Expert advisor running on Renko chart

EA Schedule

Weekly/Daily/4H Analysis Manual Analysis

(Blue Box) After analysis the market. I decide if I will go short or long. In this straightforward example we see that the price is hitting the downward trend line. So in this case  I should decide to sell this currency pair.

Because I don’t want a high stop loss of 100 or pips the idea is to the enter the short trade on a renko chart. It is easier in this way to reduce the stop loss.  The renko chart you will see below.

There also need to be a button to decide if the EA is looking for short/long or both.

Renko Chart and EA

The ea should run on a offline renko chart. Mostly I will use 6 pips per candle but this can this be different. 

12/36 EMA

Here you see the same retracement as on the 4 Hourly chart. The EA can notify a short trade in this case after the crossover of the 12 and 36 EMA. So if the 12 ema is < than the 36 EMA the EA should be looking for short. If the 12 > 36 the EA is looking for buys.

Retracement

The next step is a retracement. We only open positions after a retracement of at least 3 candles. In the example you see 3 or more retracement candles.(adaptable number of retracement candles)

Enter the trade

After the retracement we need a candle that is conversely with the retracement. So in this case we the close of the bearish renko candle.

-The EA should open 3 position

Stoploss and profit target

-The stoploss of every positions should be the same

The profit target of the first position should be the same as the SL

The profit target of the second position should be 2x the SL

The profit target the third position should be open (managed manually)

 Risk management and position size

The number of pips of the Stop loss should be adaptable. The risk management is a % of total capital. Also this should be adaptable. After setting up the number of pips and the percentage theEA should calculate the position size automatically.

For example if I want to risk 1% of the account size and after comparing this with trade balance and the calculation should lead to position size of 0.09. The opening positions all have a value of 0.03.

Script running

This is amount that the EA is able to open new postions. After the ea opened postions it should not open  postions unless there are no postions open anymore.

But also new opening positions should be limited.

In the attachments you will find the EA that I use for my renko chart, also you will find the template for the manual analysis.