FritzHaber

Renko Reversal Alert

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Use this script to create server-side alerts of renko reversals and to visually plot the signals.
To do this, simply apply the indicator to a chart and right click onto one of the arrows plotted. Choose "Add alert" and then "Long opportunity" and "Short opportunity" in order to create the two alerts per instrument.
Buy signal is generated if a bearish renko brick is followed by a bullish brick.
Sell signal is generated if a bullish brick is followed by a bearish brick.
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This is a game changer for my strategy.. thank you so much.
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Hello, I am searching for something that will alert me when an ATR Renko candle on the daily chart has completed forming whether it's the same color or different color than previous candle doesn't matter as that is not part of my system. I have had much success in manual backtesting but cannot move on to forward testing because I don't have all that time to stare at charts. Do you have a suggestion? I searched and searched and asked Oanda as well. It seems Tradingview had this at one time but disabled it? MT4 is too complicated for me. I've been able to modify some simple code in PInescript but this one I cannot seem to figure out. I cannot find an alert that will tell me everytime an ATR Renko daily candle is completed? Any help or suggestion would be greatly appreciated. Either way happy trading to you!
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@Harpingo, I have the same question with you, did you figure it out already?
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FritzHaber alex100529
@alex100529, I have not found a solution to this but backtesting ATR based bricks will be very complicated with TV.
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Only trading on the signals gives too many signals for me. Is there another strategy which i can add to eliminate some?
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@dpanday, What I like to do is the following: Let's say there is a reversal signal. If before that signal, there was a long trend down/up, then you can take the signal. If there was no trend before it, then you could reject it.
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FritzHaber FritzHaber
@FritzHaber, You should also assign a reasonably large brick size (for example 50 pips).
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Should i use this on a heiken ashi chart as then the number of signals decreases and could be more profitable?
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@dpanday, In my personal opinion, the heikin ashi chart can be a bit too choppy for this. Maybe using the one hour timeframe for some longer trades could work. Certainly, you could do a manual backtest or try it on a paper account.
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How-to:
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