Renko Scalping trading strategy

Scalping trading strategy based on Renko charts. This system can also work with charts based on range bars.

Input parameters

• Currency pairs: any.
• Timeframe: Renko graphs are used.
• Bidding time: London, New York.
• Risk Management: After calculating the stop loss, choose this lot sizeto risk no more than 2-5% of the deposit per trade.

Setting up the price chart

1. Unpack the archive.
2. Copy the Expert Advisor to the folder MQL4 -> experts.
3. Copy the indicators to the folder MQL4 -> indicators.
4. Copy the template into the templates folder.
5. Restart the terminal.
6. Open the chart of the desired currency pair.
7. Switching to the timeframe
8. Activate the "Auto-Trade" mode.
9. Attach the RenkoLiveChart_v2 Expert Advisor to the chart (a funny face should appear in the upper right corner). In the RenkoBoxSize parameter, set the value to 5 or higher.
10. Go to File -> Open Offline and select the chart of our instrument, created by the Expert Advisor for the M timeframe
11. Install a template named renkoscalpsystem.

The schedule should look like this:

Signals indicating the opening of a long position (buying)

1. The current daily candle is bullish.
2. The RenkoScalp_Signal indicator signals to buy.
3. Stochastic is just starting to come out of oversold areas.
4. On the indicators RenkoScalp_MSAlert and Filter (bottom window) there are blue squares.
5. A stop loss is placed under the nearest local minimum.

Signals indicating the opening of a short position (sale)

1. The current daily candle is bearish.
2. The RenkoScalp_Signal indicator signals a sale.
3. Stochastic is just starting to come out of overbought areas.
4. Red squares appeared on the RenkoScalp_MSAlert and Filter indicators.
5. The stop loss is placed over the nearest local maximum.

Signals to close a deal

• Fixed Take Profit.
• The signal is in the opposite direction.
• Pivot level.

The advantage of the Renko Scalping trading strategy is, of course, the use of Renko charts, which allows to eliminate price noise and, accordingly, to give the trader more accurate trading signals. The rules of the strategy are simple and straightforward, which makes it accessible even to novice traders. We recommend opening entry positions only in the direction of the current trend.

Download template and indicators

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