Hello Everyone, I’d like to share a Renko-based trading strategy I’ve been working on for Nifty 50 stocks. The strategy is designed for intraday trading and incorporates stock-specific tracking of profit and loss (P&L). This ensures precise risk management for each stock while enabling better decision-making. Here's the detailed explanation: 1. Strategy Overview - Renko Box Size: a. Calculated using the ATR (14) of the previous day’s 5-minute candles. b. Box sizes are rounded to the nearest 10 paisa for each stock. - Indicators Used: - a.Renko Charts for price filtering. - b. Stochastic RSI, applied to Renko closing prices instead of candlestick data. - Trading Hours: - The algorithm begins scanning for trades at 9:20 AM to allow for initial market stabilization. - Uses the first 5-minute candle (from 9:15-9:20 AM) for calculations. - Profit/Loss Tracking: The algorithm maintains a separate P&L tracker for each stock to monitor individual stock performance. Trades for a specific stock are stopped once the profit or loss for that stock reaches ₹1,000 for the day. 2. Entry Rules - Buy: When %K crosses %D from below in the oversold zone (< 20). - Sell: When %K crosses %D from above in the overbought zone (> 80). - This Stochastic RSI needs to take the closing price of Renko box and not candles 3. 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 if the profit or loss reaches ₹1,000 for the day. (This is to be tracked only after closing the position) https://www.tradingview.com/x/MBWDgzH0/

Hello everyone, This month, we will be discussing this new strategy every Thursday. Instruments:Spy (Us) or Banknifty (India) Strategy: Daily Iron Condor with easy adjustments. Details: This is a single-day strategy where we sell short legs for a 10c premium and buy long legs for 1-2 cents. Initially, the Iron Condor will be unbalanced. As soon as one of the short legs doubles in premium (e.g., 20c), we adjust the other side’s short leg to match the 20c premium. We set a Stop Loss for the first short leg at 40c. When it hits 40c, we then place a stop loss on the remaining short leg at 20c. Rules: 1. Short a call and put at around 10 cents and buy a call and put at 1-2 cents. 2. When the stock price moves toward one side and the short leg of that side reaches 20c, close the other (non-breached) short leg and resell a new short leg at 20c. Note: Closing that leg will already yield some profit. You will now have 2 short legs at 20c. If the non-breached side does not have a 20c premium at least 2 strikes away, do not roll that side as it may create a narrow Iron Condor, increasing risk if the market reverses. In such cases, close the short leg on the breached side at 20c, which may result in a minor loss (-0.45%). 3. Set a stop-loss at 40c on both sides. 4. When a side hits 40c, close that short leg only. Leave the other leg open and set a stop loss on it at 20c. 5. When the remaining leg hits 20c, close that short leg, minimizing losses. 6. All trades will be fully closed daily. This strategy was requested by @Amit Chandan. Feel free to comment with your strategy suggestions for next month.