JustUncleL

[STRATEGY]Renko Emulator OCC v1 by JustUncleL

This "Strategy" project has been created by request.

*** EXPERIMENTAL ***
*** USE AT YOUR OWN RISK ***


Description:
Strategy based around Renko Bar Chart emulator (ATR) with direction change used to signal long/short trades.
I have generally found that setting the strategy ATR resolution to 3-5x that of the chart you are viewing tends to yield the good results, regardless of which chart time used. Positions get taken automatically following THE Renko Bar after a crossover.

The emulated Renko bars can optionally be draw on the chart.
Jan 09
Release Notes: As requested I have updated to include "Traditional" Renko Method Bricks.
  • Converted to Pinescript V4
  • Added options to select Renko Method
  • Added options to select BackTest Time Period.

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JustUncleL
Very nice work!!! thank you

I hope i can contribute with feedback to keep fine tuning this strategy for the next version!

I´ve noticed that the ATR is calculated the current last N days. When the ATR changes substantially it repaints the renko size.
For example in assets with a big increase in price you can notice the renko cubes are huge compared with the price.

EG BRK and AZO and Bitcoin!

Hope my input is correct and may help!

Cheers and thank you
Reply
FilipeNivea FilipeNivea
@FilipeNivea, I mean when you roll back the chart for when the price (and ATR) was much smaller, the Renko cubes are huge.
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JustUncleL FilipeNivea
@FilipeNivea, This script was not designed nor tested on Cryto Market. It was designed to a Traders request over 3 years ago. The ATR Renko's would repaint whenever there is a change in the ATR size, the Fix size Renko blocks is difficult to use with Cryto market as each coin would need to sized individually. Personally I don't use this script, I prefer to use the TradingView Renko charts where the same repaint issue would occur if ATR bricks were used.
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FilipeNivea JustUncleL
@JustUncleL, thanks for you reply! I also use TradingView Renko charts, but they are awful when it comes to back test the strategy, as the buy or sell price is considered as the open or close of the renko candle. Thas why i liked so much this script! the best of 2 worlds

Cheers
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JustUncleL FilipeNivea
@FilipeNivea, The script could be changed to enable you to specify Fixed Block size option, I can have a look.
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Wow! Great work!
Is there a way to trigger an alert based on Long and Short signals?
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@V1king, Currently TradingView does not support alarms in "Strategy" type scripts. You really need to use the sister script "Study" style script for that
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V1king JustUncleL
@JustUncleL, Cool, I understand. Thank you very much for your quick and friendly reply Uncle L!
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Tundexty JustUncleL
@JustUncleL, sincerely this is a great STRATEGY script. I have spent hours trying to make it a STUDY for alert purpose but to no avail because of my zero background in pinescripting. I'll greatly be grateful if you can make the STUDY version. Thanks a million time.
Reply
@Tundexty, Check the "" version which is the study part of this chart.
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