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.
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.
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.
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.
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.
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.