Renko Scalping Strategy: Simple Entry and Exit Rules for Forex

The Renko Scalping Strategy uses Renko charts to filter price noise for clean buy and sell signals on any currency pair. It combines daily trend direction, custom indicators, and Stochastic for high-probability short-term trades during London and New York sessions.

Input Parameters

To start trading, use these settings:

• Currency pairs: any
• Timeframe: Renko charts
• Trading hours: London, New York
• Risk management: Calculate lot size so risk stays under 2-5% of deposit per trade based on stop-loss

Price Chart Setup

Install indicators quickly with the downloadable template. Follow these steps:

1. Extract the archive.
2. Copy the expert advisor to the MQL4 → experts folder.
3. Copy the indicators to the MQL4 → indicators folder.
4. Copy the template to the templates folder.
5. Restart the terminal.
6. Open the chart of your chosen currency pair.
7. Switch to the timeframe.
8. Activate “Auto-trading” mode.
9. Attach the RenkoLiveChart_v2 expert advisor (smiley face appears in upper right). Set RenkoBoxSize to 5 or higher.
10. Go to File → Open offline and select the M timeframe chart created by the expert.
11. Apply the renkoscalpsystem template.

The chart should look like this:

Renko Scalping trading strategy template

Buy Entry Signals

Open a buy order when these conditions align:

1. Current daily candle is bullish.
2. RenkoScalp_Signal indicator shows buy.
3. Stochastic starts exiting oversold zone.
4. Blue squares appear on RenkoScalp_MSAlert and Filter indicators (lower window).
5. Set stop-loss below nearest local low.

Examples of buy trades

Sell Entry Signals

Open a sell order on these signals:

1. Current daily candle is bearish.
2. RenkoScalp_Signal indicator shows sell.
3. Stochastic starts exiting overbought zone.
4. Red squares appear on RenkoScalp_MSAlert and Filter indicators.
5. Set stop-loss above nearest local high.

Examples of sell trades

Trade Exit Rules

Close trades using one of these methods:

• Fixed take-profit level.
• Opposite direction signal.
• Pivot level touch.

Renko charts remove market noise for precise signals. Rules stay simple for beginners—always trade with the daily trend. Download template and indicators

FAQ

Why do traders use Renko charts for scalping?

Renko charts remove much of the market noise and make short-term momentum shifts easier to see than on standard candlestick charts.

Is Renko scalping suitable for beginners?

Yes, if the trader follows fixed rules, keeps risk small, and avoids overtrading during low-liquidity sessions.

What session is best for Renko scalping?

London and New York sessions usually offer the strongest volatility and cleaner movement for this strategy.