The (Al Nami Quantum Blocks v.4) script is based on Renko chart that is based on % move of the selected symbol. This is different from the traditional or ATR based Renko charts..
box size = user selected percentage x current price
Alnami Quantum Blocks Channel is composed of 5 levels that are calculated based on the box size:
1- Base 2- Green Box High (GBH) = Base + box size 3- Next Green Box trigger (GBN) = base + (box size x 2) 4- Red Box Low (RBL) = Base - box size 5- Next Red Box trigger (RBN) = base - (box size x 2)
Those levels will appear in the chart with the following order: ------GBN------- ------GBH------- ------BASE------ ------RBL------- ------RBN-------
Usually when prices are trending up, the price will stay above the base for most of the time,, when it trending downwards, price stays below base most of the time..
Now how to time your entries based on the channel? This system is equipped with 4 strategies:
1) New Green Box: When the channel draw a new green box, place a buy order When the channel draw a new red box after a green box, place a sell order
2) Retracement: The user have to select one of the above 5 levels to serve as a retracement level, namely, GBN-GBH-Base-RBL-RBN When the current box is green and low price crosses below the selected level, place a limit buy order at the selected level When the channel draw a new red box after a green box, place a sell order
3) Auto-Trailing System: This strategy draws two levels based on a proprietary quantitative algorithm. When the background color change to green, prices are moving in an upward trend When the background color change to red, prices are moving in an downward trend When the background color change to black, prices are moving in range
If the price is above both lines, place a buy order If the price is below the lower line, place a sell order
Happy trading, Abdullah Al-Nami
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If you want to try this strategy, send me a request ..