Expert Advisor / trading robot needed based on Renko charts

MQL5 Experts

Job finished

Execution time 12 days

Specification

I am looking for a developer to build a trend following trading system in MQL5 based on Renko charts. It will be a pretty easy system I think with a general trend direction that I will label manually and then the robot will open and close positions in that general trend direction using Renko bars. Variables will be the general trend direction, the size of the Renko bars, the time frame to create the Renko bar and lot size. The EA should provide the possibility to define these values manually.


Definition of mechanical trading system

  1. The idea of the trading system is to follow trends within a first to define higher trend while eliminating as much noise as possible by using Renko charts on a lower time frame. The system will be played on Forex majors, common indices and crypto.

  2. The higher trend will be defined manually by analysing a number of charts after which I will decide if there is a trend worth trading and the direction of that trend. Therefore, the trend direction should be a value that can be entered manually in the EA. Choices are: uptrend, downtrend and no trend, in which case no positions will be taken.

  3. The lower trend is defined with Renko bars that must be set to a specific number of pips/points. Also, the number of pips/points should be a value that can be set manually in the EA and can be different depending on the asset that is being traded. Obviously, when trading Forex a smaller number will be entered than in the case of the Nasdaq100 or bitcoin. In addition, the Renko bars will be built per time frame. The time frame must also be a variable that can be set manually. If the time frame is 5 minutes, the robot should calculate every 5 minutes if one or more Renko bars need to be plotted on the chart. Then, if a trend change has occurred and if a position must be opened or closed.

  4. Trading signals will be given when the Renko changes trend. If we have no position and the higher trend is up, every Renko bar change from down to up will generate a buy signal. When we are long and new bars up are plotted, no actions will be taken. When the Renko turns down, the long position will be closed. The same principle applies in a downtrend. If the main trend is defined as down, then every Renko bar trend change down must be traded until the Renko bar trend turns up and the position is closed. All orders are market orders and should be given immediately after the Renko trend change has occurred. 

  5. For illustration I have attached a screenshot of a weekly bitcoin chart (). I am very bullish on bitcoin. So, only long signals are taken. At the end of each week new Renko bars are plotted on the chart and positions can be opened, closed or maintained. I have indicated the signals by drawing vertical dotted lines. Green for opening a position and red for closing it. As you can see positions are opened and closed immediately at the time of the creation of the last bar to be plotted for that week.

  6. By principle the robot will keep trading 24/5 or 24/7 in the defined direction until I stop the robot by selecting: No Trend. In that case, any running position must be closed at market. When I change the main trend direction from up to down, or down to up, again a running position should be closed at market. That is, if there is an open position.

  7. With respect to money management, the robot will start trading small amounts. If any increase or compounding seems responsible, then I'll change the values manually per asset traded.

  8. Regarding error handling: software, Internet or connection failures, basically anything that stops the robot from working properly. In those cases I require advice from the developer how to handle these situations sensibly.


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Project information

Budget
150 - 350 USD
VAT (23%): 34.5 - 80.5 USD
Total: 184.5 - 430.5 USD
For the developer
135 - 315 USD