Renko Basic [Rev A] by Cone

Renko Basic Strategy [Rev A]

Strategy Description

The basic Renko trend-following strategy is to buy (cover) on the bar after the first bullish "briick" and to sell (short) after the first bearish brick.  Since the Renko chart is based on closing prices, you must wait until the close before buying/selling on the next bar.  The Strategy continually holds either a long or short Position based on the bullish or bearish trends in the Renko chart.  Alternatively, with the Strategy Parameter "Long Only" = 1, only long trades are created.

The script demonstrates how to:

  • instantiate a Renko object using different parameter settings,
  • access the Renko [columns] object and use its properties on a bar to bar basis.

Revision A Changes

  • Added constructor to instantiate a TRenko object:

public TRenko(Bars bars, double rkoAmount)

  • Previously, you had to run the strategy in single-symbol mode in a Strategy Window with the Renko Chart Style selected in order to access the Chart Style properties.  This is no longer required, and you can access the Renko Columns object using any Chart Style, or in MSB mode, Rankings, and the Strategy Monitor.
     
  • Due to the previous change, the script does not GetSettings or SetSettings for the Renko Chart Style.  Consequently, to see the proper signals when using the Renko Chart, you must ensure that the script parameters and the Chart Style properties are configured the same.
     
  • Added "Long Only" option.

For more details, see WealthScript Programming Guide > Backtesting with ChartStyles.Trending 


Tip:

For a constant time visualization, select Overlay HLC chart in the Renko Chart Style Properties (with the chart in focus, Ctrl+Y)

Author: Cone
Category: Trend Following
Creation Date: 4/19/2011
Licence: Freeware
Availability: Globally
Instructions for Script Download
  1. In Wealth-Lab client software, open the Strategy Explorer (Ctrl+O)
  2. Click the "Download..." button
  3. Click "Begin Download"