- Features -
- Live entry direction with trade warnings and alerts
- Live trade building buy and sell limits (for buy/sell limits)
- Entry location icons as well as pyramid entries (to add to existing position)
- Swing trades that keep you in the trade for the maximum possible profit
- 1 scalp target based on the settings and entry location
- Dynamic trailing stop for swings and scalps
- Alert conditions for every update and condition change of the strategy (Provided by indicator study)
- 4 pre-built color themes, including coloring
This strategy is best used with the companion indicators: Renko RSI and Renko Trend Momentum using the identical and Trend settings.
The linked script is identical and used solely for alerts, because Trading View still after 3 years of requesting does not provide the ability to use alert conditions inside a strategy script, only an indicator script. This strategy should be used to backtest your settings.
The approach to this strategy uses several parallel trades of different types. In order to generate multiple trade types the "pyramid trades" setting of the strategy (second tab of the settings that lets you adjust the number of pyramid contracts) should be used.
- Trade Types -
Swing: This trade is entered on the solid arrows after the has become oversold or overbought. It is key that all trades wait for some degree of pullback before entering, even after the trend flips between positive and negative. This trade is held until stopped out or an opposite trade is triggered that reverses the position.
Scalp: These trades have a limit buy/sell entry and a target. The initial target is the opposing overbought or oversold level and changes in real time.
Turning on/off the different trade types (strategy only) is simple done by decreasing the number of contracts used for that trade type to zero. When the quantity is set to zero, that trade is not considered.
- Session -
The session filter is used to narrow trade executions by only allowing trades that are inside the session boundaries. This can be used to isolate the London or New session for example. The default is 24 x 7 which filters no trades (Trading View has a bug when resetting this, so simply reset the indicator to get it back to 24x7).
Please see the following 3 videos introducing the concept of this strategy.
All feature requests or bug reports are welcome either by direct messaging or comments on this page or the linked indicator page.
Please PM for access. Cheers.
- Updated license.
- Updated volatile brick algorithm. The strategy should perform better when switching to higher timeframes for low tick brick sizes. It is difficult to garner information from a single time candle that can blast through both the upper and lower next brick thresholds. It takes careful design to maximize the accuracy in these cases.
- Renko RSI and Renko Trend Momentum indicators also updated with some neat additions.
- Fixed target algos during highly volatile segments or when the selected brick size is small enough where the time rate of brick production is high.
- Add check box to toggle visibility of the execution value left triangles.
- Added new parameters for Quantity Types for total of 3 types: Contract/Unit, Percent of Equity, Leverage. Affects the strategy version only. When the next version of pinescript is released I will be able to show the units that should be used in advance inside a label. This way the user will know just how many units are required to long/short in order to meet the Percent of Equity or Leverage requirements for a given trade.
- Increased performance speed of strategy.
- Updated color themes.
- Updated to version 4.
- Live labels now show value price.
- Fixed pending renko momentum areas during rapid volatility.
- Alerts added to indicator version: Change in Renko Trend Momentum (main trend flips), Pending Renko Trend Momentum Activation, Volatile Brick Production.
- New areas added to modify the live target/stop/threshold labels and horizontal lines.
- Fixed Bugs.
- Fixed Display Bugs.
- Improved renko volatile brick production engine.
- Added Renko-RSI merge feature.
- Added member features.
See Merge feature video here
- Updated member features.
- Updated member features.