Hi Everyone! I've been trading a couple years but always price action on cadlesticks. I have been testing a simple MA cross renko strategy and found it works well on DAX. Although its possible to trade this strategy without an EA, I think having an EA would be very valuable since you could have it running on DAX as well as multiple forex pairs. Also, it seems simple enough to not be a complicated project.
I went with 5 pip bricks. Super simple, basically just a 14 EMA with a 21 SMMA, sell when EMA crosses the 21 and buy when opposite. There are arrows to show and alert this cross as well. Exit strategy was annoying me so I decided to go with profit based exits. Noticed its rare for the chart to not go at least another couple bricks after an alert, so decided a 1:1 RR could work. I like to get in with a big lot and get out so this works for me. The main goal for me is to have it take 3 trades per day on the DAX within a set time period, hopefully netting at least 10 pips every day. With a 10 pip SL, this could generate a great return. Please anyone let me know any input or if there are better settings.
The money management would be the key here. I think the best bet for this would be to remove 50% of the position once it retraces one brick (5 pips) and set a hard stop loss at 10 pips (1 reversal brick). For the profits, TP after 2 bricks (10 pips).
Obviously all of these characteristics could be customizable depending on your risk, times to trade, and trading instruments. If anyone wants to take a shot at coding this simple EA send me a message and we can further discuss details. I know its simple but it works, there may be one out there that is similar but I haven't found anything like it yet, at least not with renko.
I went with 5 pip bricks. Super simple, basically just a 14 EMA with a 21 SMMA, sell when EMA crosses the 21 and buy when opposite. There are arrows to show and alert this cross as well. Exit strategy was annoying me so I decided to go with profit based exits. Noticed its rare for the chart to not go at least another couple bricks after an alert, so decided a 1:1 RR could work. I like to get in with a big lot and get out so this works for me. The main goal for me is to have it take 3 trades per day on the DAX within a set time period, hopefully netting at least 10 pips every day. With a 10 pip SL, this could generate a great return. Please anyone let me know any input or if there are better settings.
The money management would be the key here. I think the best bet for this would be to remove 50% of the position once it retraces one brick (5 pips) and set a hard stop loss at 10 pips (1 reversal brick). For the profits, TP after 2 bricks (10 pips).
Obviously all of these characteristics could be customizable depending on your risk, times to trade, and trading instruments. If anyone wants to take a shot at coding this simple EA send me a message and we can further discuss details. I know its simple but it works, there may be one out there that is similar but I haven't found anything like it yet, at least not with renko.
Attached Image (click to enlarge)
