Renko (as well as Mean Renko) Engulfing Bar Indicator is a universal trading indicator that draws possible buy/sell entry points with arrows, as well as stop loss levels. 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. Does not redraw. 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) is 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 MT4 terminal
• Email: True/False – email notification. It is necessary to configure SMTP correctly in the MT4 terminal.