If you're looking to up your trading game, the Renko-Fractals-Grid EA for MetaTrader 4 is a tool worth considering. This Expert Advisor (EA) utilizes the 'Renko' box size on your MT4 chart. When a Renko box forms—though it won't be visible, it’s calculated in pips—and the price hits a fractal level, the EA swoops in to enter a trade. Plus, it features a Trailing Stop Loss and Take Profit, making it versatile across all major forex pairs and NASDAQ stocks.
Key Features to Note
- Start with a demo account to get the hang of it.
- This EA only trades based on the open price of the candle!
- If you prefer not to increase the lot size after a loss, simply set: IncreaseFactor=0.
Input Settings
- Use_TP_In_Money: Enable Take Profit in Money (values: true/false).
- TP_In_Money: Take Profit amount in Money (values: 10-100).
- Use_TP_In_percent: Enable Take Profit in Percent (values: true/false).
- TP_In_Percent: Take Profit percentage (values: 10-100).
- Enable_Trailing: Activate trailing with money (values: true/false).
- Take Profit In Money: Set a value between 25-200 in current currency.
- Stop Loss In Money: Set a Stop Loss between 1-20 in current currency.
- Atr: Use ATR indicator value as Renko box size (values: 0-1).
- BOX1: Renko box size in pips (values: 5-100).
- CandlesToRetrace: Wait for this number of candles for a Renko box (values: 10-100).
- Exit: Close trades if the trend turns against you to manage drawdown (values: true/false).
- Lots: Set lot size (values: 0.01-1).
- IncreaseFactor: Determine how much to increase lots after a loss (values: 0.001-0.1).
- Stop_Loss: Configure Stop Loss (values: 30-500).
- MagicNumber: Assign a magic number (values: 1-100000).
- TakeProfit: Set Take Profit (values: 50-200).
- FastMA: Fast Moving Average (values: 1-20).
- SlowMA: Slow Moving Average (values: 50-200).
- Mom_Sell: Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy: Momentum Buy trigger (values: 0.1-0.9).
- UseEquityStop: Enable equity stop (values: true/false).
- TotalEquityRisk: Set risk (values: 0.01-20).
- Max_Trades: Limit max open trades (1-12).
- TrailingStop: Set a value between 40-100 to activate trailing stop loss; use '0' to disable.
- Enable 'Break Even': Activate break even feature (values: true/false).
- Move 'Break Even': Set how many pips to move to break even (values: 5-30).
Don’t forget to optimize this EA every few months using the same inputs mentioned above. You can use it as a hedging grid EA or a single trade EA. For those looking to perform a backtest, check out this link.
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