RenkoMaSignals is an indicator that was added to the mql5 marketplace by Sergey Deev. It was uploaded in June of 2016 and has remained at version 1.2 since being launched.
This indicator was designed to display Renko Bars on the chart and to generate buy/sell signals based on whether the fast-moving average is above or below the slow-moving average. Automated trading is possible based on the buy/sell signals output to the indicator buffers and the indicator can work on any timeframe since Renko-bars are not bound to any timeframe. Automatic alerts are yet another feature that helps to make trading more efficient for the user.
It costs $30 USD to buy the indicator outright, and this comes with 5 activations. Traders also have the option to rent the tool at a lower price of $15 per month or $20 for 3 months, which makes testing possibilities more realistic. A free demo account is also available for any user that would like to use one.
RenkoMaSignals is one of many trading indicators that work with Renko-bars. This particular version displays buy/sell signals to aid traders in making profitable decisions. This indicator has managed to receive some online attention, with more than 500 traders testing the demo version, although there aren’t many reviews that mention how effective it was overall. Take a look at some of these comments that were left by users who purchased the product:
“This indicator uses a phenomenal amount of RAM, way too much!” -David
“Unfortunately, it reprints – it’s good for the purpose of education but you can’t count on it to make a sell or buy decision.” -sweethomeboy2
The author did respond to the latter comment stating that it does not reprint, but we did notice another user claiming that there was a problem downloading after purchase. The overall price of this indicator isn’t bad at $30, but we’d recommend testing the demo and perhaps renting for a month before making the larger deposit, based on these reviews.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/16836