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Refined filters in Renko EA version 2

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The second iteration of the open source Renko EA* has a set of more refined filters which can be used for the entries or exits.  The power of linear regression lines used as filters The linear regression lines seem to be doing a very good job in filtering out ranges and pullbacks. This eliminateds most of the false entry signals that would normally be taken durrign consolidation periods after a strong move as well as those pesky pullback traps. The Turbo Renko chart shown below illustrates how a set of two linear regression lines MA2 (blue) and MA3 (white) work as filters for the 2 consecutive renko entry signals. MA1 is used as an exit filter. The settings of MA2 on the renko chart are: Show the second MA:  Yes  2nd MA draw as  Line 2nd MA period:  86 2nd MA method:  Linear regression 2nd MA apply to  Close price 2nd MA shift:  0 2nd MA show price label:  No The settings of MA3 on the renko chart are: Third second MA:  Yes  3rd MA ...
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Filtering entries and exits of the Renko EA

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This post is a follow-up to " Open Source Renko EA for Metatrader 5 ". If you have not seen that post, please read it now. Renko EA provides access to four filters. Three are moving average based, and one built around the super trend indicator. If you are using the Ultimate Renko indicator for renko charting on MT5, you have access to the following moving average types: Exponential moving average Linear-Weighted moving average Linear Regression Simple moving average Smoothed moving average A volume-Weighted moving average using tick volume A volume-Weighted moving average using real volume Any one of these may serve as an entry or exit filter by the renko trading robot. All filters are disabled by default. Using the moving average filters in renko trading To utilize the moving average filters in the Renko EA, the ultimate renko indicator must have the corresponding moving averages (MA1, MA2, and MA3) active.   You only need to enable the MAs that will function as filters. If ...
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Open Source Renko EA for Metatrader 5

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Several years ago, I decided to start an open-source EA (Expert Advisor) project to facilitate automated trading on various renko charts. The project is FREE and open-source, so other traders can help tweak the trading robot and submit improvement ideas. Please note that you will need a robust renko charting add-on for the 5th version of Metatrader. You can download the Ultimate Renko charting software from my website at https://www.az-invest.eu/ultimate-renko-indicator-generator-for-metatrader-5 . This version already ships with the latest version of the EA's source code, so you don't need to worry about grabbing it from GitHub, installing the SDK, and compiling the EA. Additionally, you have access to standard renko charts as well as all of the exotic variations. Alternatively, you may use a different renko solution, but you will need to modify the source code of the EA accordingly. The complete source code for the project is available on my GitHub page . How does this renko ...
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