Renko Trend Direction with RSI Pullback Stop Entries

Summary

This MetaTrader 5 expert advisor combines Renko Line Break trend direction with RSI pullbacks. In an uptrend, an RSI move into oversold territory prompts a buy stop above the bar high. The stop loss is placed below recent bar lows, while the take-profit distance is configurable. If the order remains unfilled and RSI stays oversold on the next bar, the EA replaces it; a trend reversal cancels a pending order. Open positions can close at the stop loss or take profit, on a Renko trend reversal, or when RSI reaches overbought territory.

The document lists settings for box size, RSI period and threshold shift, entry and stop offsets, take profit, and trade volume. It mentions a EURUSD H4 test beginning in January 2012 and refers to example trades and a chart in an attachment, but supplies no performance figures or evaluation. The rules described focus on long entries; no equivalent short-entry logic or broader risk controls are specified, so the example is not evidence that the method is profitable or robust.

Key ideas

• Renko Line Break defines the trend, while RSI identifies pullbacks for entry setups.
• An oversold RSI reading in an uptrend triggers a buy stop above a bar high.
• Unfilled pending orders are replaced if the oversold condition continues and canceled if the trend reverses.
• Positions may exit through a stop loss, take profit, Renko reversal, or an overbought RSI reading.
• The document cites an EURUSD H4 example but provides no performance statistics.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.