Forte4Renko Expert Advisor
The Forte4Renko EA is built upon the strategy originally coded into ForexCrescendo: a trend detection algorithm is used for grabbing repeatedly small amounts of profits while a price trend develops; when the trend is not predicted correctly the EA tries to average down the price, so that a profit can be made on the next reversal. Forte4Renko improves the trend detection algorithm thanks to the integration of Renko bars, improves the averaging down algorithm for limiting the impact of drawdowns, and finally introduces a hedging feature for accumulating profits also during a drawdown phase. This EA can work on any currency pair, or other financial instrument available onMT4.
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Installation (MT4 Build 600 and higher)
The installation process:
- Open your MT4 Data Folder via the “File > Open Data Folder” menu.
- Copy the “RenkoLiveCharts_pimped_v4.ex4” file into the “MQL4\Experts” folder of your MT4 Data Folder.
- Copy the “Forte4Renko.ex4” file into the “MQL4\Experts” folder of your MT4 Data Folder.
- Copy the “HA_Smoothed.ex4“” file into the “MQL4\Indicators” folder of your MT4 Data Folder.
- Restart the MetaTrader 4 platform .
How To Apply It
The first thing you have to do is to generate the Renko chart where you’ll apply the Forte4Renko EA. For doing that you have to use the RenkoLiveCharts EA.
Let’s assume you want to generate a Renko chart of EURUSD. In this case follow these steps:
- open a M1 chart of EURUSD an apply the “RenkoLiveCharts_pimped_v4” EA to it (please make sure you have ShowWicks = false and CalculateBestBoxSize = true in the settings)
- open the “File > Open Offline” menu in the top left corner of MT4
- select “EURUSD, M2” and click the “Open” button: a new chart will be opened with the name “EURUSD, M2 (offline)“
- right click with the mouse on this chart, choose the “Template” menu and select the “forte4renko” template we provided.
After applying the template, Forte4Renko EA is already attached to the chart.
At this point you must press F7 on the keyboard and you’ll see a “Forte4Renko“ windows that pops up. Like for any EA, this window has two tabs where proper values must be set by the user: “Common” and “Inputs”.
The “Common” tab must have values like shown in the picture below:
The “Inputs” tab is shown below:
The “e_mail” input settings must contain the email address you used when purchasing this product (please keep in mind the license is usually activated within the first 24 hours from the purchase).
Please take some time to setup properly the “lot_size” parameter in the Input window according to your money management.
When all the input values are set properly you can click on the “OK” button and Forte4Renko EA will be attached to your chart. A smiling face on the top right of your chart means that the EA is working properly.
The end result on your MT4 platform should be a chart that looks like the following one:
By default the Forte4Renko displays the following text interface:
The interface changes in real time (tick by tick) showing in detail what’s happening and what is going to happen. Here is the exact meaning of each row from top to bottom:
– the EA name (Forte4Renko) and version number (first released version is v1.00)
– a copyright notice (pimpmyea.com)
– a gauge that shows if the EA is running properly (it should update each second)
– the initial balance assigned to the EA
– the profit or loss closed by the EA since inception
– the current balance pertaining to the EA
– the current order step and renko box size
– the number of lot size exposure of opened Long trades (“BUY Orders”)
– the number of lot size exposure of opened Short trades (“SELL Orders”)
– the cumulative profit target for a set of Long trades (“BUY Target”)
– the cumulative profit target for a set of Short trades (“SELL Target”)
– the floating Profit&Loss value (“TOTAL Open Orders Value”)
– the historical maximum Floating Drawdown experienced while the EA is running (“MAX Floating DD”)
– the breakeven level for a set of opened Long Trades (BUY Breakeven Level”)
– the breakeven level for a set of opened Short Trades (SELL Breakeven Level”)
– the “Base Lot Size”
– the “Slippage”
– the current “Trend Score”
-the settings of NuovaFX (optional indicator)
this field must contain the email address used for the transaction for buying the EA, otherwise it will not be able to authenticate and it will display an “Authorization failed” message on chart.
this input must be put equal to false only if you want to forbid Forte4Renko to open Long Trades .
this input must be put equal to false only if you want to forbid Forte4Renko to open Short Trades .
this is a virtual starting balance Forte4Renko uses when compounding=true for determining the lot_size.
minimum number of pips from the last trade before Forte4Renko can enter a new trade during a drawdown phase. The default value of order_step is 50 pips.
The “order_step” is NOT taken into account when atr_period_step>0 AND atr_multiuplier_step>0: in this case the “step” is based on the ATR value (so it changes dynamically over time).
Suggested values for a dynamic order step oscillating from 10 to 20 pips: atr_period_step=24, atr_timeframe_step=60, atr_multiplier_step=1.0.
period of the ATR indicator used for calculating the order step.
timeframe of the ATR indicator used for calculating the order step.
mutiplier of the ATR indicator used for calculating the order step.
Please note that the order step – when the ATR calculation is enabled – changes automatically based on the ATR value. Please review the examples in the table below:
cumulative target profit of a set of Long trades or Short trades (in the account currency).
The “target_profit” is NOT taken into account when atr_period_tp>0 AND atr_multiuplier_tp>0: in this case the “profit” is based on the ATR value (so it changes dynamically over time).
Suggested values for a dynamic target profit oscillating from $10 to $20 for each minilot: atr_period_tp=24, atr_timeframe_tp=60, atr_multiplier_tp=1.0.
period of the ATR indicator used for calculating the target profit.
timeframe of the ATR indicator used for calculating the target profit.
multiplier of the ATR indicator used for calculating the target profit.
Please note that target profit – when the ATR calculation is enabled – changes automatically based on the ATR value and on the cumulative lot size of currently open trades. Please review the examples in the table below:
0 – Renko; 1 – Heiken Ashi; 2 – Smoothed Heiken Ashi
This is the trend detection algorithm.
it is the bar where the trend score is calculated. The default value (1) means that the score is calculated starting from the last closed bar.
minimum trend score necessary for Forte4Renko to open the first trade in a set of Long or Short trades. The suggested trend_treshold value is 1.
the list of trend scores used for opening trades after the first one.
MaMethod (2), MaPeriod (4), MaMethod2 (2), MaPeriod2 (1)
input parameters of the Smoothed Heiken Ashi indicator used by the EA.
if set to true this setting allows to increase automatically the lot size when Forte4Renko accumulates profits.
this setting is used only if compounding=true. In this case the larger the value the bigger the effect of compounding will be.
this setting is used only if compounding=true. In this case it allows to increase the lot size with fine granularity (when it is set to true).
it is the maximum number of orders that Forte4Renko can possibly open. Please note that this value is applied independently on Long and Short positions.
this must be a number from 0.0 to 100.0. When it is zero (default value) this parameter has not effect on how Forte4Renko works. When the value is greater than zero this parameter is the maximum level of drawdown (expressed as a percentage of the “initial_balance”) that can be accepted by the EA. When the floating profit&loss get larger than this drawdown threshold Forte4Renko closes all current trades (both Long and Short trades).
A value bigger than 0 allows to select a martingale algorithm that modifies the lot size of trades after the 1st trade. We have enabled a exponential martingale by default.
The default value (blank string) means that the EA can open trades on any day of the week. Putting the number of days separated by semicolons forbids the EA to open trades on specific days of the week (e.g. Sundays, Fridays, etc.). The days of week are identified by the numbers: 0 (Sunday), 1, 2, 3, 4, 5, 6.
Example #1: filter_days=”5″ means the EA cannot open trades on Fridays.
Example #2: filter_days=”1;5″ means the EA cannot open trades on Mondays and Fridays.
The default value (blank string) means that the EA can open trades at any hour of the day. Putting the number of hours separated by semicolons forbids the EA to open trades at specific hours. The hours are identified by the integer number from 0 to 23.
Example #1: filter_hours=”0″ means the EA cannot open trades from 00:00:00 to 00:59:59.
Example #2: filter_hours=”22;23″ means the EA cannot open trades on the last two hours of each day.
This parameter can only be used if NuovaFX is installed into the MT4 platform, otherwise please leave filter_news = -1 (that means no news filter applied to OndaFX).
If 0 NuovaFX will provide ALL news (including Non-Economic ones like Bank Holidays).
If 1 NuovaFX will provide news that have at least a Low impact expected (Low, Medium, High).
If 2 NuovaFX will provide news that have at least a Medium impact expected (Medium and High).
If 3 NuovaFX will provide news that have at least a High impact expected (only High).
This parameter can only be used if NuovaFX is installed into the MT4 platform, otherwise please leave minutes_before_news = 0.
If filter_news>=0 and minutes_before_news=N>0 the EA will refrain from opening new trades when there are less than N minutes from the next incoming news (the type of news being discriminated by the “filter_news” setting).
This parameter can only be used if NuovaFX is installed into the MT4 platform, otherwise please leave minutes_after_news = 0.
If filter_news>=0 and minutes_after_news=N>0 the EA will refrain from opening new trades when there are less than N minutes from the most recent past news (the type of news being discriminated by the “filter_news” setting).
magic number associated to Long trades. Please remember to select different magic numbers if you plan to use Forte4Renko on different charts of the same currency pair with different input settings, otherwise the EAs will conflict with each other.
the comment associated to orders. If you leave this field blank no comment will be associated to trades.
if true the comments associated to Long trades will have a postfix like “_B1″, “_B2″, “_B3″, etc. depending on the number of the BUY trade being opened; likewise Short trades will have a postfix like “_S1″, “_S2″, “_S3″, etc. depending on the number of the SELL trade being opened. If progressive_comment = false the comment associated to trades is fixed (see “comment” input above).
we suggest to select false (disabling the text interface) only when running backtests.
when “false” (default setting) the EA does not print any message to the “Experts” tab of MT4, with the exception of the authorization messages; when “true” the EA prints all messages related to initialization and opening/closing of trades.
Although the strategy can work pretty well on any reputable broker, we personally use and suggest FinFx which offers top-rated liquidity providers and very competitive spreads.
The rule of thumb is to allocate 2K (2thousands) USD of balance for each microlot traded by a Forte4Renko EA when default settings are used (exponential martingale).
Forte4Renko allows to interrupt gracefully its activity. That means you can tell the EA to manage all existing trades according to its strategy, and then to stop entering new trades when it is completely flat in the market. This feature is useful when you want to stop Forte4Renko on an account and put it to work on another account.
For a graceful shutdown all you need to do is to open the input settings window and put:
- BUY_enabled = False
- SELL_enabled = False
Please keep in mind Forte4Renko may continue to open additional trades (it just follows its strategy), however it will not open new trades when it is eventually flat in the market.