This strategy is part of a suite of renko based indicators that output visualizations using a proprietary renko brick algorithm. This engine extracts price data from a time series to generate renko bricks that feed directly into all indicator calculations. The strategy and companion indicators operate "as if" they were rendered on a true price/tick based renko chart (within limitations) and "map" the result to the chart time series. This entire process is performed seamlessly in real time.

 

All strategies and indicators are intended to operate on the Trading View platform as they are written in Pinescript version 4.0.

Features

  • Live entry direction with trade warnings and alerts

  • Live trade building buy and sell limits (for buy/sell limits) 

  • Entry location icons as well as pyramid entries (to add to existing position) 

  • Swing trades that keep you in the trade for the maximum possible profit 

  • 1 dynamic scalp target based on the RSI settings and entry location 

  • Dynamic trailing stop for swings and scalps 

  • Alert conditions for every update and condition change of the strategy (Provided by the indicator study)

  • 4 pre-built color themes, including candlestick coloring 

This strategy is great. . . It's flexible, and you can get very objective profits based on the retracement you choose. This is the best strategy I have seen.

Chen Gong

Easily one of the most impressive TV indicators i have used. Cameron (mortdiggiddy) has always put out quality tools. Like all of his other scripts 0 repaint and profitability / profit factor is as real as it gets, no BS 500 profit factors here. Great work and highly recommended.

Mitch Williams

In continuous use, I found that the script does not cause redrawing, and the winning rate and profitability are real and reliable. This is definitely a unique initiative in the Trading View community, and I must praise it without hesitation.

Feng Wong

Renko Suite of Indicators

The following indicators are meant to be used in parallel with the strategy. These indicators all operate under the same price "mapping" principle to yield renko based studies. Color themes and general settings inputs are constant for all renko products. The most popular indicators are listed below.

Dynamic Index

This indicator is based on wave trend and the commodity channel index (CCI), This is the most popular indicator in the renko suite as it profits extremely valuable turning point signals.

The oscillator version can be found here.  

MACD Overlay

This indicator transforms the MACD, signal, and histogram into real price values overlaid onto a chart. This is only possible because all renko indicators are backed by real renko bricks. There are many use cases and advantages to plotting the classic MACD oscillator as real price values on the chart.

The oscillator version can be found here

Weis Wave

This indicator plots the renko converted Weis Wave Volume as an absolute oscillator. 

Weis Wave Volume is a bulls vs bears power indicator that is based entirely on Wyckoff trends. 

Public Educational Videos

Find more videos located in the education section! Use keyword "Renko" to perform a general category or tag search for renko indicators.

 

Disclaimer

 

This is for information purposes only as The Daily Edge Trading Group is not registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.

The Daily Edge Trading Group cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. The Daily Edge Trading Group in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites.

In addition, The Daily Edge Trading Group accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor.
 

Past performance is not necessarily indicative of future returns. Services may include products that are traded on margin and carry a risk of losses. These products may not be suitable for all investors. Please ensure that you fully understand the risks involved.

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