Trending trading strategy based on Renko charts

The described trend trading strategy uses the developments from the trading strategy associated with the breakdown of round levels, combined with the Renko chart and additional filters.

Input parameters

• Currency pairs: currency pairs with a high Average Daily Range (ADR) and spread no more than 1.5 points.
• Timeframe: Renko charts are used.
• Bidding time: any.
• Risk management: after calculating the stop-loss, choose this volume lotto risk no more than 2-5% of the deposit per trade.

Installing indicators, template and expert strategy

• Unpack the archive with templates and indicators.
• Copy the indicators to the folder MQL4 -> indicators.
• Copy the s-Renko bars Expert Advisor into the MQL4 -> experts folder.
• Copy the template into the templates folder.
• Restarting terminal.
• Open the chart of the desired currency pair.

Renco chart setup

Switch to the M1 time frame and switch to "Auto-Trading" mode.

Attach the s-Renko bars expert to the chart (a funny face should appear in the upper right corner). Set the BarRange parameter to 50.

Open the generated chart

Next, open the Renko_trading template.

The schedule should look like this:

Signals indicating the opening of a long position (buying)

• The price is above the opening price of the day (bold white line).
• The M-Candles indicator is colored green.
• The lower bar graph has changed color from red to green.
• Open a position with stop loss 10 pips and a take profit of 5 pips.

Signals indicating the opening of a short position (sale)

• The price is below the opening price of the day.
• The M-Candles indicator is colored red.
• The lower bar graph has changed color from green to red.
• We open a position with a stop loss of 10 pips and a take profit of 5 pips.

Additional recommendations

• The currency pair should have a high ADR and a spread of no more than 1.5 pips.
• It is forbidden to open long positions around the .900 level.
• It is forbidden to open short positions near the .100 level.
• It is forbidden to open long positions near the resistance level (determined by the Renko chart).
• It is forbidden to open short positions near the support level (also determined by the Renko chart).
• It is forbidden to trade during the release period important newsThe following are the key factors affecting the movement of the currency pair.
• It is forbidden to trade if the currency pair has worked off the ADR.

According to ForTrader.org experts, the trending strategy based on Renko charts has great potential for expansion and optimization, which can increase its effectiveness.

Download trading strategy templates and indicators

Other trading strategies on Renko charts