Plenty of people do like the Parabolic SAR 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. Download the demo version and try it.
Buy trade example:
First, PSAR 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:
First, PSAR 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 PSAR is still bullish, one trade per bull candle. Opposite in the sell scenario.
Stop loss and take profit are hidden; since EA uses virtual lines instead of real prices, the broker can't see them. Optional (on/off).
Inputs menu of the Renko Parabolic SAR EA MT5.
Parabolic SAR Indicator settings
Step - choose your desired value. Different value = different results.
Maximum - choose your desired value. 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".
How to use hidden SL TP - You have to decide if you want to use this feature or not before attaching this EA on the chart. Later this option can't be changed, you will have to attach EA freshly. Your Metatrader 4 must always be working. Internet connection must be stable. It's also applied for trailing stop and breakeven features.
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.
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 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.
Email and smartphone app notifications - set it as 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 by the Renko chart and it does not create it by itself.
If you have any questions simply leave a comment below.
Insert EA file into the experts folder.
Insert indicator file into the indicators folder.
Download the DEMO version of the Renko Parabolic SAR EA MT5 and try it in the strategy tester, before purchasing this forex trading robot MT4.
Payment methods: PayPal, Skrill.
With a Paypal account you can purchase this EA by pressing a Paypal button below. After your successful payment, please contact us and we will send your copy of the EA. Your EA will be delivered in a few hours or faster.
If you want to purchase this EA with a Skrill account. Please contact us.
This EA has no any limits:
Works with any timeframe
Works with any market
Friendly settings menu
Easy to set up
There are no any restrictions
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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