Renko Strategy Open_Close

Simple Renko strategy, very profitable. Thanks to vacalo69 for the idea.
Rules when the strategy opens order at market as follows:
- Buy when previous brick (-1) was bearish and previous brick (-2) was bearish too and actual brick close is bullish
- Sell when previous brick (-1) was bullish and previous brick (-2) was bullish too and actual brick close is bearish
Rules when the strategy send stop order are the same but this time a stop buy or stop sell is placed (better overall results).
Note that strategy open an order only after that condition is met, at the beginning of next candle, so the actual close is not the actual price.
Only input is the brick size multiplier for stop loss and take profit: SL and TP are placed at (brick size)x(multiplier) Or put it very high if you want startegy to close order on opposite signal.
Adjust brick size considering:
- Strategy works well if there are three or more consecutive bricks of same "color"
- Expected Profit
- Drawdown
- Time on trade
This strategy uses Renko charts with TRADITIONAL bricks, so no repaint.
Study with alerts, MT4 expert advisor and jforex automatic strategy are available at request.

Please use comment section for any feedback.

Versionshinweise: Major update: now it works on standard candles too.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?


There is a "security" function in the code, isn't it dangerous?
+3 Antworten
Hello @03.freeman , thank you for the nice script, is it possible to test out the version with the Alerts?
+3 Antworten
Hey @03.freeman , I PM'd you. I'd love to try your MT4 version. Thanks (:
Thanks nice script, it seems it ignores trades when you have bricks with a wick. So if a short trade is open and a bullish brick appears with a wick it ignores the brick unless it is followed by another bullish brick.
sopbot sopbot
@sopbot, I can't post a screenshot in here but it heppens consistently.
sopbot sopbot
@sopbot, it thinks price never met for the stop order as next brick opens below the stop order. I'll see if I can fix it and share the details
sopbot sopbot
@sopbot, okay got it, placing stops on previous brick in anticipation for price to move in the other direction places the trade correctly. To do this in the example above with every bearish brick place a long trade at the price it would take to form the bullsh brick. The results not so good unfortunatley but this can be used as a good indicator for trend confirmation along with other entry triggers.
I can build a robot for you for free
If the strategy works for Beck Test