An Excellent Renko EA /Tool for Forex Renko Traders. Grab those directional moves with utmost accuracy. A very Handy & Simple Forex Renko Robot for traders who love to trade Renko Charts. It comes with the following features:
✅ Open A Buy Trade After ‘N1’ Consecutive Renko Bull Candles
✅ Open A Sell Trade After ‘N2’ Consecutive Renko Bear Candles
✅ Exit a Buy Trade After ‘M1’ Consecutive Renko Bear Candles
✅ Exit a Sell Trade After ‘M2’ Consecutive Renko Bull Candles
✅ Option to use Fixed Take Profit & Stop Loss
✅ Option to Activate/Deactivate Opposite Signal Close Feature
✅ Option to Activate/Deactivate Trailing Stop
This EA can also work on start MT4 charts using the above features.
If you would like to get this EA further customized as per your strategy then it could be done at an additional agreed cost.
For any questions please feel free to raise a ticket here.
What is Renko strategy?
The Profitable Renko Strategy is designed to remove a lot of the market noise generated by the standard candlestick charts. The Renko trading strategy is time-independent and gives you an eccentric way to view price action.
Which time frame is best for Renko chart?
An M1 close is ideal for scalping, while a H1 or H4 close can be used to swing trade the Renko charts as it takes 60-minutes or 240-minutes for price to confirm a close above a certain level.
Does Renko Chart work?
Renko charts are effective in identifying support and resistance levels since there is a lot less noise than a candlestick chart. When a strong trend forms, Renko traders may be able to ride that trend for a long time before even one brick in the opposite direction forms.
Who invented Renko charts?
Renko charts were invented by Japanese traders hundreds of years ago, They are named after renga, a Japanese word for“brick.” Renko charts represent price changes but ignore time and volume. How different are Renko from bar or candlestick charts? Bar or candlestick charts have two dimensions: price and time.
What are Renko candles?
Renko is a derivative of a special charting format known as ‘range candles‘ – where time is not taken into consideration for the candle closing condition. Instead, they use movement-based rules, therefore only respond to changes in price movement exclusively.
How do I use Renko charts in intraday trading?
While there is no perfect box size one can select, traders usually set it as 1% of the price of the security of daily Renko charts. The smaller the size of the boxes, the greater will be their number and vice versa. A new box appears on the Renko charts if there is a specific amount of movement of price.
How do you use ATR?
You can use the ATR value as a base to define your trailing stop, which is beneficial because every time the volatility moves, your stop loss will move as well. When the price action changes are not in your favour, the stop loss can be activated based on the set distance from the ATR value.
Is Renko trading profitable?
The Profitable Renko Strategy is designed to remove a lot of the market noise generated by the standard candlestick charts. If you’re tired of using the same old Japanese candlestick charts, we like to introduce you to the Renko charts.