Modification in renko strategy (add one condition)

THIS IS IN MT5

ok so we made a strategy in which if we select candle close = 1, we close trade whenever the first candle (brick) closes in opposite direction. Now here is what we are going to do.

WE ARE MAKING TWO STRATEGIES AND YOU WILL GIVE AN OPTION IF I WANT TO USE STRATEGY 1 OR STRATEGY 2

IN BOTH THESE STRATEGIES The trading should remain the same UNTIL,

STRATEGY 1

1. if at the time of first candle close in the opposite direction, the profit = negative, do not close the trade.

2. Wait for the candle to reverse again meaning in the same direction as the position opened. Now suppose we have a position opened at (1) (in the picture), this would be short sell.. Now we know if the brick closes in green (2),  it would have closed trade at negative. We would not close trade here, we would wait till number (3) candle closes, at this position as it is in the same direction as our short sell, we will first see the difference between 1 and 3.. If the difference between is lesser than a PIP VALUE lets say 5 pips (50 bars in renko), we will again wait. THE PIP VALUE I WOULD HAVE AN OPTION TO CHANGE.

3. If the pip value is greater or equal to 5 pips (50 bars), another short sell position would be open like martingale step (eg if first sell was 0.1, this would be 0.3), using a SELECTED step of 0.2.

4. Now, we wait again till the overall position comes in PROFIT. PROFIT WOULD BE SELECTED like if 5 pips. The EA should take profit in LIVE TRADING not close of candle. PLEASE NOTE THE TAKE PROFIT WOULD ONLY BE FOR SITUATION IF MORE THAN 1 POISTION IS OPENED. 

5. If the profit does not comes in 2 positions and our candles start to go in the opposite direction, we will wait till candle number (4) close. At this position, our short sell would be 0.5 (a step of 0.2).. This position would only be at the time, if difference between number (4) and number (3) candle is MORE THAN OUR SELECTED PIP VALUE. 

6. We will again wait for our positions in profit in LIVE CANDLES. If it reaches 5 pip overall, we will take profit and close all trades and if no profit comes, we will wait the same way towards another candle (5).. (6)… (7)… and so on (5, 6 and 7 are not picture).. if they go there lets say, than 5 would be lot 0.7. 6 would be lot 0.9 and 7 would be lot 0.11 (all of them with same 0.2 SELECED STEP).

NOW ALL OF THIS STRATEGY ABOVE IS ONLY IF THE CANDLE REVERSES BACKWARDS AND 2 POSITIONS ARE OPENED IN STEP 3.

SIMILAR SITUATION WOULD BE FOR LONG POSITION AS WELL.

STRATEGY 2

1. if at the time of first candle close in the opposite direction, the profit = negative, do not close the trade.

2. Now we would use a SELECTED timeframe lets say 1 hour (give option of timeframe) and see if the LAST position opened (not the overall but the last one) is negative and difference is more than selected PIP VALUE, open the position in the same direction with increased STEP LOT.. 

3. The trade should stop in live candles if they become positive and hit our TARGET like 5 pip value, if it does not, than we will wait another 1 hour and check if the difference between LAST OPENED POSITION and current price is more than PIP VALUE, we will open another trade in the same direction with increased STEP LOT. If in case the difference is greater than difference between LAST OPENED and current price is not greater than PIP VALUE, no new position  is opened and we will wait till another hour or the time period selected.

SIMILAR situation is for LONG position  as well.

 

LASTLY add the TRADING HOURS OPTION AS WELL..

LET ME KNOW IF YOU HAVE ANY QUESTIONS