This is a pretty new system in the market. It was developed recently with the core aim of trying to increase the accuracy of trading by ensuring trades are opened and closed when it is the right time. Not doing guess work on the chart.
The system used several indicators which include: CC1, RSI, ASI, Nonlag MA, Renko Bars, EMA and TRO Dragon Tunnel indicators. In this system all these indicators are inserted into the chart and used when trading. Each of the indicator contribute to the other in providing an entry point and exit point for the market.
The first step in using this system is downloading the indicators. Then they are copied into the expert folder of the MQL4 folder of the metatrader4.then don’t forget to put the .tpl template into the template folder. After all this is done, then you can open reopen your metatrader4 platform and load the indicators into the chart that you want to use them on. However this indicator best works on the EUR/USD currency pair since this currency is the most traded and thus do move greatly in a day. But in case you want to use it on any other currency pair it will still do.
Loading the BMANS Renko system on to your chart
Most traders have problem loading systems on their charts. Systems can be loaded as individual indicators or as templates. Therefore when copies the systems indicators into the data file ensure that you have also copied the template of the system into the template folder.
When using individual indicators you can to use some when omitting some according to your feel. This is good if you are not conversant with may be some of the indicators of the system. Thus you may opt not to use those indicators that you don’t know how to use.
Loading the template: Right click on the chart and then click on the template and choose the template BMANS_Renko.
Fig. BMANS Renko System loaded on chart
The Dragon Tunnel is a kind of a channel indicator with three lines; two blue lines and one red middle line. The Nonlag MA indicator is drawn as a line that follows the market and turns from red to green and vice versa giving sell and buy signals respectively. Then the CCI and the ASI indicators are shown on a chart below the currency chart.
Trading using BMANS Renko System
Long positions: you are supposed to enter buy trades when the CCI indicator is above the ASI indicator line. The custom color of the CCI indicator is blue while the color of ASI indicator is red. However you may change the colors if you so wish by double clicking at the indicator and going to the style section of the dialog box that appears. Also you have to check and see that the Nonlag MA indicator line has turned green and that it is above the Dragon Tunnel.
Fig.trading using the BMANS Renko System.
Short positions: you are supposed to enter sell trades when the CCI indicator is below the ASI indicator line. Also you have to check and see that the Nonlag MA indicator line has turned red and that it is below the Dragon Tunnel.
Then always remember to be safe when trading by using stop losses and take profits.
Open demo account to test this system.
Download Free BMANS Renko System