RenkoGrail Scalping EA
RenkoGrail EA is an highly accurate and professional scalping expert advisor working on renko charts with brick size of 5 pips, for MetaTrader 4.
This is the result of years of experimenting and trying to obtain the best results in trading as i'm obsessed with the achieving of high percentage of success with my trades.
It will only work on a Renko chart with brick size of 5 pips. I decided to release this first version only for this size of renko candles as i verified that is a good choice for the most of the common traded forex pairs. Thus the price of the EA will probably raise in the next future, with new versions, as i add new features.
It is meant to take advantage of a temporary momentum in the market and automatically open and close trades after all conditions are met.
Standard “Take Profit” is 4 pips (i will explain in the rules section why).
Standard “Stop loss” will be few pips below or above previous renko candle with its wick taken in consideration thus you need to use a Renko indicator builder which also includes wicks.
The indicators i use for renko building are (these are free, i didn’t create nor own the copyright of these):
- STG_RenkoChart (This indicator requires you to refresh your charts every time you re-open your platform as it doesn’t automatically add the candles while the platform was closed. Open and close the platform twice also works)
Feel free to use your favourite renko indicator as long as it includes wicks for the right calculation of the stop loss. Don’t hesitate to contact me if you are struggling to find a working indicator.
If you want to trade more than one currency you have to apply the EA on every single chart you choose to trade.
The EA will automatically detect if you are using a 4-digits or 5-digits broker, it will automatically open trades and set take profit and stop loss. You only have to choose the lot amount in the settings of the EA.
For backtesting the EA, i used the method to test offline charts (renko) with strategy tester on MetaTrader4.
On the same youtube channel of the video i posted you can find other backtesting videos of all the major currencies.
There are very few simple rules for the Renko Grail EA you must follow to assure the best results.
1.Renko bricks size must be 5pips.
2.Only apply on pairs with no more than 1pip spread or you will be not assured the max performance (This is why target is fixed to 4pips: this way you are safe to take profit with the very next candle almost every time).
3.ECN brokers are strongly advised as they usually provide the lowest spreads.
4.I suggest you to test the EA on demo for a certain amount of time before go live so you can realize what pairs works best for you and your broker.
5.That’s all! Enjoy your Renko Grail EA, put a smile on your face and sleep tight. I wish you all happy pips!