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Renko Line Break vs RSI EA

Renko Line Break vs RSI EA

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The idea is quite simple - Renko Line Break determines the direction of the trend, and then, on the rollback of the trend place a stop order based on the signal of RSI. Here is an example:

  • Renko Line Break tells you that you are in an uptrend;
  • if the RSI moves down into the oversold area, place a buy stop above the bar maximum. A stop loss a few pips below the lowest minimum of the last three bars, and a take profit in accordance with the parameter set by a trader;
  • if the order does not trigger, and on the next bar RSI is still in oversold, delete the previous order and place a new order;
  • if the the buy stop triggers, the position will be closed either by a stop loss, or on a trend reversal detected by Renko Line Break, or by a take profit, or if the RSI enters the overbought area;
  • if the buy stop does not work and Renko Line Break changes the trend direction, then delete the order.

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Author
Salvador
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