hi mathtrader, thank you for coding the EA for this strategy. one thing that i want to know, is it possible to choose whether the trade will close when opposite bar formed or when it hit the SL set in the properties? so when I place SL, it will close on the SL price, not when the opposite bar formed. once again, thanks for this great EA
Lets Automate a Simple Renko Strategy!
{quote}
well, this is bcoz you did not reply to my welcome message on beathespread
I explain : - When someone replies to my welcome message, I put him (her) automatically as friends, so you can access to all my files posted in .mq4 (I give away my own code for free....)
ok, I will work from the release posted on the 6th post
I upload again my last improved indy to build a off-line chart (!MTH Renko Chart Builder Indi Ver 03_new_nmc.mq4) I hope it will help you , guys
Again, many thanks to Shreyash for having sharing his strategy
{quote} We have Math and a few more expert programmers on board! Who asked you for you skills and expertise? Instead of simply bragging about yourself why dont you show your expertise by coding another EA for this simple strategy here!Without bugs of course!
Hey!
If you are keen on implementing the scaling out (partial position closing) strategy you will have to implement it in a very calculated manner!
Please think about it & understand the concept well -
If you want to maintain good risk reward ratio only scale out of a position when 50% to 70% of the trade can fetch you the Max amount risk.
Means if Max. SL is 30 pips and you are trading a standard lot then Max risk = $300
Now, we only want to scale out of a position when 50% to 70% of the position (1 lot in this case) can give you $300.
Lets consider 70% scale out here -
Only when you reach 43 pips profit exit 70% and trail the remaining 30% as per your appetite usually until a trailing stop or an opposite color brick takes you out!
Think about it!
If you are keen on implementing the scaling out (partial position closing) strategy you will have to implement it in a very calculated manner!
Please think about it & understand the concept well -
If you want to maintain good risk reward ratio only scale out of a position when 50% to 70% of the trade can fetch you the Max amount risk.
Means if Max. SL is 30 pips and you are trading a standard lot then Max risk = $300
Now, we only want to scale out of a position when 50% to 70% of the position (1 lot in this case) can give you $300.
Lets consider 70% scale out here -
Only when you reach 43 pips profit exit 70% and trail the remaining 30% as per your appetite usually until a trailing stop or an opposite color brick takes you out!
Think about it!
