Entry rules:
BUY: If a bearish Renko candle intersects the indicator's lower band or closes below the lower band, and the next Renko brick is bullish, open a BUY position, set the stoploss level three bricks plus spread away from the entry point.
SELL: If a bullish Renko candle intersects the indicator's upper band or closes above the upper band, and the next Renko brick is bearish, open a SELL position, set the stoploss level three bricks plus spread away from the entry point.
Exit Options:
1. If the position is in profit, exit after the first reverse brick.
2. If price has touched the opposite band, close the position.
3. Use a profit target based on a fixed Risk to Reward ratio 1:N (N>1).
Example:
How to create a Renko chart:
1. Download MathTrader7_RenkoChartCreator.ex4 and copy it into your <Experts> folder.
2. Enable DLL import in Options menu.
3. Refresh your MT4 platform's navigator window (or restart MT4).
4. Open a M1 chart (e.g., EURUSD, M1) and attach the above EA to the chart.
5. From <File> menu, select <Open Offline> and choose (EURUSD, M2) chart.
Note: If you see few Renko bars on the M2 chart, close all the charts, open history center of MT4 and download M1 data.
How to install the indicator:
1. Download MathTrader7_ATRBands.ex4 from the attachments and copy it into your <Indicators> folder.
2. Refresh your MT4 platform's navigator window (or restart MT4).
3. Attach the indicator to the Renko chart [leave the default input settings].
>>Thread Rules:
1. In this thread we only discuss Renko Bounce Trade presented here. I will IGNORE anyone who writes any irrelevant post in this thread.
2. You post any commercial link (directly or indirectly) and that would be your last posts.
--- Update 2021-01-14 ------
Version 1.10 of an adaptive version of the indicator released. In this version the indicator algorithm tries to find the best parameters to reduce the number of false signals. I have also fixed the problem with multiple Alerts.
Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.
---- Update 2018-08-13 -----
Version 1.00 of the Renko Bounce EA released. This version has been programmed from scratch.
Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.
--- Update 2018-07-13 ------
Version 2.30 of the indicator released.
BUY: If a bearish Renko candle intersects the indicator's lower band or closes below the lower band, and the next Renko brick is bullish, open a BUY position, set the stoploss level three bricks plus spread away from the entry point.
SELL: If a bullish Renko candle intersects the indicator's upper band or closes above the upper band, and the next Renko brick is bearish, open a SELL position, set the stoploss level three bricks plus spread away from the entry point.
Exit Options:
1. If the position is in profit, exit after the first reverse brick.
2. If price has touched the opposite band, close the position.
3. Use a profit target based on a fixed Risk to Reward ratio 1:N (N>1).
Example:
How to create a Renko chart:
1. Download MathTrader7_RenkoChartCreator.ex4 and copy it into your <Experts> folder.
2. Enable DLL import in Options menu.
3. Refresh your MT4 platform's navigator window (or restart MT4).
4. Open a M1 chart (e.g., EURUSD, M1) and attach the above EA to the chart.
5. From <File> menu, select <Open Offline> and choose (EURUSD, M2) chart.
Note: If you see few Renko bars on the M2 chart, close all the charts, open history center of MT4 and download M1 data.
How to install the indicator:
1. Download MathTrader7_ATRBands.ex4 from the attachments and copy it into your <Indicators> folder.
2. Refresh your MT4 platform's navigator window (or restart MT4).
3. Attach the indicator to the Renko chart [leave the default input settings].
>>Thread Rules:
1. In this thread we only discuss Renko Bounce Trade presented here. I will IGNORE anyone who writes any irrelevant post in this thread.
2. You post any commercial link (directly or indirectly) and that would be your last posts.
--- Update 2021-01-14 ------
Version 1.10 of an adaptive version of the indicator released. In this version the indicator algorithm tries to find the best parameters to reduce the number of false signals. I have also fixed the problem with multiple Alerts.
Attached File
Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.
---- Update 2018-08-13 -----
Version 1.00 of the Renko Bounce EA released. This version has been programmed from scratch.
Attached File
Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.
--- Update 2018-07-13 ------
Version 2.30 of the indicator released.
Attached File
"Life is what happens when you're busy making other plans." -John Lennon