Renko is an automated forex trading robot for Metatrader 5. The EA you need to use when you want to automate your Renko trading is 100% automatic. All you need to do is attach this EA to the chart and set your desired settings. EA also has many useful features, like time settings, weekday options, a trailing stop, breakeven, and a spread filter. All these extra features help manage and control trading sessions. This particular EA can be used with Renko charts as well as with normal charts. If you're missing something in this EA, that's not a problem. We can make any individual update for you, so you will be able to fulfill all your trading needs.
Buy signal - A buy signal is made from two candle patterns. The 2nd closed candle is bearish, and the 1st closed candle is bullish. Using the "close trade opposite signal" feature, EA trades from a bullish trend to a bearish trend.
Sell signal - A sell signal is made from two candle patterns. The second closed candle is bullish, and the first closed candle is bearish. Using the "close trade opposite signal" feature, EA trades from a bearish trend to a bullish trend.
Note: This EA only trades on the Renko chart, which it does not create by itself.
Input menu of the RENKO EA MT5.
Explanation of the settings:
Fixed lot - simple fixed lot which is applied for each trade.
Max open trade - set max allowed amount of open trades.
Close trade opposite signal - true/false, set it as true if you want to close trades on the opposite signal.
Stop loss pips - set a stop loss in pips which will be used for each trade separately.
Take profit pips - set a take profit in pips which will be used for each trade separately.
Break even
Pips on profit to enable - once reached, break even is applied.
Offset pips from open price - the distance from the open, in this way you can avoid spread size by adding extra 2 pips for example.
Trailing stop
Trailing start pips - once the trade has this amount of profit, trailing stop is activated.
Trailing stop pips - trailing stop distance from the stop loss to the current price.
One trailing step - it's basically how often do you want to refresh the trailing stop.
Trading time settings - that's simple, simply choose time and weekdays you want to trade.
Redirect symbol - this setting helps you open trades on the Renko charts properly. For example, the Renko generator creates a chart called "GBPUSD_10PIPS_M1." Once the signal is received in this Renko chart, the trade can't be opened with this symbol, so we have to redirect trades to the real symbol, like GPUSD. You have to enter the name of the symbol exactly as your table of symbols shows it. It may be "GBPUSD" or something like "GBPUSD.r."
Spread filter - set max allowed spread size in pips, EA checks it before opening the trade. If the spread size is too big = no trade.
Magic number - use magic number rule if this EA is used in more than 1 chart. Read more.
Download the DEMO version of the RENKO EA MT5 and try it in the strategy tester, before purchasing this forex trading robot MT5.
You're just one click away from having this Forex EA!
Price £: 125
Payment methods: Credit Card, Debit Card, PayPal, Skrill, Apple Pay, other.
EA delivery time: Within 1-7 hours. All purchased EAs are sent manually to your email address by our team. Once you have completed the payment, please contact us, and we will deliver your purchased EA to your email address as soon as possible.
Premium long-term support: We're available 24/7. Any issues are always solved.
Activations: Unlimited accounts. You have a lifetime license with free future updates.
Compatibility: Our EAs can be used with any symbol and timeframe.
Custom updates: Yes, we can offer any custom updates for our original EAs, so you can adapt the EA to your specific needs. We're very versatile.
Our other RENKO EAs:
EA has the most used features; we don't want to add too much stuff to the original EA. So we offer custom updates for any of our EAs. You can easily order a custom update and adapt this EA to your specific needs. Contact us, and we will add some basic features for free after your purchase.
If you have any questions simply contact us and we will answer all your questions.
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