Renko Moving Average is an automated forex trading robot for MetaTrader 5. The EA you need to use when you want to automate your Renko trading strategy. All you need to do is attach this EA to the already-generated Renko chart and set your desired settings. EA also has many useful features, like time settings, weekday options, a trailing stop, breakeven, and a spread filter. All these extra features help manage and control trading sessions. This particular EA can be used with Renko charts as well as with normal charts.
This particular version uses the original MA indicator to filter out more unprofitable trades. All trades are opened according to the direction of the trend.
MA buy trade filter conditions: the current price must be higher than the moving average line in order to confirm the entry of the buy trade.
MA sell trade filter conditions: the current price must be lower than the moving average line in order to confirm the entry of the sell trade.
Buy signal - a buy signal is made from two candle patterns. The 2nd closed candle is bearish, and the 1st closed candle is bullish. Using the "close trade opposite signal" feature, EA trades from a bullish trend to a bearish trend. If the MA filter is enabled, the current price must be higher than the moving average line.
Sell signal - a sell signal is made from two candle patterns. The second closed candle is bullish, and the first closed candle is bearish. Using the "close trade opposite signal" feature, EA trades from a bearish trend to a bullish trend. If the MA filter is enabled, the current price must be lower than the moving average line.
Input menu of the RENKO MA EA MT5.
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 MA strategy EURUSD M2".
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 GPUSD. 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."
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.
Max trades in the same direction - for example 10, this will result in max open 10 buy trades and max open 10 sell trades.
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.
Two candles confirmation - enable this option if you want to wait for the 2-candle pattern instead of one candle. For example, if this setting is enabled, the buy entry signal is 1 bearish candle and 2 bullish candles. For example, if this setting is disabled, the buy entry signal is 1 bearish candle and 1 bullish candle.
Open trade with every Renko bar - once the first trade has been opened, you can enable this option if you want to add extra trades with every renko bar in the same direction. For example, if the first buy trade has been opened, if this feature is enabled, EA will open a buy trade with every new bullish bar.
Close trade opposite signal - you can enable this feature if you want to close all opened trades with the new opposite signal. For example, all opened buy trades will be closed once a new sell signal is received.
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.
Email and smartphone app notifications - set it to true if you want to get a notification about each new 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 MA EA MT5 and try it in the strategy tester, before purchasing this forex trading robot MT5.
Price:€100
Payment methods:Â PayPal, Credit Card, Skrill.
With a Paypal or credit card, you can purchase this EA by pressing the "Buy Now" button below. After your successful payment, please contact us, and we will send you a copy of the EA. Your EA will be delivered in a few hours or faster.
If you would like to purchase this EA with a Skrill account, please contact us. ​
This EA has no limits:
Lifetime license
Works with any timeframe
Works with any market
Friendly settings menu
Easy to set up
There are no any restrictions
Unlimited accounts
Updates available
Support 24/7
Best quality guaranteed
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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