RenkoSarOsMA is a piece of software that can be found within the indicators section of the MQL5 marketplace. The indicator calculates and displays Renko Bars using Moving Average, while also using Parabolic SAR and OsMA data to provide buy and sell signals. The tool was first uploaded by its creator Sergey Deev on the 27th of February. It has not received any further updates and is currently at version 1.5.
RenkoSarOsMA is an indicator created for use with the MetaTrader 4 trading platform, its main function is to calculate and display Renko Bars using Moving Averages, Parabolic SAR, and OsMA data. As mentioned above, the indicator will also provide buy and sell signals.
How the trading signals are generated:
- The buy signal is generated whenever the OsMA indicator crosses the zero level upwards. A succeeding Renko bar closes above the moving average when the PSAR is below the asset price.
- The buy signal is generated whenever the OsMA indicator crosses the zero level downwards. A succeeding Renko bar closes below the moving average when the PSAR is above the asset price.
The indicator will display Reno bars and will only display each bar within a time interval. If the price has moved a certain distance, the indicator will work on any timeframe you require.
There are some parameters and settings available with the indicator, these make it possible to slightly alter the functions to better suit your own requirements, some of them include the Renko bar size, how many bars to display, the color for bulls and bears, the MA period, SAR steps, whether to use alerts and more.
The indicator will currently cost you $30 to purchase, this will give you unlimited and unrestricted access. You are also able to rent the indicator, you can do this over a one-month period which will cost you $15 per month, or for three months it will cost you $20. According to the site, there is a free version available too, this will have some limitations but we are not sure what the limitations are.
Unfortunately, there aren’t any reviews for the RenkoSarOsMA so we do not know if it functions the way that it is meant to or if it is useful for those using it. There is just one comment, the creator has not replied to it which is not a great sign, hopefully, the customer support, once it has been purchased, is a bit better. As there are no reviews, we would strongly suggest that you try out the free version. We also recommend that you get in contact with the creator just to ensure that it will do what you need. The test version will allow you to make sure you are able to get it set up correctly.