This is a simple Renko Strategy. The settings used were for Traditional (1.2) bars, tested on SPX500USD. Around 70% profitable depending on timeframe, and bar size selected. Adjust the capital and suggested contract system depending on needs. The colored bars seen show blue for overbought conditions and pink for oversold conditions. If you like this strategy, please like and +rep!
Note di rilascio
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Modified colored bar logic for overbought/oversold conditions.
Great strategy and indicators to complement your Renko strategy. It is working really well for me on a variety of tfs and box settings depending on market conditions and whether I am scalping or swing trading.
Masterk15
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simple strategy with high probability setups using renko candles. Used script today to profit $5300 Emini futures. Thanks GeekMan!
GeekMan
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@Masterk15, Thank you for the kind words and for sharing your results! Keep using this indicator and I will try to roll out updates as soon as I have them ready :)
AKR_79
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@GeekMan, this seems to be a very easy and simple strategy.. I was also experimenting with it and found a few gaps..
One the of the biggest drawbacks in the way it is coded is that the code ignores gap-up or gap-down on the next day's opening price.. As an example look at the 11 October, 07:00 short signal.. you cannot SHORT at 13.74 because the market would have opened at 13.35.. The overall profitability will be significantly reduced because of this reality..
I am trying to figure out how to code this into pine script.. no success yet.. Let me know if you found a way out or have any recommendations..