Renko Breakout Expert
The Renko Breakout Expert is as said a breakout automated trading system, meaning that it is very efficient in a breakout trading scheme. We are using a new charting technique (to some traders), which is Renko charting, it is a kind of chart that will help us reduce the market noise since it only plots bars when price moves and not when time passes. The EA uses Relative strength index to execute the trade entry and MACD and ADX for filtering. All you need is to find a proper broker, set your proper Renko box size and optimize.
- Magic Number - Used to identify trades
- Real Time Trading - Set to true when using on a Demo or Live account for Renko Charts, Set to false when backtesting. (This enables a built in timer to get it to work on offline charts)
- RSI Period
- RSI Level Min
- RSI Level Max
- RSI Close on Opposite Signal - Close opened trade when RSI issues opposite signal
- MACD Fast MA
- MACD Slow MA
- MACD Period
- MACD Deviation % - Used to deviate the Period MA line of the MACD (+ Diverge from 0, - Converge with 0)
- Use MACD Under/Above 0 filter - If enabled, will only execute buy trades when MACD > 0 and Short Trades when MACD<0
- Use MACD Close - Use MACD cross with its signal to close all opened trades
- ADX Period Filter - When the market is volatile, it can use several ADXs with different periods, separated by commas
- Minimum ADX Value - Minimum value for all the above ADXs, if ADXs are above the mentioned value the EA may execute trades
- MA Length
- MA Close - If enabled, will use MA intersection with price to close all trades
- Allow Multi Trade - If enabled, the EA will take more than one trade at a time (one trade per Renko box)
- Deduction Percentage - per Multi Trade Reduction of lot size in the coming entries
- Money Multiplier
- Risk Percentage
- Take Profit
- Stop Loss
- Use Trailing - Use Trailing Stop Loss
- Trailing Start - When to enable the Stop Loss
- Trailing Distance
- Use Time Filter - Allow trades at specific days
- Trading Time Start - Start hour of when to start trading
- Trading Time End
- Days Banned - Days not to trade on, 0 - Sunday, 1 - Monday etc... Separated by commas.
In case of doubt in our product, we invite you to backtest at your own. Install some third party tick data (make sure you use 99.9% tick data, crucial for Renko testing, this way you'll be able to achieve 99% Renko charts), then install a third party Renko Chart builder for backtesting.
Real Time Trading
It may be quite tricky to get a live Renko chart to work on MetaTrader 4, but the marketplace helps you find experts and indicators that generate Renko Live Charts. Drag and drop our product into the offline Renko chart and make sure you enable the Real Time Trading parameter, change up the Magic Number to your choice, and get to trading.
Please note that this is a breakout expert, most profits happen in high volatility pairs and news. Pick your pair wisely. The Expert is mainly designed for Renko Charts, but it also works on Time charts, optimization is needed.
Use at your own risk.
Note: Pictures below are from a live trading account.