Renko expert advisors MT4

✔ NFA & FIFO COMPATIBLE

...made to work with most brokers

✔ ONE SINGLE PAYMENT

...no hidden fees, no subscriptions

✔ FREE LIFE UPDATES

...every time a version is released

The Renko Expert Advisor (EA) package for MetaTrader includes two automated trading systems: the Renko Chart EA, which builds custom Renko charts, and the Renko Trader EA, which places trades based on Renko brick patterns. This combination helps traders filter market noise, identify clear trends, and trade with improved accuracy.

Renko EAs main functions

Create offline Renko charts with custom timeframes (M2, M3, M4, etc.), beyond the default M1, M5, M15, M30 options.
Keep Renko charts continuously updated, so traders can trade manually or attach an automated expert advisor (EA).
Trade with the PSAR trend filter and open/close positions based on Renko brick color changes.

The Renko Charts EA for MetaTrader is an expert advisor that generates and updates Renko bar charts inside the MT4 platform. Since MetaTrader does not natively support Renko bars (only candlesticks, line charts, and bar charts), this EA makes it possible to analyze and trade using the popular Renko charting method.

The Renko Trader EA is a companion expert advisor that executes trades directly on Renko bricks. It includes a built-in trend detector that can be configured to only buy during an uptrend or sell during a downtrend. The EA also supports flexible money management (fixed lot size or percentage of free margin) and advanced trade management tools such as break-even, stop-loss, take profit, and trailing stop.

Trade examples

Renko EA trading AUDUSD downtrend on MetaTrader 4 chart

Renko EA trading AUDUSD in downtrend with PSAR confirmation

Renko EA trading AUDUSD uptrend with MetaTrader expert advisor

Renko EA trading AUDUSD in uptrend using Renko brick charts

How to trade with the trend using Renko bricks in MetaTrader 4

Renko Trader EA following the trend on AUDUSD chart

The screenshots above show Renko charts generated by RobotFX Renko Chart EA on the AUDUSD pair. On these Renko charts, the Renko Trader EA was attached and executed trades automatically. The strategy follows the market trend, using the PSAR indicator as confirmation for entries and exits.

Renko Settings

Renko Chart

Client Email - fill this with your email IF you are using a paid version of this EA on a LIVE account
Bar Size - this is the number of pips that the renko bars will have, basically their length
Bar Offset - set in pips, may be configured as a positive or negative value and will move the following bricks up or down, respectively
Time Frame - the name of the renko chart (2 will create the renko chart named M2, 3 M3 and so on)
Show Wicks - whether or not to show the wicks (spikes) on the renko bars
Emulate On Line Chart - makes possible to change to line chart, on the renko chart
Build Chart Offline - makes possible to generate the renko chart while offline
ATR Bars Settings - these are self explanatory and, if Use ATR Bars is set to true, the expert advisor will generate the renko bars based on the ATR (average true range) settings of your choice and - if set to true - its moving average. Mind that, if these are enabled, the EA will ignore the fixed Bar Size value in pips

Renko Trader

Magic Number - assign a unique number to trades opened by this EA so they can be managed by other EAs or allow this EA to manage trades opened by other EAs
Enable Lot Size as % of Free Margin - Whether or not to use a percentage of the Free Margin to open the next first trade
Lotsize as % of Free Margin - the size of the first opened trade as percentage of Free Margin, if the Lot Size Management (above) is enabled
LotSize as Fixed Value - the size of the first opened trade, if the Lot Size Management is set to false
Stoploss Buffer (adds to high/low of brick) - the default stop-loss is the highest/lowest of the previous two bricks; add a buffer (pips) and the stoploss will be this distance further from the brick's low/high
Take Profit (pips) - Take profit distance in pips.
Trailing Stop (pips) - the distance the price has to move in your favor, for the expert advisor to move the stop-loss
BreakEven (pips) - the distance the price has to move in your favor, for the expert advisor to trail the stop-loss
Slippage (pips) - distance allowed for the price to move from the open/close/trail order to the execution
Avoid trading consolidation zones - in case of consolidation zones formed by one bricks (1 up, 1 down and so on), set to true to ignore trading entries
Close trade/s at renko change - whether or not to close opened trade/s when the renko brick changes color/direction
Minimum profit (0 = disabled) - set to a positive value and the renko EA will close the trade at renko change only if its profit reached this minimum profit
Follow PSAR trend - whether or not to trade with the trend
PSAR step, maximum - PSAR indicator settings to determine the trend
Swing Zone Bars - the number of bars to determine the swing zone’s highs and lows)
Pips Away From Last Swing (0 = swing zone disabled) - EA will open new trades only if the trading signal occurs this number of pips away from the last swing in the direction of the trend. Set to 0 to ignore the swing zone confirmation
Martingale Multiplier - set to any positive value is you want the renko EA to multiply the lotsize of the next trade, after closing a losing trade

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).

Watch how RobotFX Renko EA works

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Download Renko EAs - free version

Fully functional MetaTrader expert advisor, limited to demo accounts for risk-free testing

5 Comments

Anonymous

A must have for MT4 traders. I was strugling with finding good trends. This Renko EA just cuts thru the noise. Really happy with the purhase.

Ziya Alexis

Was looking for a good renko solution and found this. Its fantastic. The automatic charting and trading is a life saver. Saves me so much time.

Herman

My trading stress levels have gone way down since I started using this. It dose all the heavy lifting for renko. Two thumbs up from me.

Edgar Cyrene

Finally an EA that dose what it says. Renko charts always confused me but this advisor like automaticly handles it. So easy to use and profitable too.

Ive ben using renko for a wile but this EA makes it so much simplr. No more noise just pure price action. Recomend it to anyone.