Renko Pullback
Renko Pullback is a strategy that trades US500 on 5-point renko bars. It holds at most 1 open trade.
sequencerenko, heikin ashi, x-ray
strategy "Renko Pullback"market: US500bars: renko(5)max_open: 1sequence pullback within 12 bars:step impulse: close > open and close[1] > open[1] and close[2] > open[2]step dip: close < openstep resume: close > open and close > dip.highreset_if: close < impulse.lowwhen pullback.completed:buy risk: 1%, stop: pullback.dip.low - 2 points, target: 2RRenko Pullback is a strategy that trades US500 on 5-point renko bars. It holds at most 1 open trade.
pullback completes when these steps happen in order within 12 bars: impulse, when the close is above the open and the previous bar's close is above the previous bar's open and the close 2 bars ago is above the open 2 bars ago; then dip, when the close is below the open; then resume, when the close is above the open and the close is above dip.high. It starts over if the close is below impulse.low.
When pullback completes, it buys at market, risking 1% of the balance, with a stop at the low of the dip step minus 2 points and with a target 2R from the entry.