Latest 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
hi Cryptom173, you are using traditional renko 35 instead of recommended 50, is that also ok?
belleharbor
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Thank you!
tradepack
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Thank you so much for sharing script.
CryptoGod88
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@BasedDeptGeneral not sure if you even use this method anymore but curious have you ever tried to use this with the weekly chart? like if you put it on a weekly chart and put the bricks to a much higher % so lets say each brick is 1% so that would make a reversal brick 2% ,,, so if you put much higher brick sizes your entry signal would be a reversal and a tight i don't know 7 - 10 ema and since your on a weekly chart good chance that reversal will lead to a pretty big win even if you have to stay in the trade for the week ... the only downside would be because it's a weekly chart you could get a big run in your direction for 3 - 5 days and then the final 2 days it regresses and eats away at your profit ,, BUT if you look at the renko weekly chart even the smaller wins are pretty big ass wins if you use 3x - 5x leverage .... im mainly asking because you can't really backtest as i'm sure there are some reversals that end in hitting your (in this case) 2% stop loss before you pick up on the wins that you see on the finalized chart ,, so i was just curious if you ever tried to come up with a strategy for the weekly renko chart because when you pull it up and put the bricks to 1% those are some big ass wins
demus01
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Chart is very clean, and the MA indicators are clear too thanks. The only challenge I have (and it probably just my lack of experience) is, I dont know how long it takes for the bricks to be written to history and confirmed? Its at this point the Gimme MA's are written to provide a indications for confirmation. I know Renko charts are not time based, so when you are observing a trend change in the leading edge of the chart (with bricks being written and removed based on price), when should I expect the signal to be confirmed and blocks written to history? What is the Renko condition for this?
BryceBillions
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Hey CryptoM!, Do you think you could add a feature to the indicator so we can set alerts when the signal color changes? This would help so we know when to close trades while not having to consistently monitor trades.
Vinaluag
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Hey ! Does this still working ? I think it isn´t plotting as it may be on the chart ..
TradeAlliance
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Great work on this. May I have access to use it? Thanks in advance.