*** EXPERIMENTAL ***
*** USE AT YOUR OWN RISK ***
Strategy based around Renko Bar Chart emulator (ATR) with direction change used to signal long/short trades.
I have generally found that setting the strategy ATR resolution to 3-5x that of the chart you are viewing tends to yield the good results, regardless of which chart time used. Positions get taken automatically following THE Renko Bar after a crossover.
The emulated Renko bars can optionally be draw on the chart.
- Converted to Pinescript V4
- Added options to select Renko Method
- Added options to select BackTest Time Period.
I hope i can contribute with feedback to keep fine tuning this strategy for the next version!
I´ve noticed that the ATR is calculated the current last N days. When the ATR changes substantially it repaints the renko size.
For example in assets with a big increase in price you can notice the renko cubes are huge compared with the price.
EG BRK and AZO and Bitcoin!
Hope my input is correct and may help!
Cheers and thank you