Spezifikation
Hi, I need someone to write me an EA based on Renko charts. I have included the following
- Screenshots
- All the indicators used
- 2 different offline Renko chart creators
I am willing to negotiate on the price and would require someone to start as soon as possible.
Ok it seems that the words document cannot be uploaded. So herewith a short explanation. The document can be emailed to the interested party upon request. I will upload the individual screenshots.
Renko EA Programming Request
The inspiration for this request originated from a Forex Factory website: http://www.forexfactory.com/showthread.php?t=564645
An offline chart is created by using a Renko indicator from OVO FX. This indicator has the possibility of changing the box size on the fly , as well as determing the optimum box size based on a certain time frame. Also this indicator is put on the chart as an indicator and not as an EA or script.
To determine trend and overbought and oversold a Renko FCT Fast TMA line is added, a Renko Trend Wave and Renko VB Timer. These indicators are good in determining the trend direction as well as indicating overbought / oversold levels from where entry and exits are done.
The FCT Fast TMA line and Renko Trend Wave indicators were obtained from the following website: www.forexwinners.net
It must be noted that the Renko FCT Fast TMA line repaints. That in itself creates a problem in that historical highs and lows can give deceiving perceptions about trade possibilities. However it can give one a good indication where a possible first profit target can be taken. Also consolidations normally are in this area and additional re-entries can be taken here.
A Renko Fast 3EMA is loaded which will confirm entries.
I have 2 possible trading systems. One is a basic system that trades overbought and oversold levels.
The second system will use the Renko FCT Fast centre line for possible re-entries. Once the basic system is mastered , then I will prepare the entries etc for system 2.
Indicator Settings
FCT Fast TMA Line
Renko Fast 3MA
Renko Trend Wave
Renko VB Timer
Simple Entry and Exit
The EA should be able to open and close trades based on the following rules:
1) For a long, price must touch or close below red FCT Fast TMA line
2) Renko VB timer or Renko Trend Wave must be oversold. IE VB timer below- 53 or Renko Trend Wave below -50. For a short, Renko Vb Timer must be above 53 or Renko Trend Wave above 50
3) Price must close above the Fast 3EMA indicator and have formed a reversal bar
4) For a long, the entry can only be made
a. if 3MA of setup bar is greater than the previous bar. In other words even if price closes above the 3MA, but 3MA is pointing down, then no entry is possible
b. Either VB Timer goes from flat to up and or Trend Wave green crosses above red
5) Entry at the open of the next bar
6) Stop loss plus spread below the low of the setup bar.
7) Profit target the opposite green line of the FCT Fast TMA line. As the Fast TMA line repaints so the profit target will have to be adapted. This is not an exit condition
8) Exit on the following condition:
a. VB timer turns from green to yellow or
b. Trend Wave green crosses red line
Below are 3 charts showing how the setup is formed. Take note of the vales of the 3MA’s, VB timer from flat to up and Trend Wave
2 Bars before setup bar shown by magenta dotted line
1 bar before setup bar shown by magenta dotted line
Setup Bar
For a Short Entry the following steps
1) Price must touch or close above green FCT Fast TMA line
2) Renko VB timer or Renko Trend Wave must be overbought. IE VB timer above53 or Renko Trend Wave above 50.
3) Price must close below the Fast 3EMA indicator and have formed a reversal bar
4) For a short, the entry can only be made
a. if 3MA of setup bar is less than the previous bar. In other words even if price closes below the 3MA, but 3MA is pointing up, then no entry is possible
b. Either VB Timer goes from flat to down and or Trend Wave green crosses below red
5) Entry at the close of the next bar
6) Stop loss plus spread above the high of the setup bar.
7) Profit target the opposite red line of the FCT Fast TMA line. As the Fast TMA line repaints so the profit target will have to be adapted. This is not an exit condition
8) Exit on the following condition:
a. VB timer turns from red to yellow or
b. Trend Wave green crosses red line
Screenshot of 2 valid short entries, one of them being a 1R loss
Below are 3 charts that show the setup progression
2 bars before short setup bar as shown by magenta line
1 bar before short setup bar as shown by magenta line
Setup Bar as shown by magenta line
Money Management
1) The risk amount per trade must be set manually. Ie 0.5% or 1%
2) Fixed lot size