Adaptive Renko CLD Indicator (MT5) - Free Download - Best Forex Indicators

Introduction to the Adaptive Renko CLD Indicator

The Adaptive Renko CLD Indicator is a forex trend-following indicator using the Renko indicator included in its formula. It consists of two elements: an upward/downward band and a cloud. It does a really good job at recognizing trend-momentum, and obviously, it works best during strong market swings.

The Adaptive Renko CLD Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply in trading?

Trading Rules Explanation

The trading signals of Adaptive Renko CLD Indicator are provided by the upward/downward band. It is green and sinks below the price during bullish trend-momentum, and conversely, it is red and floats above the price during bearish trend-momentum. That band also works as dynamic support and resistance levels.

Buy Signal

Follow these steps for a long trade:

The band of Adaptive Renko CLD Indicator switches from red to green
Price swings higher from recent low swing
Buy trade is triggered after the first candle meeting above conditions
Set stop loss a few pips below the last swing low of the market
Take profit or exit trade whenever Adaptive Renko CLD Indicator provides opposite signal or use your own method of trade exit

Sell Signal

Follow these steps for a short trade:

The band of Adaptive Renko CLD Indicator switches from green to red
Price swings lower from recent high swing
Sell trade is triggered after the first candle meeting above conditions
Set stop loss a few pips above the last swing high of the market
Take profit or exit trade whenever Adaptive Renko CLD Indicator provides opposite signal or use your own method of trade exit

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Adaptive Renko CLD indicator in MT5?

Installation Guide

Download the Adaptive Renko CLD.rar archive at the bottom of this post, unpack it, then copy and paste the Adaptive Renko CLD.ex5 or Adaptive Renko CLD.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The Adaptive Renko CLD indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.