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Hello community,
I am looking for someone who can program following EA for trading forex on MT4:
It works like this: I operate on renko-charts only, I don’t have an indicator for Renko which works on MT4 I would need this, too. Here re some information about how the bricks should be calculated:
"It is important to note that new bricks are only added when price movements completely fill the predetermined brick size. Prices may exceed the values of the previous brick (either above or below), however a new brick will not be formed until the price movement is large enough. For example, let’s say the brick size is set to 2 points and the last brick covers prices of $52 to $54. The new brick won’t be formed until prices close either at or above $56 or at or below $50. If price closes above $56, for example $57; the new brick must still stop at $56.
There are two rules regarding brick placement:
Bricks will always have their corners touching.There can never be more than one brick in any one vertical column.
There are two different methods for calculating bricks:
Average True Range (ATR) — Uses the values generated by the Average True Range (ATR) indicator. The ATR is used to filter out the normal noise or volatility of a financial instrument. The ATR method automatically determines a good brick size. It calculates what the ATR value would be in a regular candlestick chart and then makes this value the brick size.
Traditional — Uses a user-pre-defined absolute value for brick size. New bricks are only created when price movement is at least as large as the pre-determined brick size... " (Source Tradingview)
Please note we only take closed candles into account. We dont want to print bricks on candles which are not closed.
I want the EA only to work and operate on the Renkobars not on the normal candles or price action, it should only take trades or close trades when new renko bricks appear.
Buy entry: When the 9 EMA > 13 EMA > 21 EMA (of renko bricks) and a brick closes above 9 EMA it triggers a immediate buy order
Exit: Hold the trade until (x) red bricks appears in a row, than the EA should close the trade, I would need here a variable which I can set to 1,2,3,… red bricks.
SL: there will be a hard SL (x) bricks under entry point
After that we need to switch it upside down for sell orders.
For position size it is a bit complicated, because there re a lot of variables in the calculation.
Due to the above standing rules i will lose max (x) red bricks because the EA will exit after (x) red bricks. So I would like to set a value per bricks e.g. 1 brick of price movement = 1% of capital risk.
When i use the ATR calculation methode for the renko bricks the bricksize will change from trade to trade, but i am ok with that.
So lets say i will enter the trade in long direction and set exit to 2 bricks and the next 2 bricks are red so the EA closes the position and i set "risk per brick" = 1% of capital, i should lose 2 % of my total capital on the trade + slippage + maybe spread.
I hope I worte everything understandable if you have any questions please ask i will answer as fast as possible.
Kind regards,
Learoy