Introduction
Santa Renko is a trading robot designed to work with Renko charts on the MT5 platform. Despite the glowing reviews from users like mario791 and kriksus, we'll approach this tool with a critical eye. Does it really live up to the hype? Or is it just another overhyped gadget? Let's dive in and see.Installation and Setup
Before you can enjoy all the features Santa Renko promises, you'll need to install and set it up on your MT5 platform. Follow these steps:- Download the Santa Renko EA file from this link.
- Open your MT5 platform.
- Go to File > Open Data Folder.
- Navigate to MQL5 > Experts and paste the EA file there.
- Restart the MT5 platform.
- Drag and drop the Santa Renko EA from the Navigator panel onto your chosen chart.
- Adjust the settings according to your trading preferences.
It's as straightforward as rr547337 mentioned, but remember, simplicity doesn't always mean efficiency.
Experience Using Santa Renko
I won't sugarcoat it: my experience with Santa Renko has been mixed. The robot does what it claims, but like every strategy, it's not foolproof. The Renko charts help filter out the noise, making trends more visible, but they also lag. It's a trade-off you'll have to accept.Anadia's praise for the indicator's compatibility with other tools is accurate, but don't expect it to be a magic bullet. You still need to monitor and tweak settings constantly.
Tips for Improving Performance
Here are a few tips to get the most out of Santa Renko:- Optimize Settings: As “mauricio_mpm” pointed out, adjusting box sizes is crucial. Test different settings to find what works best for your trading style.
- Combine with Other Indicators: Using additional indicators can offer better trade confirmations. Just don't overload your chart.
- Stay Updated: Regular updates can offer new features and bug fixes.
- Backtesting: Before going live, backtest your strategy extensively.
The Source Code of Santa Renko
Let's get one thing straight: the original source code of Santa Renko, sold on MQL5, is not publicly available. However, if you’re still interested, there are ways to create a similar EA based on the descriptions and functionalities mentioned on its MQL5 page.Feel free to ask any questions about the code at easytradingforum.com. Remember, our team does not sell the Santa Renko robot but can provide a code based on its description.
Code:
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