In essence this Renko trading system is the following:
1. Momentum based entries 2. Trend trading system (small losses, big wins) 3. As well as a trend continuation system
------------------------------ !IMPORTANT! ------------------------------ - You MUST have a Pro+ account. Why? Cause Renko NEEDS to run on 1min or 5min chart, nothing larger. If you don't, the chart will repaint.
------------------------------ CHART SETUP ------------------------------ 1. Set chart to Renko 2. Set period of chart to 1 min (or 5 min) 3. Set Renko box size method to "Traditional" 4. Set Renko box size to: - JPY Pairs: 0.2 to 0.4 - Other Major/Minors: 0.002 - 0.004 - Exotic pairs: NO IDEA... (I haven't tested them yet) 5. Load the indicator
Trend Entry An arrow will appear the following conditions are met:
LONG: RSI(7) goes above 55 AND price is above the 50 SMA SHORT: RSI(7) goes below 45 AND price is below the 50 SMA
Enter immediately after the bar is printed.
Counter Trend Entry An orange dot appears when the following conditions are met:
LONG: RSI(7) goes above 55 AND price is below the 50 SMA and above the 10 EMA SHORT: RSI(7) goes below 45 AND price is above the 50 SMA and below the 10 EMA
I would not suggest entering immediately but rather finding a trendline or support/resistance that is being broken.
Exit - Exit when a white bar is printed - OR use your own discretion. Like 2 bars in opposite direction or on EMA cross or hit of support/resistance.
------------------------------ CHART ------------------------------ - Green bars are when the RSI(7) is above 55. - Red bars are when the RSI(7) is below 45. - White bars are when the RSI(7) is between 45and 55.
@dreampunchboy, Just a note, it should only be used on 1Min Renko.
dreampunchboy
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Here is an example of trading the Orange (not with the trend) signals and waiting for some sort of breakout of range:
sucres83
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Hi. Just a bit of confusion here. I wanna know if this indicator is strictly for forex pairs, cos i see that you made mention of only the forex pairs, and how to set the figures for the traditional configuration. Are we able to use this on CFDs as well as crypto trading, and if so what do you recommend as the ideal figure to insert into the traditional box, and the best time frames?.
Secondly, I also noticed that you only mentioned the Renko bricks and 1minute and 5 minutes time frames. Does this mean that this indicator only works well with those mentioned timeframes??
Please clarify.
Steenwijk1986
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Hello,
This script is absoluty amazing, I think it would work wonderful to use with a crypto bot. Would it be possible to open the source of the code so I can add alerts to it?
Kind regards, Jeroen
bono297
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Thx for the great indicator. Could you able to share script?
Regards,
MoneyTalks8888
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Great Job my mate, your indicator also possible to use for Heikin Ashi with very good results.
Tradeseal
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Hello, If it is not a problem can you please share the code, the conditions mentioned in the description and the code is not working in a similar fashion for me.
tradingview.com/script/ZxUChzQv-Renko-RSI-Momentum/