Renko Scalper EA Review
Renko Scalper EA is a scalper for the trend. Stops are placed at 10 pips away from entry which is not a very wise idea. Trading methodology is also very basic and we doubt whether this will hold in the long run.
Read this Renko Scalper EA review to find out.
Welcome to the Renko scalper ea review.
The Renko scalper ea was designed for traders looking for “simple, profitable, easy and safe system” for trading.
The developer, fxsharerobots.com, claims that Renko scalper Forex robot trades all pairs “more clearly and easily” than ever before.
Note: RenkoScalper.com is a different automated Forex robot developer and has nothing to do with Renko scalper ea owned by fxsharerobots.com.
It is designed for both beginners and professionals who trade with large sums of money.
The main selling point for this Forex robot is that it uses Renko charts, which are apparently loved by many traders because they exclude noise and stress associated with other charts.
The developer, FXsharerobots believes that Renko charts are very accurate because tracking movements is done by looking at the color of the bars, hence trends are clearer.
They believe that when this is combined with Renko Scalper Forex robot scalping engine, the EA can produce great results.
A license costs $89 but if traders want multiple license, there’s an option for purchasing 3 licenses at a cost of $139.
In this Renko scalper ea review, we’ll let you know whether or not this is a viable trading system to use on a real money account.
Renko Scalper EA Review
The developer of this Forex robot sells multiple other trading robots and indicators.
Their website FXsharerobots.com was created in 2015. Since then, they’ve created a number of trading software. However, it appears that Renko Scalper Forex robot is their most popular product.
In the sales page, they’ve included a short video with instructions on how to install and load Renko Scalper EA onto an MT4 platform.
In addition to this, the developer also included a brief explanation of the trading approach used by this specific FX robot.
Their about us page claims that FXsharerobots.com develops trading software with carefully chosen mathematical formula, smart programming and probabilities of win and loss calculations to minimize losses while stabilizing the profit curve.
This does not explain the trading approach used by Renko Scalper EA. Luckily, they have a brief explanation regarding their methodology with this FX robot.
We’re interested in the kind of methodology used in this EA since this can make or break your trading.
Strategy of Renko Scalper EA
Based on its name, we can deduce that this robot is a scalper.
The developer puts emphasis on how Renko Scalper Forex robots identifies entry points. They also claim that the process is simple and yet effective.
The system is designed with Renko charts of 10 pips per bar in addition to simple moving average of 100.
To determine entry points, Renko bars will provide the signals which are then confirmed by simple moving average.
The developer also claims that this Forex robot is a trend trader and will never open a position against the trend.
To open a position, Renko Scalper Forex robot can only Buy when price is above moving average and sell when it is below it.
By default, stop loss is 10 pips.
While we appreciate this explanation, we still believe that this strategy is basic and can never beat the ever changing market conditions.
Right now traders are working with Forex robots that are constantly being optimized in order to suit different market conditions which are subject to change at any given time.
Also, placing stops too close to entries is never a good idea.
Any professional trader will tell you that such a stop is likely to be hit when markets ebb and flow.
While scalpers tend to have tight stops, we’ve observed that a stop loss of 10 pips is usually too close to entry and will get hit when there’s a brief market reversal.
This strategy is basically not promising in the long run.
Fxsharerobots.com provides backtesting results instead of live results.
In 2020, this shouldn’t be the norm since platforms like myfxbook.com have become easier and more convenient to use.
Trading software can perform extremely well on backtesting but this does not mean they will perform the same in real market scenario.
Since the developer has not provided any credible trading results other than backtests, we can conclude that Renko Scalper Forex robot is not backed by any trading performance.
This is something not worth investing in upfront because you will never be sure what results you’ll get.
Renko Scalper EA has attractive feedback from the trading community. However, one thing that isn’t clear yet is whether these users are referring the robot developed by RenkoScalper.com or this particular one.
We don’t want to assume that the two products are owned by the same developer. So unless there’s clarity on this matter, we’ll leave this topic as is.
We’re not very confident on the trading strategy. The price of a license is $89 but if you want 3 licenses, the developer will require $139.
They’ve not disclosed how frequent updates are done. Lack of trading results is also a major impediment when it comes to making decisions here.
Having analyzed everything, we feel that this is not a very good Forex robot.
Thanks for reading the Renko scalper ea review. Leave your comments so the community can share ideas and opinions.