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| Renko Channel Fractal Breakout https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=4301 |
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| Author: | DigitalCrypto [ Mon Jun 15, 2015 6:24 pm ] |
| Post subject: | Renko Channel Fractal Breakout |
I know there is a lot of directed hate on Renkos (Me too) but I tend to like them for short term scalps when possible with very small brick sizes (read off hours and little volatility on 3/5 pip bricks) I wrote this for a customer with the option of open sourcing the code to the forum. It's a basic fractal channel indicator for trading the breakout of higher highs and lower lows. Does it work on candlesticks equally as well? Yes. How to trade =========== Buy when the close (or price) is above the blue line. Sell when the close (or price) is below the red line. Brick size, TP, SL, Other options are up to you. Same with candlesticks if you want to use it that way. Ideally it works with pending orders and a small distance above/below the line to reduce slippage on entries. NOTE: Disregard the buy/sell signals in these pictures. This is for another algo that is running in the background. All the best, David |
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