The Renko EA for MT4 is a complete professional solution for traders who want to harness the power of Renko charting. This package includes two powerful MetaTrader 4 expert advisors: the Renko Chart EA that builds custom Renko charts in real time, and the Renko Trader EA that automatically executes trades based on Renko brick patterns. Together, they help traders filter out market noise, spot clear trends, and trade with significantly improved accuracy and confidence.
- Creates custom offline Renko charts with flexible brick sizes (M2, M3, M4 and more) beyond standard MetaTrader timeframes
- Continuously updates Renko charts in real-time, allowing both manual and automated trading
- Trades Renko brick color changes with built-in PSAR trend filter for high-probability entries
- Provides advanced trade management including stop-loss, take-profit, break-even, trailing stop, and optional martingale
The Renko Chart EA solves one of MetaTrader 4’s biggest limitations — the lack of native Renko charts. It generates clean, noise-free Renko bricks that make trend identification much easier compared to traditional candlestick charts. The Renko Trader EA then takes full advantage of these charts by opening and managing trades automatically based on brick direction and trend confirmation.
This combination makes the Renko EA package one of the most effective tools for trend-following traders who want to avoid false signals caused by market noise.
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| Renko EA trading AUDUSD in downtrend with PSAR confirmation |
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| Renko EA trading AUDUSD in uptrend using Renko brick charts |
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| 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 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).
How to Use Renko EA MT4
- Install both the Renko Chart EA and the Renko Trader EA on your MetaTrader 4 terminal.
- Attach the Renko Chart EA to an M1 chart of your chosen currency pair and configure the desired brick size (in pips or ATR-based).
- Allow the EA to build the offline Renko chart (usually named M2, M3, etc.).
- Open the generated Renko chart via File → Open Offline in MetaTrader 4.
- Attach the Renko Trader EA to this Renko chart and adjust your trading parameters such as lot size, stop loss, take profit, trailing stop, and PSAR settings.
- Enable AutoTrading and let the EA automatically detect trends and trade Renko brick formations.
Frequently Asked Questions
Q: Is the Renko EA only for MT4?
Yes, this package is developed exclusively for MetaTrader 4.
Q: Why should I use Renko charts instead of regular candlesticks?
Renko charts filter out minor price fluctuations and market noise, making trends and reversals much clearer and easier to trade.
Q: Do I need both the Renko Chart EA and Renko Trader EA?
Yes. The Chart EA generates the Renko bricks, while the Trader EA executes the automated trading strategy on those charts.
Q: Can I customize the Renko brick size?
Absolutely. You can set any fixed pip size or use the built-in ATR method for dynamic brick sizing based on market volatility.
Q: Does the Renko Trader EA follow the trend?
Yes, it includes a powerful PSAR trend filter so it only takes trades in the direction of the prevailing trend, significantly improving win rate.
Q: Is this suitable for beginners?
Yes. Renko charts are visually simple, and the EA automates most of the process. We recommend testing thoroughly on a demo account first.
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