RENKO Candle Breakout EA MT5
- Eaproducer.com
- Jan 15, 2024
- 4 min read
Updated: Mar 26
This forex expert advisor for MT5 is very similar to Candle Breakout EA MT5. The difference is that this version of the EA uses Renko bars to confirm the buy or sell trades. Also, EA MT5 has all the other extra features that can help you manage your trades.
Buy trade: the previous candle is bullish and the current price crosses the high of the previous candle.
Sell trade: the previous candle is bearish and the current price crosses the low of the previous candle.
This version can be used with Renko charts as well as with normal charts. 2 in 1.
Inputs menu of the RENKO Candle Breakout EA MT5.
Explanation of the settings:
Fixed lot - simple fixed lot which is applied for each trade.
Risk% management - choose your desirable risk% per trade, EA will calculate the risk size automatically. Stop loss must be used.
Min total candle size pips - it checks the previous candle's total size. Using this filter, you can avoid very small candles.
Max total candle size pips - it checks the previous candle's total size. Using this filter, you can avoid very big candles.
Max open trade - set the maximum allowed amount of open trades.
Redirect symbol - this setting helps you open trades on the Renko charts properly. For example, the Renko generator creates a chart called "GBPUSD_10PIPS_M1." Once the signal is received in this Renko chart, the trade can't be opened with this symbol, so we have to redirect trades to the real symbol, like GBPUSD. You have to enter the name of the symbol exactly as your table of symbols shows it. It may be "GBPUSD" or something like "GBPUSD.r."
Close trade opposite signal - true/false, set it as true if you want to close trades on the opposite signal.
Stop loss pips - set a stop loss in pips which will be used for each trade separately.
Take profit pips - set a take profit in pips which will be used for each trade separately.
Trade comment - use it if you want to add a comment for each trade separately, for example "Renko breakout strategy EURUSD M2".
Break even
Pips on profit to enable - once reached, break even is applied.
Offset pips from open price - the distance from the open, in this way you can avoid spread size by adding extra 2 pips for example.
Trailing stop
Trailing start pips - once the trade has this amount of profit, trailing stop is activated.
Trailing stop pips - trailing stop distance from the stop loss to the current price.
One trailing step - it's basically how often do you want to refresh the trailing stop.
Trading time settings - that's simple, simply choose time and weekdays you want to trade.
Spread filter - set max allowed spread size in pips, EA checks it before opening the trade. If the spread size is too big = no trade.
Magic number - use magic number rule if this EA is used in more than 1 chart. Read more.
Note: This EA only trades on the Renko chart; EA doesn't generate Renko charts. You still need a Renko chart generator.
Download the DEMO version of the RENKO Candle Breakout EA MT5 and try it in the strategy tester, before purchasing this forex trading robot MT5.
You're just one click away from having this Forex EA!
Price £: 125
Payment methods: Credit Card, Debit Card, PayPal, Skrill, Apple Pay, other.
EA delivery time: Within 1-7 hours. All purchased EAs are sent manually to your email address by our team. Once you have completed the payment, please contact us, and we will deliver your purchased EA to your email address as soon as possible.
Premium long-term support: We're available 24/7. Any issues are always solved.
Activations: Unlimited accounts. You have a lifetime license with free future updates.
Compatibility: Our EAs can be used with any symbol and timeframe.
Custom updates: Yes, we can offer any custom updates for our original EAs, so you can adapt the EA to your specific needs. We're very versatile.
Our other RENKO EAs:
EA has the most used features; we don't want to add too much stuff to the original EA. So we offer custom updates for any of our EAs. You can easily order a custom update and adapt this EA to your specific needs. Contact us, and we will add some basic features for free after your purchase.
If you have any questions simply contact us and we will answer all your questions.
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