Trading Robots for MetaTrader 5
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MetaTrader 5
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Overview
? What is Renko EA?
The Renko Brick EA is an advanced automated trading system that creates real-time Renko charts directly on your standard MT5 charts. It eliminates time-based noise and focuses purely on price movement, trading only when a specified number of consecutive bricks form in the same direction.
Renko Brick Visualization
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? BUY ▼
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? SELL Green Bricks = Bullish Movement | Red Bricks = Bearish Movement
Each brick is equal size (no wicks or tails) - Pure price action!
✨ Key Features
? Brick-Based Entry
Trade after X consecutive bricks form in the same direction
?️ Smart Risk Management
Auto lot sizing by % risk or fixed lot size
? Break Even
Automatically lock in profits after specified bricks
? Trailing Stop
Follow price with brick-based trailing stops
? Spread Filter
Avoid trading during high spread conditions
⏰ Time Filter
Trade only during your preferred hours
?️ Friday Close
Auto-close positions before weekend gaps
? Visual Bricks
Real-time Renko bricks drawn on your chart
? Installation Guide
Download and Save
Save RenkoChartEA.mq5 to your MT5 MQL5/Experts folder
Optimize Chart Display
Right-click on chart → Properties (F8)
Change the following colors for better viewing:
- Background: White
- Foreground: Black
- Grid: Light Gray (optional)
- Bar Up: White (to hide candles)
- Bar Down: White (to hide candles)
- Bull Candle: White
- Bear Candle: White
Configure Settings
Set your parameters in the EA properties window:
| Parameter | Description | Example |
|---|---|---|
| BrickSize | Size of each brick in points | 10 (for forex) |
| BricksInRow | Consecutive bricks to trigger trade | 3 |
| StopLossBricks | Stop loss distance in bricks | 3 |
| TakeProfitBricks | Take profit distance in bricks | 5 |
⚙️ Recommended Settings
? Conservative (Low Risk)
| BrickSize | 10-15 points |
| BricksInRow | 4-5 |
| RiskPercent | 0.5-1% |
⚡ Moderate (Balanced)
| BrickSize | 10 points |
| BricksInRow | 3 |
| RiskPercent | 1-2% |
? Aggressive (High Frequency)
| BrickSize | 5-8 points |
| BricksInRow | 2 |
| RiskPercent | 2-3% |
? Chart Color Setup Guide
⚠️ Important: Change your chart colors to white background so the green (BUY) and red (SELL) Renko bricks are clearly visible!
Open Chart Properties
Right-click on chart → Properties or press F8
Colors Tab
Click the "Colors" tab at the top
Set White Background
Find "Background" → Set to White
Find "Foreground" → Set to Black
Hide Candlesticks (Optional)
To see only Renko bricks, set all candle colors to white:
- Bar Up → White
- Bar Down → White
- Bull Candle → White
- Bear Candle → White
Apply and OK
Click "OK" to save your changes
? How the EA Trades
Trading Logic Flow
1️⃣ Price moves → EA calculates if new brick forms
2️⃣ Green brick forms → Counter increases (+1)
3️⃣ 3 consecutive green bricks → ? BUY SIGNAL
4️⃣ EA checks filters (spread, time, etc.)
5️⃣ Opens BUY position with SL/TP
6️⃣ Manages trade (Break Even, Trailing Stop)
7️⃣ Red brick forms → Counter RESETS to 0
8️⃣ 3 consecutive red bricks → ? SELL SIGNAL
❓ FAQ
Q: What timeframe should I use?
A: Any timeframe works (M1, M5, H1, etc.). The EA creates Renko bricks based on price movement, not time. Lower timeframes update more frequently.
Q: Can I run multiple EAs on different charts?
A: Yes! Use different Magic Numbers for each chart to keep trades separate.
Q: What's the difference between LotSize and RiskPercent?
A: Set LotSize > 0 for fixed lots (e.g., 0.01). Set LotSize = 0 to use RiskPercent for automatic position sizing based on your account balance.
Q: Why aren't my trades opening?
A: Check: 1) AutoTrading is enabled, 2) Spread isn't too high, 3) You're within trading hours (if time filter enabled), 4) You have enough consecutive bricks.
Q: Can I use this on indices/stocks/crypto?
A: Yes! Just adjust the BrickSize parameter appropriately for your instrument (larger for indices, smaller for forex).
? Start Trading with Renko EA Today!
Professional-grade automated trading at your fingertips
⚠️ Trading involves risk. Always test on demo account first. Past performance does not guarantee future results.
