INVITE-ONLY SCRIPT
RSI-RENKO Divine Strategy (Backtesting)
Updated
Live, non-repainting strategy using RENKO and RSI mixed together to multiple types of long and short positions.
- Features -
This strategy is best used with the companion indicators: Renko RSI and Renko Trend Momentum using the identical RSI and Trend settings.
The linked script is identical and used solely for alerts, because Trading View still after 3 years of requesting does not provide the ability to use alert conditions inside a strategy script, only an indicator script. This strategy should be used to backtest your settings.
The approach to this strategy uses several parallel trades of different types. In order to generate multiple trade types the "pyramid trades" setting of the strategy (second tab of the settings that lets you adjust the number of pyramid contracts) should be used.
- Trade Types -
Swing: This trade is entered on the solid arrows after the RSI has become oversold or overbought. It is key that all trades wait for some degree of pullback before entering, even after the trend flips between positive and negative. This trade is held until stopped out or an opposite trade is triggered that reverses the position.
Scalp: These trades have a limit buy/sell entry and a target. The initial target is the opposing RSI overbought or oversold level and changes in real time.
Turning on/off the different trade types (strategy only) is simple done by decreasing the number of contracts used for that trade type to zero. When the quantity is set to zero, that trade is not considered.
- Session -
The session filter is used to narrow trade executions by only allowing trades that are inside the session boundaries. This can be used to isolate the London or New York session for example. The default is 24 x 7 which filters no trades (Trading View has a bug when resetting this, so simply reset the indicator to get it back to 24x7).
Please see the following 3 videos introducing the concept of this strategy.
All feature requests or bug reports are welcome either by direct messaging or comments on this page or the linked indicator page.
Please PM for access. Cheers.
- Features -
- Live entry direction with trade warnings and alerts
- Live trade building buy and sell limits (for buy/sell limits)
- Entry location icons as well as pyramid entries (to add to existing position)
- Swing trades that keep you in the trade for the maximum possible profit
- 1 scalp target based on the RSI settings and entry location
- Dynamic trailing stop for swings and scalps
- Alert conditions for every update and condition change of the strategy (Provided by indicator study)
- 4 pre-built color themes, including candlestick coloring
This strategy is best used with the companion indicators: Renko RSI and Renko Trend Momentum using the identical RSI and Trend settings.
The linked script is identical and used solely for alerts, because Trading View still after 3 years of requesting does not provide the ability to use alert conditions inside a strategy script, only an indicator script. This strategy should be used to backtest your settings.
The approach to this strategy uses several parallel trades of different types. In order to generate multiple trade types the "pyramid trades" setting of the strategy (second tab of the settings that lets you adjust the number of pyramid contracts) should be used.
- Trade Types -
Swing: This trade is entered on the solid arrows after the RSI has become oversold or overbought. It is key that all trades wait for some degree of pullback before entering, even after the trend flips between positive and negative. This trade is held until stopped out or an opposite trade is triggered that reverses the position.
Scalp: These trades have a limit buy/sell entry and a target. The initial target is the opposing RSI overbought or oversold level and changes in real time.
Turning on/off the different trade types (strategy only) is simple done by decreasing the number of contracts used for that trade type to zero. When the quantity is set to zero, that trade is not considered.
- Session -
The session filter is used to narrow trade executions by only allowing trades that are inside the session boundaries. This can be used to isolate the London or New York session for example. The default is 24 x 7 which filters no trades (Trading View has a bug when resetting this, so simply reset the indicator to get it back to 24x7).
Please see the following 3 videos introducing the concept of this strategy.
All feature requests or bug reports are welcome either by direct messaging or comments on this page or the linked indicator page.
Please PM for access. Cheers.
Release Notes
- Updated license.
Release Notes
- Updated volatile brick algorithm. The strategy should perform better when switching to higher timeframes for low tick brick sizes. It is difficult to garner information from a single time candle that can blast through both the upper and lower next brick thresholds. It takes careful design to maximize the accuracy in these cases.
- Renko RSI and Renko Trend Momentum indicators also updated with some neat additions.
Release Notes
- Fixed target algos during highly volatile segments or when the selected brick size is small enough where the time rate of brick production is high.
- Add check box to toggle visibility of the execution value left triangles.
Release Notes
- Added new parameters for Quantity Types for total of 3 types: Contract/Unit, Percent of Equity, Leverage. Affects the strategy version only. When the next version of pinescript is released I will be able to show the units that should be used in advance inside a label. This way the user will know just how many units are required to long/short in order to meet the Percent of Equity or Leverage requirements for a given trade.
Release Notes
- Increased performance speed of strategy.
Release Notes
- Updated color themes.
Release Notes
- Updated to version 4.
- Live labels now show value price.
- Fixed pending renko momentum areas during rapid volatility.
- Alerts added to indicator version: Change in Renko Trend Momentum (main trend flips), Pending Renko Trend Momentum Activation, Volatile Brick Production.
- New [MISC] areas added to modify the live target/stop/threshold labels and horizontal lines.
Release Notes
- Fixed Bugs.
Release Notes
- Fixed Display Bugs.
Release Notes
- Improved renko volatile brick production engine.
- Added Renko-RSI merge feature.
- Added member features.
See Merge feature video here
Release Notes
- Updated member features.
Release Notes
- Updated member features.
Release Notes
- Updated member features.
Release Notes
- Slight tweak to limit entry algorithm. If an entry is "missed" because the price bounced to fast, there is now a second opportunity to get into the trade under strict conditions.
- Updated display for OB/OS value/target areas.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact mortdiggiddy for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
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Find the edge.
Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.