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)