Renko scalp (buy/sell) indicator explained

in #renko6 years ago (edited)

Current 'scalper' works on Renko charts and has multiple strategies implemented into it.

Explanation for: https://www.tradingview.com/script/JuqLWjTZ-Renko-scalp-buy-sell-indicator/

  1. RSI
    Waits for candle change (green or red - bullish or bearish) and it checks the RSI.
    If candle is bearish and RSI > 50 then show a sell.
    If candle is bullish and RSI < 50 then show a buy.

  2. EMA1
    Waits for candle change (green or red - bullish or bearish) and it checks the Trend EMA.
    If candle is bearish and is under EMA, show a sell.
    If candle is bullish and is above EMA, show a buy.

  3. EMA2
    Checks if price crosses up or down of Cross EMA.
    If price crosses down the Cross EMA and is under Trend EMA, show a sell.
    If price crosses up the Cross EMA and is above Trend EMA, show a buy.

This can also be added on traditional candle chart.
Alert functionality is implemented but it may not work because the indicator uses ATR.

Also, you might need a TradinView premium account in order to load the indicator on multiple pairs at the same time.

Read here if you want 50% discount on TradinView subscription.

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