Short Exit: When Upper Boundary is touched, or time based exit, send SX. Short Entry: When Lower Boundary is touched, send SE. Long Exit: When Lower Boundary is touched, or time based exit, send LX. Long Entry: When Upper Boundary is touched, send LE. We will have trend (represented in color of the upper or lower bound lines) We have two boundaries, the upper one and the lower one, they are calculated based on brick size. Exit session during which all open positions are squared ofĤ. Trade session during which we want to buy/sell signals will be generatedģ. We will specify the brick size from the inputĢ. Logic is based on Renko block building, price is related to real markets.ġ. We will demonstrate you on how you can find one simple Renko strategy and automate its trades Strategy Premise: For Instance when a price rises, an up brick is placed on the chart and, with drop of prices a down brick is added. whose creation is determined by fluctuations in price. This makes trends much easier to spot, Because we can remove those small fluctuations, so price trends may be easier to spot, and that feature makes Renko charts the preferred price chart for some traders.Ī Renko chart is constructed from a series of bricks. Therefore Renko charts design are in such a way that it filter out minor price movements to make it easier for traders to focus on important trends and price action. Trading view free users /pro users who cannot access Renko charts can use this to apply Renko on normal charts.The price is related to real markets and logic is related to Renko block building this strategy will reduce slippages when applied on real markets.Advantages of Renko strategy with normal candles over traditional: Therefore we are going to setup an alternative Renko strategy which can be applied on normal candlestick charts. Above all it actually has chance to mislead people that Renko is best always.When we apply strategy on Renko charts/Heikin ashi, it would show best profit curve but that’s unreal because Renko and heikin ashi have so much of variation from real market price. Trading view free/pro users cant access Renko charts for intraday.APPLYING RENKO ON NORMAL CANDLES Limitations on Renko traditional charts:

Best renko trading system