I’ve been buying and selling a easy Renko technique for quiet a while now and it yields some very first rate income.
Now I need to automate this technique into an EA in order that we dont have to attend for Renko bars to color for lengthy hours.
The entire idea is about preserving the buying and selling technique easy but Correct & Worthwhile!
Okay guys so lets first see the best way to construct a Renko chart.
The way to Set up renko EA:
1. Open 1Min Chart
2. Connect your Renko EA (i.e. Renko_Mod.mq4)
3. Settings for this EA are :
Click on OK and DONE.
4. Open Offline Chart : File > Open Offline > Choose EURUSD M2 (Double Click on to Open this Chart)
5. Your Renko Chart is now Energetic.
What we’re doing right here is that we’re getting the Renko_mod.mq4 EA to generate a renko chart in offline mode however updates on dwell foundation.
Now on the present chart you’ll be able to see renko bricks of 10 pips every.
Now add EMA 50 and EMA 21 indicators to your chart and we’re accomplished!
The Guidelines of the technique are quite simple!
Purchase after the brick coloration modifications from crimson to inexperienced and 2 consecutive inexperienced bricks have shaped and closed.
Our entry shall be on the i.e. open of the third inexperienced brick.
Promote after the brick coloration modifications from inexperienced to crimson and 2 consecutive crimson bricks have shaped and closed.
Our entry shall be on the i.e. open of the third crimson brick.
As a filter we use 21EMA and 50EMA.
If the costs are above the EMAs we take solely purchase trades.
If the costs are beneath the EMAs we take solely promote trades.
1.When a brick of the alternative coloration is shaped.
2. Path the commerce as extra variety of bricks are shaped till your trailing cease loss takes you out!.
There are 2 ideas –
1. Final important hello or low.
2. Hello or low of the final inexperienced or crimson coloration brick –
i.e. for a purchase commerce we’ll use the low of the final crimson brick from the place the worth turned.
for a promote commerce we’ll use the excessive of the final inexperienced brick from the place the worth turned.
Moreover, you should utilize a trailing Sl of 20-30 pips to secure guard your income.
You’ll be able to select one which most closely fits your fashion of buying and selling.
If you’re utilizing trailing cease loss do not hold goal in order that we are able to let our income run throughout instances of lengthy tendencies.
Now you chart ought to look one thing like this!
Promote Setup Instance :
Purchase Setup Instance :
I humbly request All of the gifted and senior programmers on this discussion board to assist me code a EA based mostly on this technique.
Fellow Members please refer this thread to anybody and anyplace the place you’ll find gifted programmers.
As I need an EA that may commerce out of the offline renko chart!
All constructive ideas shall be welcomed with open arms.
Additionally, for those who like my technique please dont neglect to thank me!!!