Renko Scalper EA

Renko Scalping EA is an automated trading system that is designed to provide traders to work with any currency pair and is capable of filtering out market noise to provide traders with clear price charts. By utilizing Renko Bars, the EA is able to eliminate unwanted price fluctuations, which can lead to false signals, and instead, it provides easy-to-read chart. This trading tool allows traders to execute trades based on a set of rules that are pre-programmed into the system.

Renko Scalper EA Strategy

The Renko Scalper EA strategy that is based on Renko charts of 10 pips per bar and a Simple Moving Average of 100, which can be adjusted to meet your individual preferences. The Renko bars serve as the primary entry trigger for the EA, but it also tries to take confirmation by the Simple Moving Average indicator. The robot is designed to never enter the market against the trend.

To enter the market, the Renko Scalper EA will execute a SELL order when the price is below the moving average, and at least two red Renko bars have formed in a row. Conversely, a BUY order will be executed when the price is above the moving average, and at least two green Renko bars have formed in a row. This tries to let the EA enters the market only when there is a clear trend in place.

The Renko Scalper EA is also developed for scalping, which means that it is designed to capture smaller movements in the market.

Renko Charts

Renko Scalper EA Strategy
Renko Scalper EA Strategy

Renko charts are one of the types of chart used in trading strategies like the Renko Scalper EA. These charts only measure price movement and do not take time into account. The goal of Renko charts is to filter out unnecessary market noise and provide traders with a picture of price action. The word “renko” comes from the Japanese word “renga,” meaning “bricks.” This is because Renko charts are constructed using a series of bricks that represent price fluctuations.

The concept of Renko bars is relatively simple. The size of the bricks is predetermined by the user, and once the price moves more than the defined brick size either above or below the most recent brick, a new brick is added to the chart. This allows traders to easily identify trends and changes in price movement.

Renko Scalper EA Features

  • Testing on GBP and JPY pairs: These pairs are known for their higher volatility. However, the EA can also be used on low spread pairs like EUR/USD.
  • Automated trading on Renko bars: The EA operates fully automatically on Renko bars, which helps eliminate unnecessary market noise.
  • Multi-pair compatibility: The Renko Scalper EA is compatible with multiple currency pairs.
  • Advanced user interface and control panel: The EA has an advanced user interface and control panel, which is customized to meet individual trading preferences.
  • Reverse option: The EA has a reverse option available, which can be useful in volatile market conditions where the trend may change suddenly.
  • Default settings: The EA comes with default settings that are ready to use.

Renko Scalper EA Settings

  • Setings_1                                                                                                       <<<<< MA Indicators Setings >>>>>
  • MA_Fast                                                                                                                      12
  • MA_Slow                                                                                                                     24
  • MA Trend                                                                                                                    36
  • Setings 2                                                                                                          <<<<< Signals Setings >>>>>
  • Signal_Filter                                                                                                                 false
  • MA_Trade                                                                                                                    true
  • Next_Bar_Trade                                                                                                         false
  • Close_Revers_Bar                                                                                                      true
  • Close Position Size %                                                                                                100.0
  • Setings_3                                                                                    <<<<< Money Management Setings >>>>>
  • LotSizeFix                                                                                                                      true
  • LotSize                                                                                                                           1.0
  • MM_Percent                                                                                                                1.0
  • Setings 4                                                                                                          <<<<< SL Setings >>>>>
  • SL & TP Use                                                                                                                 false
  • SL Buffer Distance Points                                                                                         30
  • SL Support Resistance Use                                                                                      false
  • SL Support Resistance Interval Bars                                                                      36
  • Max SL Points                                                                                                              1000.0
  • Min SL Points                                                                                                               100.0
  • Setings_5                                                                                                         <<<<< Manage Position Setings >>>>>
  • MagicNumber                                                                                                               12345
  • Enable_Long_Trades                                                                                                  true
  • Max_Long_Trades                                                                                                       10
  • Enable Short Trades                                                                                                   true
  • Max Short Trades                                                                                                        10
  • Pyramid System                                                                                                           false
  • Pyramid Position Size %                                                                                            100.0
  • Min Distance for Next Pyramid Order in Points                                                  200.0
  • Break Even Use                                                                                                            true
  • Break Even Profit in Points                                                                                       100
  • X Points Above BE                                                                                                       10
  • Trailing Stop Use                                                                                                         false
  • Trailing Start in Points                                                                                                100
  • Trailing Step in Points                                                                                                10
  • Trailing_Stop_MA_Trend_Use                                                                                  false
  • Max Spread in Points                                                                                                 100
  • Max Slippage in Points                                                                                               100
  • Setings_6                                                                                                        <<<<< Profit Target Setings >>>>>
  • Take_Profit_Point                                                                                                         1000.0
  • Max_Profit_Today_Percent                                                                                       100.0
  • Max_Loss_Today_Percent                                                                                          50.0
  • Profit Target % Use                                                                                                      true
  • Profit Target%                                                                                                               1.0
  • Profit Target $ Use                                                                                                       false
  • Profit Target $                                                                                                               10.0
  • Min_Profit_For_Close_Use                                                                                        true
  • Min_Profit_For_Close_In_Currency                                                                         1.0
  • Max_Loss_For_Close_All_Use                                                                                   false
  • Max_Loss_For_Close_All_Percent                                                                            50.0
  • Setings_7                                                                                               <<<<< Trading Hours Setings >>>>>
  • TOD_From_Hour                                                                                                          2
  • TOD_From_Min                                                                                                            1
  • TOD_To_Hour                                                                                                               22
  • TOD_To_Min                                                                                                                 59
  • Audible_Alerts                                                                                                               false
  • Push_Notifications                                                                                                       false
  • Send Email                                                                                                                     false
  • Schedule corner for a binding                                                                   Right lower chart corner

Renko Scalper EA Summary

Overall, Renko Scalping EA uses Renko charts to eliminate unwanted price fluctuations and provide traders with clear price charts. It has a set of pre-programmed rules that allow traders to execute trades based on the conditions of the market. The Renko Scalper EA is developed for scalping, which means that it is designed to capture smaller movements in the market. However, it is important to note that there is no guarantee of profit, and traders should always use caution when using any automated trading system. It is recommended to test the expert advisor on a demo account before using it in a live trading account.

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