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I am using an indicator (candle wick display) to determine the if a renko candle qualifies as a signal candle. If the wick of a renko candle is greater than or equal to W pips, then it qualifies as a signal candle.
When a buy trade is in progress no other buy signal should be considered.
When a sell trade is in progress, no other sell signal should be considered.
When a buy stop is not triggered and another buy signal occurs, delete the old buy stop and place the new buy stop.
When a sell stop is not triggered and a new sell signal occurs, delete the old sell stop and place the new sell stop.
If R = 1, when a bullish Renko candle closes with a long wick, open a buy stop at X pips from the HIGH of the signal candle. If X = 0, open a buy trade.
If R = 2, when 2 consecutive Renko candles closes with long wicks, open a buy stop at X pips from the HIGH of the second candle. If X = 0, open a buy trade.
If R = 1, when a bearish Renko candle closes with a long wick, open a sell stop at X pips from the LOW of the signal candle. If X = 0, open a sell trade.
If R = 2, when 2 consecutive Renko candles closes with long wicks, open a buy stop at X pips from the LOW of the second candle. If X = 0, open a sell trade.
For buy trades, the stop loss should be at Y pips from the HIGH (tip of the wick) of the first Candle if Y = 0, the stop loss should be the HIGH (tip of the wick) of the first candle.
For sell trades, the stop loss should be at Y pips from the LOW (tip of the wick) of the first Candle if Y = 0, the stop loss should be the LOW (tip of the wick) of the first candle.
The EA should have the option of ‘buy only’, ‘sell only’, ‘buy and sell’, take profit, trailing stop, partial close, % risk, number of trades in a day, Trading time, break even, magic no, etc