 with 5 Prior Bars required will not color reversals unless there are atleast 5 candles in the opposite direction before the Reversal.
Enter Reversal Break:
This function is used to define at what point you want to enter a trade once a valid Reversal has formed.
Enter At Break Enabled (See Pic):
⤷ When this is checked. The Predator will enter once the car directly after the reversal breaks above / below the Reversal.
⤷ Bullish Reversal: Price must touch the high of the Reversal candle to enter Long.
⤷ Bearish Reversal: Price must touch the low of the Reversal candle to enter Short.
With Enter At Break Unchecked it will enter as soon as the Reversal bar closes and the new bar opens.
Color Reversals:
⤷ This option will allow you to color Reversals as they appear.
⤷ It will color the bars in this color in real time so that you can be aware of when one is happening.
Hint:
⤷ Delay your entry AFTER the Reversal by adding Confirmation candles.