It seems that plenty of people do like the Half Trend indicator and its precise signals, as well as Renko strategies. So we realized that we could try to make an EA that would use both strategies, and we did it. This EA uses both strategies, and both strategies must confirm each other. It seems that the results are quite interesting. Let us know what you think in the comments below.
If you don't have a RENKO charts generator, we can offer our RENKO Charts Generator EA MT4.
Buy trade example:
The First Half Trend indicator must start a bullish trend and confirm a buy trade with the first renko bullish candle. Sometimes both conditions don't meet, so there is no trade, and EA waits for another trend.
Sell trade example:
The First Half Trend indicator must start a bearish trend and confirm a sell trade with the first renko bearish candle. Sometimes both conditions don't meet, so there is no trade, and EA waits for another trend.
This EA can also be used with the normal charts, with any symbol and timeframe.
Also, you can use a feature that opens a new trade and closes the old one. It's called "close the trade with the opposite signal." Set it to true if you want to use it. The end result is buy, sell, buy, sell, buy...
Open trade with every renko bar = true
If the half trend is still bullish, one trade per bull candle.
Stop loss and take profit are hidden; the EA employs virtual lines rather than real prices to prevent the broker from seeing them. Optional (on/off).
Inputs menu of the Renko Half Trend EA MT4.
Half Trend Indicator settings:
Amplitude - choose your desirable period. Different value = different results.
Lot management options;
Choose one of the 3 lot managements and set it as true, the other 2 must be as false.
Fixed lot - simple fixed lot which is applied for each trade.
Martingale - start lot and a multiplier, EA will use a lot multiplier if the previous trade was in loss.
Risk% management - choose your desirable risk% per trade, EA will calculate the risk size automatically. Stop loss must be used.
Trade comment - use it if you want to add a comment for each trade separately, for example "Renko strategy EURUSD M15".