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Rules
Specification
Should be pretty simple scalping strategy but I don't have the EA or the indicator.
- Need a basic renko indicator (if one already exists, great, just include when complete/provide access) with custom brick size option (will not use ATR only). My experience is with TradingView but their renko chart shows ghost bricks so I've been led to believe MT4/5 renko charts/indicators do not do that and show pure price movement without timeframes that TradingView uses.
- For the EA, it will require the below criteria:
a. Entry: On new brick of different direction, either buy or sell. Entry after the first fully formed brick completes
b. Take Profit: This should be variable. I would like an option to set the exit to how many bricks I want to to grab. For example exit after 2 additional bricks are complete or exit after 5 bricks are complete etc. This could be based on pip size if easier, IE if Renko brick size is 10pips, then exit after entry on 20 pips, which would be the same as 2 additional bricks
c. Stop Loss: Always set to the beginning of the entry brick.
d. Note 1: There is no breakeven or exit. Once entered the trade will either hit stop loss or take profit
e. Note 2: If price reverses and stop loss hits, the trade is over. No new entry until a full reverse brick is formed. So for example if a single Buy brick is formed and an entry is made, if price reverses and only forms half a sell brick, the stop loss would have been hit but if it ends up continuing the buy for x number of bricks, no additional trades are entered. The next trade would only be entered if a sell brick fully formed. We are only entering on the first brick of a new direction.
f. Money Management: It would be great if i could enter a $ amount per trade and it calculated lot/position size automatically based on that for entry and stop loss. if not what options are there? I'd also like an option to stop the EA after a certain amount of money won.
I've tried to outline below.
