RENKO RSI EA

This strategy is based on using the indicator RSI and renko . You can make it one EA with two strategies or 2 EA's it should not matter. There are many strategies online or indicators that can alert you when a new brick is formed or can alert you when a new renko brick is formed only  on the opening of the next brick u get the alert. Do a google search on renko color change alarm or alert to find some of these indicators or EA that are in mq4 format

BUY LOGIC.. STRATEGY 1

When the RSI cross above the OB level from below and the previous closed brick was bullish it opens a buy position on the current brick and set a SL. This strategy does not use a TP. it will exit the long position when the RSI drops below 50 from above and  the high of the current brick (the brick where the RSI drops below 50)is higher  than the high of the last closed bullish brick at any time before the current brick closes

SELL LOGIC  When the RSI cross below 27 from above and the previous closed brick was bearish, it opens a sell position. a SL is automatically set. just like the buy above, when the RSI crosses above 50 from below and the low of the current brick is is lower than the low of the last closed bearish brick, at anytime the rsi is still above 50 on the current brick, it exits the sell position for a loss or profit. 

BUY LOGIC ..STRATEGY 2 

When the RSI cross above 73 from below and the previous brick was bullish, it opens a buy position on the current brick and it automatically set a TP and SL . It will continue to open a buy position on every brick that opens up until the RSI drops below 27 from above then it will start selling every brick that opensif the previous closed brick was bearish. With this strategy it will be very important that a SL and TP is set as soon as a new brick is formed. The RSI can cross below 50 from above on the opening of a new brick but it will not change the fact that it will still open a buy position because the RSI never crossed below 27

SELL LoGIC

When the RSI cross down the 27 level from above  and the previous closed brick was bearish, it opens a sell position with SL and TP it will continue to sell on every opened brick with TP and SL until the RSI cross up above 73 from below and the previous brick was bullish. 

The maximum spread to open must be considered before a position is open and the EA should be able to do this. All the user inputs can be changed from the default before dropping EA on chart. I'm currently using a renko offline  chart builder called STG renko chart. Search on it on FF, it works like the OVO chart builder which I have not used. I'm using this because I do not want to have many charts open since normally u will need a live chart and an offline chart to run Renko but a chart builder eliminates this. Please note that when the TP is hit on one brick, that brick is done so the EA will wait for the opening of the next brick. IF the TP is not hit on the current brick the EA stays on the trade until the next brick opens. IF it opens and the last brick was a bearish prick is stays in the short position until the TP  is hit, same thing goes for a buy position. Note that at this time 2 positions might be opened at once which I think will be rare. A position from the previous brick and a position from the current brick. Please ask me any questions after you bid. I  will also like to see your other renko  jobs.. Attached the First pic is the first strategy and the second one is the second strategy. The red lines are where the sell position starts and the white lines are where the buy position starts. The magenta and yellow stop signs shows that even though the RSI cross above or below 50 the EA stil opened a buy or sell position on that brick because the RSI never reached OB and OS

SETTINGS

Renko box size....10pts  10000 account size 10pips

RSI period 2

RSI OB 73

RSI OS 27

MAX spread to open 4

SL 40

TP 10

Virtual SL and TP... T/F  The EA should be programmed to be able to hide the SL and TP