Renko 3 Bar Trend EA

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The Renko 3 Bar Trend strategy enters a trade once Renko forms a trend of consecutive bricks in the same direction and exits when the trend reverses. A trend must be preceded by at least one brick in the opposite direction.

This EA allows you to set the number of bricks for trend entry and trend reversal and optionally to add a time based moving average as an additional trend filter.

Please note that the expert trades but does not draw Renko bricks on the chart. You will need a separate indicator to see the bricks being formed. You can download the Renko OnChart indicator to add Renko to your charts

  • Pips per brick
    Measured in pips, the price movement required to create a new brick on chart. Bricks will align to round price numbers on the chart, for example if 20 pips is seleected bricks would align to prices like 1.25000, 1.25200, 1.25400
  • Bars in trend
    The number of consecutive bricks in the same direction required to form a trend. The brick immediately before the trend must be in the opposite direction.
  • Bars in reversal
    The number of consecutive bricks in the opposite direction to a trade to form a reversal
  • Use trend filter
    Select None for no additional trend filter or Moving average to use the moving average trend filter.
    If the moving average trend filter is selected then this is used as additional confirmation before a trade is entered. Only trends where the renko and moving average are showing the same direction will be entered.
    The moving average trend filter simply checks if the current price is above or below the specified moving average line
  • MA Periods
    Set the number of periods to use in moving average calculations if the trend filter is used
  • MA Method
    Set the method to use in moving average calculations if the trend filter is used
  • MA Applied price
    Set the applied price to use in moving average calculations if the trend filter is used
  • Trade direction bias
    use this to manually select a trade direction. Options are Buy and Sell, Buy, Sell or None. The EA will only take trades in the selected direction.
  • Magic number
    This number will be applied to all trades to allow the EA to identify the trades it has placed
  • Trade comment
    This comment will be attached to all trades placed by the EA
  • Order size
    Specify a valid size for each order placed by the EA
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