HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Renko EA – Forex Expert Advisor

Renko Expert Advisors is a set of two Metatrader expert advisors designed to (Renko Chart EA) build renko charts and (Renko Trader EA) trade on these renko brick charts. The Renko Charts EA is a MetaTrader expert advisor that allows the creation and use of the Renko bars charts in Metatrader. As an experienced trader you probably know that the MT4 doesn’t have Renko bars, its defaults being candlesticks, lines and bar charts. The Renko Trader EA is a Metatrader expert advisor that can trade Renko bricks. This EA has a trend detector and can be instructed to buy only in uptrend, or sell in downtrend.

Renko EAs main functions

  • Create offline Renko charts with custom (M) names, such as M2, M3, M4 (but not the default M1, M5, M15, M30). 
  • Continuously update these Renko charts so the trader can trade manually or attach an expert advisor that trades automatically.
  • Trade with the (PSAR) trend, open/close trades based on Renko brick color.

The Renko Charts EA is a MetaTrader expert advisor that allows the creation and use of the renko bars charts in Metatrader. As an experienced trader you probably know that the MT4 doesn’t have renko bars, its defaults being candlesticks, lines and bar charts. The Renko Trader EA is a Metatrader expert advisor that can trade renko bricks. This EA has a trend detector and can be instructed to buy only in uptrend, or sell in downtrend. It comes with the possibility to use a fixed lotsize or a percentage of the free margin to open the trades, and all the other trade management features that traders use: break-even, stop-loss, take profit, trailing stop etc.

Before you load the Renko EA on the chart it is recommended that you switch to the M1 time-frame and uncheck the auto-scroll box. Then keep pressing the Page Up button on your keyboard so the chart will scroll back a few months to load the history data needed. You might also need to change the Metatrader’s settings to allow it to generate larger charts. By default, the Renko EA will build renko charts of 10 pips bar size, however the trader can change the renko bar length with any other value (in pips), or use the automatically calculated ATR bars.

Don’t close the chart where the renko expert advisor is attached because the EA generates the renko brick chart continuously depending on the price movement.

After the expert advisor loads on the M1 chart and creates the offline renko chart (default timeframe is M2), ‘how to use’ instructions will appear on the left corner of the M1 chart; MetaTrader (and the renko expert advisor) must allow automatic trading. Now click the menu File > Open Offline and choose the M2 chart of the trading instrument where the renko EA is attached.

Any other timeframe name can be chosen for the renko chart, but make sure that it is not one of the Metatrader’s default timeframes (ie not 1, 5, 15, 30, 60 etc).

Renko EA EA Rating 9.78
Yield per annum 41%
Max drawdown per annum 51%
Developer RobotFX
Created, year 2022
Free
Price $98
Class middle term, short term
Type grid
Lot size not less than 1000 units per 0.1 of a standard lot
Deposit $100
Leverage 200
Timeframes M1, M5
Strategies own strategy
Indicators own indicators
Recommended brokers RoboForex, Just2Trade, Olymp Trade
Trading tool/currency pairs EURGBP, EURUSD, USDCHF, USDJPY
Automatic account type
Indicating
Multiple usage
Mini deposits
Max risk limitation
ECN
NDD
Several one-way series
Auto start lot
Fixed stop loss
Fixed takeprofit
Automatic lapse expansions

Expert Advisors 2024

Forex Advisor Deposit Yield
1FXCipher$30010%
2CarinaBot$10052.32%
3Fortnite$500135%
4Tickeron AI robot$100117%
5Learn2Trade$1000160%
6Auto Recovery EA$10037%
7Coinrule$1000270%
8Forex Trendy$25090%
9FX BlasterPRO$1000180%
10Waka Waka$10074%
11Renko EA$10041%
12EliteFxgo$100030%
13Stairsteps EA$10029%
141000pip Climber System$50077.3%
15Happy Breakout EA$1008.5%
Forex EAs Rating
Forex EAs Guides

Top Forex Brokers 2024

# Broker For Reviews
1 HFM Information & Reviews HFM 96%
2 Octa Information & Reviews Octa 94%
3 FXCC Information & Reviews FXCC 92%
4 FxPro Information & Reviews FxPro 89%
5 FBS Information & Reviews FBS 88%
6 Vantage Information & Reviews Vantage 85%
7 XM Information & Reviews XM 82%
8 FP Markets Information & Reviews FP Markets 81%
9 AMarkets Information & Reviews AMarkets 79%
10 Errante Information & Reviews Errante 77%
11 IronFX Information & Reviews IronFX 77%
12 T4Trade Information & Reviews T4Trade 76%
13 Exness Information & Reviews Exness 76%
14 Just2Trade Information & Reviews Just2Trade 76%
15 Alpari Information & Reviews Alpari 76%
400+ Forex Brokers
Forex Brokers Reviews

Editors' Picks

The Top Forex Expert Advisors 2024: Performance, Strategy, and Reliability Review

An annual roundup reviewing the most successful Forex Expert Advisors (EAs) based on their performance, strategies employed, reliability, and user feedback. This piece would provide insights into which EAs have been market leaders and why.

The Evolution of Forex Expert Advisors: Navigating the Path of Technological Revolution

The concept of automated trading has been around for decades, but the accessibility and sophistication of Forex EAs have seen significant advancements in the past few years. Initially, automated trading systems were rudimentary, focusing on simple indicators like moving averages.

The Impact of EAs on Forex Trading: A Double-Edged Sword

By enabling continuous, algorithm-based trading, EAs contribute to the efficiency of the Forex market. They can instantly react to market movements and news events, providing liquidity and stabilizing currency prices through their high-volume trading activities.

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.