RenkoDMIMartin trading strategy based on Renko chart and Martingale algorithm
В RenkoDMIMartin trading strategy A series of trades implemented using the Martingale method are used. With each losing position, the size of the next position is doubled and so on until the next trade closes with a profit. The trading algorithm is based on the Renko chart and Wilder's DMI indicator. You can join the discussion of the strategy at forexfactory.com at on this topic.
Input parameters
- Currency pairs: currency pairs with low spreads.
- Timeframe: Renko graphs are used.
- Bidding time: London, New York.
- Risk Management: because the strategy uses Martingale algorithmAfter calculating the stop-loss, choose such a lot volume that the risk in the first trade was not more than 0.5% of the deposit per trade.
Setting up the price chart
- Unpack the archive.
- Copy the Expert Advisor to the folder MQL4 -> experts.
- Copy the indicators to the folder MQL4 -> indicators.
- Copy the template into the templates folder.
- Restart the terminal.
- Open the chart of the desired currency pair.
- Switching to the time frame M1.
- Activate the "Auto-Trade" mode.
- Attach the Renkolivecharts_pimped_v4_13 Expert Advisor to the chart (a funny face should appear in the upper right corner). Leave the default parameters of the Expert Advisor.
- Go to File -> Open Offline and select the chart of our instrument created by the Expert Advisor for the M2 timeframe.
- Install the template with the name RenkoDMIMartin.
The schedule should look like this
Signals indicating the opening of a long position (buying)
- A blue cube and a green arrow up were formed.
Signals indicating the opening of a short position (sale)
- Formed a pink cube and a red arrow down.
Setting Stop Loss and Take Profit
- Stop Loss and Take Profit are set at 20 pips.
- If unsuccessful, the size of the next position is doubled.
Portal fortrader.org recommends testing this strategy on historical data and find out the longest series of trades in order to select the optimal size of the first position.
Note that the use of the Martingale algorithm carries increased trading risks and, in case of non-compliance with the rules of mani gment, can lead to the loss of the deposit.
Download template and indicators
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