Renko (and also Mean Renko) Engulfing Bar Indicator is a universal trading indicator that draws possible entry points to buy/sell, as well as stop-loss levels with arrows. The indicator is designed to work on offline Renko charts, as well as on median-renko charts.

It is recommended to use an indicator with a fixed renko brick of 20 points or more. It is not redrawn. The arrows are added after the bar closes. The buy/sell arrows displayed by the indicator can be combined with moving averages or stochastics, as well as with overbought/oversold levels.

Settings of the Renko Engulfing Bar indicator:

• Count Bars: by default (4) – the minimum number of bars of the previous trend. Recommended values are from 3 to 7
• Show History: True/False-display of past signals on the chart)
• Show Comment: True/False-display of Buy and Stop loss values
• AlertsOn: True/False-enable alerts
• Play Sound: True/False – sound alert
• Show Popup: True/False-pop-up notification in the MT4 terminal
• Email: True/False-email notification. It is necessary to correctly configure SMTP in the MT4 terminal.