Youtube Video:
https://www.youtube.com/watch?v=M-Nia-Te8AI
- Strategy Overview
Renko Box Size:
- Calculated using the ATR (14) of the previous day’s 5-minute candles.
- Rounded to the nearest 10 paisa for each stock.
Indicators Used:
- Renko Charts for price filtering.
- EMA (Exponential Moving Average) applied to Renko closing prices instead of candlestick data.
Trading Hours:
- The algorithm starts scanning for trades at 9:20 AM to allow for initial market stabilization.
- Uses the first 5-minute candle (9:15 - 9:20 AM) for calculations.
Profit/Loss Tracking:
- A separate P&L tracker is maintained for each stock to monitor individual performance.
- Trading for a specific stock stops once the profit or loss reaches ₹500 for the day.
- Entry Rules
- Buy: When the Renko closing price is greater than the EMA.
- Sell: When the Renko closing price is less than the EMA.
- Note: The EMA calculation must be based on Renko box closing prices, not candlestick data.
- Exit Rules
Stop Loss (SL):
- 2 Renko bricks (e.g., if the box size is ₹1.5, SL = ₹3).
Take Profit (TP):
- Square off 50% of the position at 2 Renko bricks profit.
- Trail the remaining position until a Renko box reversal (opposite-direction brick forms).
Trade Limits:
- Maximum 2 trades per stock per day.
- Stop trading a stock once its profit or loss reaches ₹500 per stock