today a new Scalper Tool, which works great on 1 minute timeframe, which is the best and more secure timeframe to use on a Renko chart, besides it works great up to 15m (I don't suggest to use a renko chart over 15m timeframe)!
It is an upgraded version of Bitmex Renko Scalper that you can find in my tradingview script page.
This tool has some cool features:
- it works on 1 minute timeframe: so you can enjoy high-frequency trading by using a 24/7 running bot;
- wait bricks optional mode: you may like to make script wait for triggering a new signal by waiting 1 or 2 more confirmation bricks
- trailing stop: you can set a trailing stop in trade, so script will alert you if it will be reached in chart
This strategy can trigger till 5 buy or 5 sell signals in a row before reverting, so use a proper money management.
Strategy results are calculated on the timeframe from july to now, so on about 4 months, using 10000$ as initial capital and working at 3x leverage (very safe leverage!).
The user who wants to use this strategy, especially via an automated bot, must always set a stoploss at 5% from entry point or use a proper risk management strategy.
This is not the "Holy Grail", so use it with caution.
This script will let you set all notifications you may need in order to be alerted on each triggered signals.
The backtesting script version of this indicator, which will let you backtest this script and find best settings for your preferred market, can be found here below:
On Bitmex XBTUSD chart best settings is Traditional Renko chart with 10$ box size.
This is a premium indicator, so send me a private message in order to get access to this script.
You can use
- the "BUY (reversing now)" alarm to close your short deals and start a new long position for 20% of your equity
- the "SELL (reversing now)" alarm to close your long deals and start a new short position for 20% of your equity
- the "BUY (average down)" alarm to long more by using another 20% of your equity to previously opened long position
- the "SELL (average up)" alarm to short more by using another 20% of your equity to previously opened short position
To highlight this new feature, reversing trend signals now appear as "B1" and "S1", while the averaging down/up are shown as simple B/S labels.
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