Price Level/Renko style EA


Hello community,

this is my first post here, thanks for reading.

I'm looking for an EA which will trade at the levels I see on my Renko chart. It doesn't need to look at Renko bricks as such, I'm just thinking in terms of the price levels they represent. I want to automatically trade price movements, without looking at time.

In my example image below, the market is Dax and the bars are 4000 (40 Euros, I'll call them 40 pips).

The EA needs to do the following:

1. Open a trade when 2 bars are painted in the opposite direction to the previous trade.

2. Set a stop loss of 2 bars (80 pips in this example), plus a little bit extra. I would like to be able define the stop loss in pips in the EA settings.

3. Every time a new bar is painted, move the stop loss by one bar. In this case, move the stop loss by 40 pips.

4. I can change the lot size of the next trade.

A Renko chart shows me what the trades look like as they develop, but the EA only has to refer to price levels represented by the bars. In the example, the arrows show where a buy or a sell would be executed - when the candle closes. In the example, there are 3 places where it says 'not here'. A new trade would not be executed, as it is not in the opposite direction to the previous trade.

That's it I think. Thanks again for looking, all help greatly appreciated. 

EDIT: I pasted an image of my example, but it won't display. I've had to attach it as a PNG file.

Basic Principles - Trading Operations - MetaTrader 5 Help
Basic Principles - Trading Operations - MetaTrader 5 Help
Before you proceed to study the trade functions of the platform, you must have a clear understanding of the basic terms: order, deal and position...
RENKO.PNG  19 kb