The forex renko zoomer strategy is one of those metatrader 4 forex trading systems that needs to be taken with a pinch of salt.
Of course, I was initially excited to take this trading system for a spin. But soon enough, after the initial euphoria faded, I am sitting on the fence as far as the profitability of this forex trading strategy goes.
Perhaps, the more practice one has, maybe there is a chance that you can get more familiar with this forex renko trading strategy.
As the title of this strategy suggests, this trading system is designed to work with median renko charts.
Before you trade
Before you get started with this strategy, there are few things to bear in mind.
- This strategy works only on the MT4 trading platform
- You might see your trading terminal to slow down a bit
- You will not make profits right off the bat (some improvements/personalization is required)
- Risk and money management will still be key to your success with this strategy
- You need to know how renko charts work. Specifically, you need to know how median renko charts work
Don’t let the trend and price movement on the charts fool you. Making consistent profits with this method, certainly requires a bit of improvisation.
Lets get into the details of how you can start trading this strategy.
Download the forex renko zoomer strategy for MT4
I wont go into the details of downloading forex renko zoomer, but basically you can do a google search. It will not take you long to find out where you can download the forex renko zoomer trading system. While there is a sales page for this, sadly, the purchase link doesn’t take you nowhere.
Efforts to contact the developer also show no results. Therefore, it is very likely that this quite decent trading system is no longer maintained. But thanks to the community, there are many places from where you can download this trading system.
In case you still can’t find it, you can contact PM me via Twitter or Facebook.
Forex Renko Zoomer Strategy MT4 indicators
Let’s quickly break down the different indicators that you get as part of the Forex renko zoomer strategy. First of all, the number of files in the renko zoomer download is just three indicators. Each of these indicators are of course to be used in the forex zoomer trading system.
Starting with the most obvious, the first indicator is the renko original chart indicator.ex4 indicator. As the name suggests, this indicator is the most important. It allows you to plot the median renko charts on the MT4 trading platform.
The renko original chart indicator is quite easy to use. We will get into more details of this later in the article.
The next indicator is called the News reader.ex4. As the name suggests, this mt4 forex indicator is used for showing the news feed. This indicator is developed by mladen. And therefore you can replace this with a working version. So, we can make the mt4 news reader indicator an optional one that you may or may not want to use with this trading strategy.
Finally, we have the Forex Renko Zoomer Indicator.ex4. This is the main indicator that is used in this trading strategy.
Forex Renko Zoomer Trading system template
We then have the template file itself that comes with the Forex renko zoomer strategy. This template file is handy as it allows you to add all the indicators on to your chart.
Below is a screenshot of how the default Renko Zoomer Template.tpl file looks like when you add it to your metatrader 4 platform.
As you can see, the zoomer strategy doesn’t quite require the template. But it is easy for you especially if you want to monitor multiple charts.
It also goes without saying that when you use the renko zoomer template file, it should be loaded on your median renko bars that you have already loaded onto your metatrader 4 trading platform. So, the first step to go about using the forex renko zoomer system is to load the median renko bar indicator.
Setting up forex renko zoomer strategy MT4
The first step after you get all the files and move them your folder is to get started with configuring your MT4 renko charts.
The median renko indicator for metatrader 4 comes with a lot of configurations. This indicator will create the offline median renko chart using a custom timeframe.
To keep things simple, we will not look into all the configurations. Just leave most of it as is, except the following.
Here, you only need to pay attention to the box size 1. The number you will input here is based on the pips. Which means that if you want a 10 pip chart, then input 10 (four decimals).
Using the offline charts in mt4
Once you set up this, you can also choose which offline chart time frame it is that you want to use. Input any custom value for the time frame 1 section. Use a value like 3, 7, 8, 17 and so on. Just make sure that the offline chart time frame is not any of the default values.
In the metatrader 4 trading platform you have the default chart time frame values of 1M, 5M, 15M. So use any value as long as it is not one of the default values.
Once you have this done, go to File and click Open offline from the main menu of your metatrader 4 platform. This will open a window from where you can select the offline chart you created.
Loading the forex zoomer strategy template on mt4
Now that you have your offline chart ready, the next step is to load the template itself. To do this, you can either right click on the chart and select the renko zoomer template which is easier.
The other way is to manually drag and drop the forex renko zoomer indicator onto the chart. When you do this, you will be prompted for configuring the indicator. Assuming that you are using the forex renko zoomer strategy for the first time, don’t make any changes.
It is optional on whether you want to add the news indicator to the metatrader 4 chart as well.
When the indicators are loaded, this is how your new trading system looks like on the mt4 platform.
Just remember that when you leave most of the settings to default, you will also leave the notification settings to true. This means that whenever there is a buy or a sell signal, you will be alerted via pop up. You can of course disable the notification, but I suggest not to do that.
Forex renko zoomer strategy mt4 trading signals
One interesting aspect about this forex trading system is that the trading signals are easy to use. The main reason is because this forex trading system uses the median renko charts.
As a result, traders will find that the buy signals and sell signals are easy to understand.
Buy signal
A buy signal for this forex trading system is created when the median renko bars are green (bullish). You will get a buy signal when the renko zoomer indicator alerts you with an up arrow. After the confirmation bar closes, you can then take a long position at the close.
The below chart gives an example of the buy signal.
Sell signal
A sell signal for this forex systems can be found when you see the opposite of the buy signal. Here, the median renko bars must be red (bearish). Following this, you should then wait for the renko zoomer indicator to alert you with a down arrow on the chart.
As you can see from the above examples, while the chart and signals might look amazing visually, the actual pip count in profits are quite small. And also let’s face it. Catching the start of a strong trend isn’t that simple as it looks to be.
Does the forex renko zoomer strategy mt4 really work?
By now you must be curious to know whether this metatrader 4 renko chart based system really works or not.
Well, let’s go through this in detail.
Firstly, the median renko chart does not repaint. Now this is a good thing to have as traders know how bad a repainting indicator can be.
Secondly, the median renko chart is perhaps one of the cleanest view to view price movements.
The trend is clearly depicted when you use the renko indicator. There is nothing technical in this trading strategy which interestingly can get profitable. I wish I knew what went into this indicator itself.
But sadly, there is not much information that I could get about this. I think the real power of the forex renko zoomer strategy mt4 comes from this indicator. It compliments the median renko charts very nicely.
When the trend is strong, this median renko based forex strategy can provide you with some really good profits. During sideways markets, you will get lot of buy and sell signals. So one should be careful when using this strategy.
Overall, the renko zoomer is fairly good, for the biggest reason that this is not a repainting indicator.
Don’t forget risk and money management
It is very easy to get carried away with this trading system. Therefore, I should mention that traders should stay grounded. Your risk and money management starts from the configuration to the point of making the trades itself.
The trades need to be actively managed to get the best results. Due to the nature of this trading system, you can easily end up over trading. This also something to keep an eye on.
Can you improve this renko trading system?
Absolutely!
When I tried trading using this strategy, I found that the bare bones method of trading is a bit too open and prone to false signals. Despite the fact the renko indicator does not repaint, price can move quite a bit and this can lead to losing trades.
I find that using the Parabolic SAR is a good way to set your stops. You can use this to trail the stops as well. Besides the PSAR, you could also try using the ATR stops method as well. But remember that PSAR works best only when there is a reasonable trend.
One thing I should absolutely mention is that traders should also bear in mind is the risk when using this new trading system. Not everyone is familiar with offline charts and this is something to bear in mind.
You can use forex renko zoomer strategy in any market. But try sticking to the major currency pairs. You can start off with the majors, and maybe look at liquid currency pairs only at first.
Talking about the accuracy, the trader will be astonished to see that the buy sell signals are quite good. This is because the indicators do not repaint. This makes it easy to visually backtest the signals on your metatrader 4 platform.
Final thoughts!!
When searching online for this strategy, I came across quite a few websites selling this profitable trading system. I have found quite a few people selling the indicators on ebay and other places. Do not fall for this scam.
The main developer of this strategy no longer supports the development. So when you are buying from a place like ebay, you can be sure that you are getting ripped off.
Concluding on a neutral note, the forex renko zoomer strategy mt4 is ok for the fact that at least it is a lot better than other systems out there. But there is still a bit of improvement needed for this method. If you have traded with this set up and if you feel like sharing, do leave your comments below.