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Backtesting on Non-Standard Charts: Caution! - PineCoders FAQMuch confusion exists in the TradingView community about backtesting on non-standard charts. This script tries to shed some light on the subject in the hope that traders make better use of those chart types. Non-standard charts are: Heikin Ashi (HA) Renko Kagi Point & Figure Range These chart types are called non-standard because they all transform market prices into synthetic views of price action. Some focus on price movement and disregard time. Others like HA use the same division of bars into fixed time intervals but calculate artificial open, high, low and close (OHLC) values. Non-standard chart types can provide traders with alternative ways of interpreting price action, but they are not designed to test strategies or run automated traded systems where results depend on the ability to enter and exit trades at precise price levels at specific times, whether orders are issued manually or algorithmically. Ironically, the same characteristics that make non-standard chart types interesting from an analytical point of view also make them ill-suited to trade execution. Why? Because of the dislocation that a synthetic view of price action creates between its non-standard chart prices and real market prices at any given point in time. Switching from a non-standard chart price point into the market always entails a translation of time/price dimensions that results in uncertainty—and uncertainty concerning the level or the time at which orders are executed is detrimental to all strategies. The delta between the chart’s price when an order is issued (which is assumed to be the expected price) and the price at which that order is filled is called slippage . When working from normal chart types, slippage can be caused by one or more of the following conditions: • Time delay between order submission and execution. During this delay the market may move normally or be subject to large orders from other traders that will cause large moves of the bid/ask levels. • Lack of bids for a market sell or lack of asks for a market buy at the current price level. • Spread taken by middlemen in the order execution process. • Any other event that changes the expected fill price. When a market order is submitted, matching engines attempt to fill at the best possible price at the exchange. TradingView strategies usually fill market orders at the opening price of the next candle. A non-standard chart type can produce misleading results because the open of the next candle may or may not correspond to the real market price at that time. This creates artificial and often beneficial slippage that would not exist on standard charts. Consider an HA chart. The open for each candle is the average of the previous HA bar’s open and close prices. The open of the HA candle is a synthetic value, but the real market open at the time the new HA candle begins on the chart is the unrelated, regular open at the chart interval. The HA open will often be lower on long entries and higher on short entries, resulting in unrealistically advantageous fills. Another example is a Renko chart. A Renko chart is a type of chart that only measures price movement. The purpose of a Renko chart is to cluster price action into regular intervals, which consequently removes the time element. Because Trading View does not provide tick data as a price source, it relies on chart interval close values to construct Renko bricks. As a consequence, a new brick is constructed only when the interval close penetrates one or more brick thresholds. When a new brick starts on the chart, it is because the previous interval’s close was above or below the next brick threshold. The open price of the next brick will likely not represent the current price at the time this new brick begins, so correctly simulating an order is impossible. Some traders have argued with us that backtesting and trading off HA charts and other non-standard charts is useful, and so we have written this script to show traders what happens when order fills from backtesting on non-standard charts are compared to real-world fills at market prices. Let’s review how TV backtesting works. TV backtesting uses a broker emulator to execute orders. When an order is executed by the broker emulator on historical bars, the price used for the fill is either the close of the order’s submission bar or, more often, the open of the next. The broker emulator only has access to the chart’s prices, and so it uses those prices to fill orders. When backtesting is run on a non-standard chart type, orders are filled at non-standard prices, and so backtesting results are non-standard—i.e., as unrealistic as the prices appearing on non-standard charts. This is not a bug; where else is the broker emulator going to fetch prices than from the chart? This script is a strategy that you can run on either standard or non-standard chart types. It is meant to help traders understand the differences between backtests run on both types of charts. For every backtest, a label at the end of the chart shows two global net profit results for the strategy: • The net profits (in currency) calculated by TV backtesting with orders filled at the chart’s prices. • The net profits (in currency) calculated from the same orders, but filled at market prices (fetched through security() calls from the underlying real market prices) instead of the chart’s prices. If you run the script on a non-standard chart, the top result in the label will be the result you would normally get from the TV backtesting results window. The bottom result will show you a more realistic result because it is calculated from real market fills. If you run the script on a normal chart type (bars, candles, hollow candles, line, area or baseline) you will see the same result for both net profit numbers since both are run on the same real market prices. You will sometimes see slight discrepancies due to occasional differences between chart prices and the corresponding information fetched through security() calls. Features • Results shown in the Data Window (third icon from the top right of your chart) are: — Cumulative results — For each order execution bar on the chart, the chart and market previous and current fills, and the trade results calculated from both chart and market fills. • You can choose between 2 different strategies, both elementary. • You can use HA prices for the calculations determining entry/exit conditions. You can use this to see how a strategy calculated from HA values can run on a normal chart. You will notice that such strategies will not produce the same results as the real market results generated from HA charts. This is due to the different environment backtesting is running on where for example, position sizes for entries on the same bar will be calculated differently because HA and standard chart close prices differ. • You can choose repainting/non-repainting signals. • You can show MAs, entry/exit markers and market fill levels. • You can show candles built from the underlying market prices. • You can color the background for occurrences where an order is filled at a different real market price than the chart’s price. Notes • On some non-standard chart types you will not obtain any results. This is sometimes due to how certain types of non-standard types work, and sometimes because the script will not emit orders if no underlying market information is detected. • The script illustrates how those who want to use HA values to calculate conditions can do so from a standard chart. They will then be getting orders emitted on HA conditions but filled at more realistic prices because their strategy can run on a standard chart. • On some non-standard chart types you will see market results surpass chart results. While this may seem interesting, our way of looking at it is that it points to how unreliable non-standard chart backtesting is, and why it should be avoided. • In order not to extend an already long description, we do not discuss the particulars of executing orders on the realtime bar when using non-standard charts. Unless you understand the minute details of what’s going on in the realtime bar on a particular non-standard chart type, we recommend staying away from this. • Some traders ask us: Why does TradingView allow backtesting on non-standard chart types if it produces unrealistic results? That’s somewhat like asking a hammer manufacturer why it makes hammers if hammers can hurt you. We believe it’s a trader’s responsibility to understand the tools he is using. Takeaways • Non-standard charts are not bad per se, but they can be badly used. • TV backtesting on non-standard charts is not broken and doesn’t require fixing. Traders asking for a fix are in dire need of learning more about trading. We recommend they stop trading until they understand why. • Stay away from—even better, report—any vendor presenting you with strategies running on non-standard charts and implying they are showing reliable results. • If you don’t understand everything we discussed, don’t use non-standard charts at all. • Study carefully how non-standard charts are built and the inevitable compromises used in calculating them so you can understand their limitations. Thanks to @allanster and @mortdiggiddy for their help in editing this description. Look first. Then leap.
Strategia Pine Script®
di PineCoders
49
Customizable Moving Average RibbonThis indicator is a highly customizable moving average ribbon with some unique features. This script can utilize multiple unique sources, including a non-repainting renko closing price. Renko charts focus solely on price movement and minimize the impacts of time and the extra noise time creates. Employing the renko close helps smooth out the MA ribbon. Insignificant price movements will not cause a change in the plotted lines of the indicator unless a new threshold is breached or a "brick" is created. This is highly useful for quickly identifying consolidation areas or overall flat price movement. There are two methods for selecting the box size when utilizing the renko source. Box size is critical for the overall function and efficacy of the plots you will visually see with this indicator. Box size is set automatically using the Average True Range "ATR" or manually using the "Traditional" setting. The simplest way to determine a manual box size is to take the ATR of the given instrument and round it to the nearest decimal place. As an example, if the ATR for the asset is 0.18, you would round that number to 0.2 and utilize this as your traditional box size. The MA ribbon contains eleven adjustable moving average lines. Users can choose to turn off as many as they would like. Users can also adjust the length of the individual moving averages and the source for all moving averages. There are nine types of moving averages to choose from for the ribbon. The MA options are: Exponential Moving Average = 'EMA' Double Exponential Moving Average= 'DEMA' Triple Exponential Moving Average = 'TEMA' Simple Moving Average = 'SMA' Relative Moving Average = 'RMA' Volume Weighted Moving Average = 'VWMA' Weighted Moving Average = 'WMA' Smoothed Simple Moving Average = 'SSMA' Hull Moving Average = 'HULL' We believe that the ribbons features, including the line color change, help quickly identify trends and give users optimum customization. Users can select from five different color schemes including: Green/Red Purple/White White/Blue Silver / Orange Teal/ Orange
Indicatore Pine Script®
di LeafAlgo
PRICE ACTION VIGORThis is the first of my RENKO strategies and studies series. I'm developing some studies on Renko charts from a while and now is time to share the results. This startegy is based on this idea: to measure the "vigor" or strength of a price action and to follow it. I use Renko charts to identify the price action. The indicator will rise or fall when a price action starts and it is flat at half of this movement. Time frame should be 1 minute but I would need a premium account to have RENKO charts with one minute. The most important point for this strategy is to set the correct brick size for each symbol. Look in the result how you could obtain starting with a 1000€ account in just few months. I have also a study with alerts so one could use autoview for automated trading. If you are interested to use it, follow me and add a comment. Please use comment section for any feedback. ********************************** IMPORTANT******************************* I have developed an expert advisor for metatrader4 (MT4) and for jforex platform: results of expert advisor form 2015-01-01 to 2018-11-25 are very good with low drawdown and good profit. ********************************************************************************
Strategia Pine Script®
di 03.freeman
9
Samurai RENKOSamurai buy / sell signals - for RENKO candles only. To add indicator: 1. Pick your chart / pairs 2. Indicators > invite-only scripts 3. Samurai RENKO 4. Set candle type to RENKO 5. Format candles after your liking, ATR & ATR length / Traditional % Box size, time frame. (if your chart disappears entirely, it's probably because you have to set the above option to ATR) Settings: 1. Press "format" button on indicator (small cog wheel) 2. Set "Sub Filter %" to an amount (0-100) where the worst buy positions disappear. 3. Adjust "Fiddle Setting" A and B until you're happy with the majority of the buy positions. 4. Adjust "Main Filter %" and "Sub Filter %" to see, if they can filter out additional bad positions. 5. If you don't get good positions, you might want to change pairs or candle / timeframe settings. (every coin behaves very differently, as do different candles and timeframes. Usage: - Use AutoView Chrome extension with Binance, Bitmex, etc., to auto trade. - Use SMS, e-mail or pop up message alerts, for manually trading. Strategy suggestions: - Use somewhat loose settings, and buy a small amount on buy signal, sell all on sell signal. This way, you DCA (dollar cost average), if the indicator picks up a false bottom and keep falling. - Buy on buy signal, and use either trailing take profit or set profit %. - Set up the indicator with tight settings - e.g. very few but quality buys, and hold your positions longer, for more profit %. Beware of false bottoms. Disclaimer: - I take no responsibility for the usage of the Samurai RENKO indicator. - Beware of false bottoms. Use DCA and/or stoploss to reduce losses. - Use the BUY signals cautiously. You might get a great buy only to miss out on profits because the indicator didn't signal SELL. - As mentioned earlier, you might have a hard time finding the "sweet spot" sometimes. For a free trial message me directly here, or send a message to: jangeisler@live.dk
Indicatore Pine Script®
di jangeisler
CryptoM173's Gimme MoneyLatest version. Nobody gave me feedback and managing requests to add people became a PITA. Enjoy. I like money, you like money, this set up has the potential to make a LOT of it. That being said, I do NOTmake any warranties of this making you money, nor do I guarantee you will NOT lose money. In the end, you're the one configuring it and interpreting the results. Providing that you DO set it up correctly and it makes you obscene amounts of money, donations are always welcome (addresses below). Before you start, it's probably you read EVERYTHING below. You'll have to do some tweaking of the MA's to find a strat that best suits your needs. It is an indicator you're welcome to use to assist in your trading decisions. I made this script for renko charts and trading bitcoin -1.64% because the standard strat wasn't working out. if you find you're getting a lot of consecutive colored bars or crosses on Renko, you may need to switch from ATR 14 to something like Traditional 50. You will need to adjust the "box value" for traditional renko to fit the asset you're working with, on the time frame you're trading on. Smaller values (i.e. on bitcoin -1.64% I use a box value of 50 on 4hr and 1D with absurd success) but you need to make sure they're not too small, otherwise small moves may appear larger than they are, resulting in a bunch of break-even trades. If you're going to be trading cryptocurrency, it's easiest to switch back to ATR14 to get an idea of the Average Trading range to have a reference point to start from trading btc -1.64% (i.e .000034 rather than 50). It's a great tool if you're looking to carry both swap and futs positions and keep an eye on the short term swap opportunities while monitoring the status of your futs position and help decide whether or not to close a long at a correction or not and while this strategy has been most effective for me with Renko bars, it's been very useful for monitoring futs positions on traditional charts. For access, feel free to DM -0.34% me on twitter, @CryptoM173 If you're the generous type, feel free to donate Bitcoin to: 3BMEXWz6Es7iLdi9zAyMWWHHZPNbMKPqrV
Indicatore Pine Script®
di BasedDeptGeneral
10
CryptoM173's Gimme Money v1.1I like money, you like money, this set up has the potential to make a LOT of it. That being said, I do NOT make any warranties of this making you money, nor do I guarantee you will NOT lose money. In the end, you're the one configuring it and interpreting the results. Providing that you DO set it up correctly and it makes you obscene amounts of money, donations are always welcome (addresses below). Before you start, it's probably you read EVERYTHING below. You'll have to do some tweaking of the MA's to find a strat that best suits your needs. It is an indicator you're welcome to use to assist in your trading decisions. I made this script for renko charts and trading bitcoin because the standard strat wasn't working out. if you find you're getting a lot of consecutive colored bars or crosses on Renko, you may need to switch from ATR 14 to something like Traditional 50. You will need to adjust the "box value" for traditional renko to fit the asset you're working with, on the time frame you're trading on. Smaller values (i.e. on bitcoin I use a box value of 50 on 4hr and 1D with absurd success) but you need to make sure they're not too small, otherwise small moves may appear larger than they are, resulting in a bunch of break-even trades. If you're going to be trading cryptocurrency, it's easiest to switch back to ATR14 to get an idea of the Average Trading range to have a reference point to start from trading btc (i.e .000034 rather than 50). It's a great tool if you're looking to carry both swap and futs positions and keep an eye on the short term swap opportunities while monitoring the status of your futs position and help decide whether or not to close a long at a correction or not and while this strategy has been most effective for me with Renko bars, it's been very useful for monitoring futs positions on traditional charts. For access, feel free to DM me on twitter, @CryptoM173 If you're the generous type, feel free to donate Bitcoin to: 3BMEXWz6Es7iLdi9zAyMWWHHZPNbMKPqrV
Indicatore Pine Script®
di BasedDeptGeneral
53
Last Available Bar InfoLibrary "Last_Available_Bar_Info" getLastBarTimeStamp() getAvailableBars() This simple library is built with an aim of getting the last available bar information for the chart. This returns a constant value that doesn't change on bar change. For backtesting with accurate results on non standard charts, it will be helpful. (Especially if you are using non standard charts like Renko Chart). Methods getLastBarTimeStamp() : Returns Timestamp of the last available bar (Constant) getAvailableBars() :Returns Number of Available Bars on the chart (Constant) Example import paragjyoti2012/Last_Available_Bar_Info/v1 as LastBarInfo last_bar_timestamp=LastBarInfo.getLastBarTimeStamp() no_of_bars=LastBarInfo.getAvailableBars() If you are using Renko Charts, for backtesting, it's necesary to filter out the historical bars that are not of this timeframe. In Renko charts, once the available bars of the current timeframe (based on your Tradingview active plan) are exhausted, previous bars are filled in with historical bars of higher timeframe. Which is detrimental for backtesting, and it leads to unrealistic results. To get the actual number of bars available of that timeframe, you should use this security function to get the timestamp for the last (real) bar available. tf=timeframe.period real_available_bars = request.security(syminfo.ticker, tf , LastBarInfo.getAvailableBars() , lookahead = barmerge.lookahead_off) last_available_bar_timestamp = request.security(syminfo.ticker, tf , LastBarInfo.getLastBarTimeStamp() , lookahead = barmerge.lookahead_off)
Libreria Pine Script®
di CyberMensch
TEMA Cross with Renko BoxesThis is a pretty simple microprofit strategy with a couple twists: Renko boxes plot fixed price changes over variable amounts of time, rather than plotting varying price changes over fixed amounts of time like conventional candlesticks. This makes price trends much simpler to identify, and that's what we ultimately care about. Triple exponential moving average is a moving average that has considerably less lag compared to a regular EMA. Buying and selling is simple, buy when TEMA crosses above a short-term SMA, and sell when TEMA crosses below the short-term SMA. The use of Renko candles makes these crosses more reliable, and TEMA gives us more optimal entries and exits. We also avoid buying if the price is above a longer-term smoothed moving average. This is an attempt to avoid bags but it means we might miss a few trades right after a pump. Also included are avg_protection -- if > 0 we only buy if it will reduce our average bought price gain_protection -- if >0 only sell once we have met our min_gain I prefer to use a fixed price increment (traditional Renko) rather than ATR. I start with an increment roughly 0.1% of the current price level and see how the chart looks. It's better if the chart has a lot of big zig-zags. Larger price increments will be less noisy and more reliable, and is more suited for longer-term swing trading. This strat needs to be used with tiny tiny order sizes and can definitely be improved upon. It does not maximize gains on very rapid pumps. It basically accumulates a long position with many small buys over and over when the price is below average, until there is an opportunity to sell for a profit. In a pump there is not a lot of time to re-accumulate a position after the first sell.
Strategia Pine Script®
di Gesundheit
1
Smoothed Renko OscillatorSMOOTHED RENKO OSCILLATOR Technical indicator combining Renko charting with oscillator mechanics for price momentum analysis. Brick size determines sensitivity of price movement detection, with adjustable smoothing for noise reduction. Parameters include brick size (default 10), smoothing period (5), oscillator period (14), and smoothing type selection (EMA/SMA/WMA). Values above zero indicate bullish momentum, below zero bearish momentum, with ±40-50 marking potential reversal zones. Zero-line crossovers suggest trend changes. Larger brick settings reduce noise but delay signals, while smaller bricks increase sensitivity. EMA smoothing provides faster response, while SMA/WMA offer more stable readings. The indicator supports trend confirmation, momentum measurement, divergence analysis, and entry/exit timing. Best used in conjunction with price action and additional indicators for comprehensive market analysis. Particularly effective in trending markets for momentum confirmation and potential reversal identification.
Indicatore Pine Script®
di koshtenco
G-SIRPG-SIRP Has been Developed with One Idea in Mind... Automated Trading. Just set it up and walk away. It makes use of the noise cancelling power of our Re engineered Renko Candles on Traditional Settings. Using Normal Code on Normal Renko will NOT work as the Candles will repaint thereby causing a Skewed backtest result. This is Why G-SIRP is one of a kind as we have managed to find a solution to a Problem using Pine that is not currently available in any documentation on Pine. We have incorporated Alot of Logic into the script to allow you to ride a trend successfully that includes a Trailing Stop Loss So that you are making sure that profit is being locked in.
Indicatore Pine Script®
di TCMTrader1
3
MBY_Bigginger Pack for Renko Reading(ver.1.0)Hi, This is MBY with RR_Pack indicator. This indicator include 3 Things each different 2 Moving averages, 1 bollinger bands. Using this indicator on your chart, be sure to use it on the Renko chart. The peak of the Price on RenKo sheet will not reach the top of the Bollinger band. Trend transition----- 1) Down -> Up : Break through 9MA with crossover 9MA & 15MA -> The Peak will be reach bollinger bands upper. 2) Up-> Down : :) Thank you for your attention!!!
Indicatore Pine Script®
di Yonggg92
3
[astropark - Premium] 3m-5m-15m-30m Renko ScalperHi Followers! Is it possibile to multiply your capital by 30 times in one year? YES, it is! Just use this script on Renko charts! This script is the study version of this strategy: Why is this version necessary? With this script you can set alarms and get notified when a new signal appears on the Renko chart ! With strategy you can't! This strategy works great at following timeframes: 30 minutes 15 minutes 5 minutes 3 minutes Keep in mind that this is not the Holy Grail and price manipulation can create great volatility! So always set a stop loss in trades, like -3%/-5% from entry point, depending on your risk management style. This is a premium indicator , so send me a private message in order to get access to this script. Do you like my scripts? Offer me a coffee, a beer, a pizza or whatever :) BTC jar: 1K5kuYQPEqoNo6GRmJbHWMPmqwKM5S3oRR ETH jar: 0x091b541a6dd6fe08c4e7bd909baafb2fce9b975e LTC jar: LSVoAChsZrVsvbNyUfdpxtFpDAUSaUTUig XRP jar: (XRP deposit tag) 103997763 (XRP deposit address) rEb8TK3gBgk5auZkwc6sHnwrGVJH8DuaLh PS: Do you need a customization or do you need a dev who implements your strategy? send me a private message ;-)
Indicatore Pine Script®
di astropark
14
Trader Set - Pivot PointsThis is a Pivot Point indicator that has the ability to sit on top of Uni Renko Charts to show the center pivot (others don't work because of specifications of uni renko chart unless i figure something in future) but on price charts and range charts they work like charm. Unlike the built in indicator, you can choose separately to draw each support or resistance level. Other than Standard draw from the built in indicator, all other types are included in this indicator. Please, don't ask for access, only my students from my classes will have access to this indicator, at least for time being. If at any time in future I wish to sell, you will find the price and how to buy in the comments bellow.
Indicatore Pine Script®
di CAB_Member
6
Lancelot vstop intraday trending strategyDear all, Free strategy again. I found using 3 volatility stop with different settings could be very helpful when trading an intraday trending market. With the ATR setting or 5, 10, 15, we can weed out many false break. Vstop setting is OHLC4. On the other hand, this strategy also utilize Renko as part of the strategy, so you could say this strategy is mainly an intraday break out trend following strategy. Works well on BTCUSD XBTUSD, as well as other major liquid alt Pairs. And lastly, Save Hong Kong, the revolution of our times.
Strategia Pine Script®
di Lancelot_Augur
2
Lancelot RR StrategyDear all, Free strategy again. This strategy consists of 2 indicators I think works well with each other as a trend following strategy. The 2 indicators are Renko chart and Relative Vigor Index. This is a long-only breakout strategy that aims to capture the majority of the trend. Works well on BTCUSD XBTUSD, as well as other major liquid Pair. Please acknowledge my effort by like and follow. And lastly, Save Hong Kong, the revolution of our times.
Strategia Pine Script®
di Lancelot_Augur