Renko and Pivot point strategy

[eijicrown]

Thank you, I tried but 1 steps to adjust.

As per attached photo.
Entry should be
When pivot point is created - the first free Renko bar give the signal (free = not touching the pivot point line)
Option A: the Renko bar is free from the pivot point (number 1 on the photo)
Option B: Renko bar cross the pivot point then the signal is the next bar (number 2 and 3 on the photo - not touching the pivot point line)

the Stop seems to be working properly.

Closing if not by the stop loss, it should be on the opposite free Renko bar.
By example, on the photo if a position is open on number 2 and let's say that no stop is hitted the closing position should be number 3.

At the moment, it is closing on number 4 - then opening a new position buy in number 4

Thank you apprentice

[Apprentice]

Renko_and_Pivot_strategy.lua

(140.33 KiB) Downloaded 217 times

Try it now.

[eijicrown]

Thanks,

The entry is perfect now but the position is closed when the price cross backs the resistance or support. On the photo, it passed the first level of support but then it's closed just after.

The position should be closed (except stop losses) only if new free renko bar (not touching pivot point line) is formed over the Pivot point. If the trade is short, closing would be on the first free renko bar on buy position.

2) It seems that the strategy is stopped after one trade and doesn't work anymore even if still active.

[Apprentice]

Your request is added to the development list.
Development reference 443.

[Apprentice]

I don't understand the requirements. Currently, it opens on the first free Renko bar.
And closing on the first opposite bar. Should it close on the first free opposite bar?

[eijicrown]

yes it should close on the first free opposite bar on the other side of the pivot point.

The pivot point is used as a moving average.
ex: Free bar over the pivot point is a buy entry signal (for now this part is working), price is moving then passing through resistance R1 (take profit of x %), move to R2 (second take profit) then with the time (i use H6 or H8 for pivot point) a new pivot point line is formed. If the price close under the pivot point, it a closing signal for the trade (and also a starting signal for new one - short trade).

The strategy is actually very successful as swing trading and no headache but it needs to work 24/7 as many trades are starting outside the trading hours of the market.

[Apprentice]

It looks like the opposite signal rule. Removed exit logic completely. You can use Close on an opposite feature.

Renko_and_Pivot_strategy.lua

(140.1 KiB) Downloaded 217 times

[eijicrown]

Thanks a lot,

I ll try this.

[eijicrown]

Thanks,
I m trying now but it seems that the take profit has been changed instead of crossing the Resistance and support, it becomes the take profit at the end of the candle after

[eijicrown]

see below the graph. Take profit and exit are delayed