In-depth Renko EA Review
The forex market is an interesting market that even new traders want to trade like professionals. For most new traders, the impatience to see trade play out can be a big issue. During this beginning period, they want to make money as quickly as possible. So, they scalp the market as many times as possible. And this is where Renko EA could come in handy!
Scalping is a trading system where traders seize to take advantage of small price changes in a currency pair. However, scalping requires a strict exit strategy because the loss can eliminate any small gain you actualize overtime.
Nevertheless, if you have the right tool, you can be successful in trading as a scalper. The stamina to scalp the market is never easy, which is why many traders resort to using expert advisors. To help traders, we will be reviewing one of the expert advisors for scalping. Notwithstanding, before starting, let’s get to understand what is an expert advisor.
What is an expert advisor?
An expert advisor is an automated system that monitors and provides signals from the forex market once it identifies profitable opportunities. These advisors come with different predefined rules that enable them to generate signals.
Expert advisors can be handy, especially if you can find one that generates good signals. Nevertheless, some expert doesn’t recommend EAs because of their unpredictability. Notwithstanding, they can be the dividing line between success and failure in the market.
Despite the benefits of using an expert advisor, it comes with certain limitations. For instance, an expert advisor runs on automated mathematical algorithms and doesn’t take into consideration certain market conditions such as political issues, recent events, and war. The inconsistency that might happen in the market is not factored into the robot; this hinders the robot and generates inconsistency over time.
Review of Renko Scalper Expert Advisor
Renko EA is a trading robot that trades the forex market by scalping. The robot is a trading system that is completely automated and enables a trader to trade any currency pair easily. The Renko scalper EA is suitable for all type of traders, but new traders will benefit better.
For new traders, they can use the Renko Scalper EA to enlarge their accounts fast, whereas professionals can trade sundry pairs with larger accounts.
How does it work?
The Renko Scalper EA works by creating an entry and exit points. These points are straightforward but potent. The Renko Scalper EA comes with a customed chart that contains 10 pips per bar along with a simple moving average of 100. You can change the simple moving average period to one that suits your trading strategy.
However, the Renko bars are the chief entry trigger for any trade. Nevertheless, it still has to use the simple moving average as its confirmation tool. The robot only enters trades when the price is moving in a trend. On no condition will it enter a trade, especially when the market is against the trend.
A selling opportunity is created when the market price is below the simple moving average with the successful formation of no less than two red Renko bars. On the other hand, a buy signal is triggered when the price is over the simple moving average and has no less than two green bars forming subsequently.
To protect traders, the Renko scalper expert advisor uses a default 10 pip stop-loss for each trade. In terms of risk management, the scalper follows a strict risk management practice to mitigate loss.
Cost of Renko Scalper Expert Advisor
The Renko scalper expert advisor comes with a different price depending on the particular package you want to purchase. You can adjust its setting or use the default setting to start trading. To help users, the Renko scalper EA comes with a user manual on how to use the EA efficiently.
The package comes with an easy setup for traders, which you can automatically install in your MetaTrader 4 platform. The installation process is seamless, as you can complete the setup once you make a purchase.
The EA comes in three different packages, with each having its unique features. Here is a snippet of these features.
• Basic Plan – The Basic Renko Scalper EA plan comes with one account license and goes for a lifetime fee of $89. You can only register it only on one MetaTrader 4 account.
• Professional Plan – This plan is the most popular since it comes with a lifetime payment of $179 and access to 9 different MetaTrader 4 accounts. Furthermore, it comes with a preset default setting that can get you started immediately.
• Advance Plan – The plan is suitable for those that have 3 MetaTrader 4 account and cost $149 for lifetime usage.
Is Renko not worthy or scam?
We cannot conclude that the expert advisor is a scam based on a few reviews we have seen online. In our research, we discover that some consider the tool a fantastic tool for trading. Nevertheless, others complain of it not working after the installation.
One major issue that most people who face the challenge of it not working might be due to the setting they use. Furthermore, if these settings are wrongly configured, it will affect the overall performance of the EA.
Therefore, we cannot conclude whether it is a scam or not. If you have used it, we do like to hear about your experience.
Final Remarks On Renko EA
The Renko EA is an expert advisor that is suitable for scalping. It comes with a predefined stop loss of 10 pips to enable new traders to minimize their loss. The Renko Scalper EA comes with a customed chart that contains 10 pips per bar along with a simple moving average of 100, which makes it unique.
It is relatively easy to understand how the EA work since it comes with a manual. Besides this, the Renko Scalper EA come in three different packages, with each having its distinct feature. If you are new in trading, you can give it a shot since it is not expensive like most expert advisors in the forex market.
We do like to hear from you if you have used the Renko scalper EA in your trading.