Renko Chart Parlay SR MT4 EA
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Project Budget$30 - $250 USD
I need an EA that operates on MT4. This EA must work on a Renko Chart. The EA buys and sells based on Renko Bar breaking resistance and support level and closes above/below them. Only one position is open at the time.
Win/Loss Ratio for this system is 1 to 1.
Buy: When a Renko Bar breaks the Support line from below and closes above it.
Sell: When a Renko Bar breaks the Resistance line from above and closes below it.
Stop-Loss: For Buys when the first red candle closes. (Reverse for sales).
Take -Profit: For Buys when 2 Renko Bars close above entry (reverse for sales).
Note: Position must open and close right after the proper Renko Bar closes, so especial attention should be placed on spreads and ask/bid prices. I am supplying copies of the Renko Chart EA and Support/Resistance indicator I'm using. Please use these codes in development of the EA.
Starting-Lot-Size: User defined.
Lot-Size-Management: EA must adjust Lot-Size base on Parlay-31 Progression system described below. (In case of power failure or VPS reset, upon restart, the EA must pick up the action from the correct Lot-Size in the series in progress or offer an input option so the user could pick the correct Lot-Size)
Stop-Trading: If a net total of 31 Starting-Lot-Size is lost in any Parlay-31 series of trade (Maximum Loss allowed in a series), EA will either:
a- Stop trading until reset by user or
b- Start a new parlay-31 sequence series from the Starting-Lot-Size level.
(a & b are User Defined Options)
For example if the Starting-Lot-Size is 0.1 and stop loss is 20 pips Stop-Trading would be after a net loss of 20 pips x 31 = 620 pips.
The Parlay-31 progression looks like this: 1, 1, 1, 2, 2, 4, 4, 8, 8 which when added up equals 31 (hence the name Parlay-31). To start we will trade 1 unit. If we win the 1st trade in the series we collect our winnings and the series is closed. We start the new series again at level one. With each loss we step to the next number in our parlay progression, so the first three steps are one unit each. If we win at any level (other than level 1) we step out of the parlay progression and double the size of the last trade. If we lose we step back into the progression and pick up the sequence where we left off. Except for wining at level 1 it takes two consecutive wins to complete the series a winner. Maximum loss would be 31 units.
Parlay numbers are in parenthesis.
Series1: (+1) Won 1 unit. Series complete
Series2: (-1), (+1), +2, -4, (+1), +2, -4, (-2), (-2), (+4), +8 won 5 units. Series complete
Series3: (-1), (-1), (-1), (-2), (+2), 4 Won 1 unit. Series complete
Magic number: User Defined.
Please feel free to use your expertise to incorporate any additional features you deem necessary I may have ignored. For any further clarifications please feel free to contact me.
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