Renko Scalping EA
A simple and very effective strategy.
Mean Renko candles and Moving Averages.
Renko Scalping EA can trade fully automatically.
Signal >>> https://www.mql5.com/en/signals/866327
Instructions how to create an Offline chart with Mean Renko candles I can provide.
The reason why I use Mean Renko candles is very simple. Mean Renko boxes filter out price ranges and make the chart look very clean and transparent. By adding the usual Moving Averages to such a chart, the overall picture will give you a quick overview of when price is trending and when it is consolidating.
Another very important reason for using Renko candles for scalping is the need to catch smaller movements on the charts. Thanks to this possibility, you can catch a few or even a dozen opportunities to earn money every day. Using this simple method it is enough to focus on one or two instruments without having to search the Market every day for bargains.
Signal Filter - (default = false) – setting to (true) will cause that Signals to open trade that Expert Advisor reacts to will be additionally filtered (a detailed description can be found under each of the signals).
MA_Trade (default = false) – if all MA_Fast and MA_Slow averages are arranged in one line, the trade will be opened when the price rebounds from one of the MAs. Advanced conditions are contained in the settings under the name Signal_Filter and have an on / off option.
Next_Bar_Trade (default = false) – if the currently building candle is closed, the order will be opened. Advanced conditions are contained in the settings under the name Signal_Filter and have an on / off option.
Signal_Filter = true – there must be three candles in one direction The signal candle and the previous one must close above / below MA_Fast
Close_Revers_Bar - (default = false) – the appearance of the first reverse candle will close the order. The function will not work if Sell and Bay positions are open at the same time. The function will not work if the Min_Profit_For_Close_ON function is active and the current profit is lower than in the Min_Profit_For_Close_In_Currency settings.
SL_TP_Use - (default = true)
SL_Buffer_Distance - (default = 100) – distance added to SL in points for automatic orders.
SL_Support_Resistance_Use - (default = false) – allows to be placed SL on the supports and resistances determined automatically by EA with the help of blue lines on the graph.
SL_Support_Resistance_Interval - (default = 2) – the number of candles that is taken to be consider to determine S/R. Applies to the function SL_Support_Resistance_Use.
MaxSL_Points - (default = 500) – if SL automatically calculated by EA when opening the order is greater than the one set in MaxSL options then SL will be changed to MaxSL value.
MinSL_Points - (default = 50) – if SL automatically calculated by EA when opening the order is smaller than the one set in the MinSL options then the SL will be changed to the MinSL value
Manage Position Setings:
Break_Even – (default = false) – setting to (true) will immediately move SL to BE place, plus the distance contained in the XpipsAboveBE setting.
Break_Even_Distance_Points - (default = 200) - distance at points after which SL is automatically moved to the entrance.
X_Points_Above_BE - (default = 20) – additional plus points added to Break_Even.
Trailing_Stop_Use - (default = false) – setting to (true) will cause SL of all open trades to follow the price at a specified distance (Trail) and with a specific jump (Trail_Step). This process will have a beginning if the price moves away from the place of opening the trade by the value entered in the
TrailingStop - (default = false) – if true, keeps the trade automatically from the moment the price exceeds the place of entry into the trade.
Trail_Points - (default = 100) – number of points as long the price has to be far away from entering of the trade when TrailingStop starts to work.
Trail_Step - (default = 10) – number of points determining the step size for the TrailingStop function.
Trailing_Stop_MA_Trend_Use - (default = false) – if true, keeps SL on MA_Trend
Max_Spread_Points - (default = 50) – upper limit which cannot be exceeded for the trade to be opened.
Max_Slippage - (default = 10) – upper limit which cannot be exceeded for the trade to be opened.