JustUncleL

[INDICATOR]Renko Emulator OCC v1 by JustUncleL

This "Study" project has been created by request and is used in conjunction with the "Strategy" version.

*** EXPERIMENTAL ***
*** USE AT YOUR OWN RISK ***


Description:
Indicator based around Renko Bar Chart emulator (ATR) with direction change used to signal buy/sell trades.
I have generally found that setting the strategy ATR resolution to 3-5x that of the chart you are viewing tends to yield the good results, regardless of which chart time used. Positions get taken automatically following THE Renko Bar after a crossover.

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JustUncleL
Can you help me with something? I love this indicator but I would like to get an alert when the ranko strip gets higher or lower or when it changes from pink to green and vice-versa and not only when the buy/sell flag comes up, but I don't know how to write codes in pine... would you make those alerts to me and I would be glad to pay you for that?
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Hello there, this is a good tool to understand the market.
The sad thing is that it repaints. If you put "security" in the code there are simply no chances!
Looking at the chart in the past it looks to good to be true, as in fact the indicator is adjusting at 10/15 min intervals....

Any chance to have a new series of indicators with no "security"?

Dav
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JustUncleL davide.antonio.formenton
@davide.antonio.formenton, The security call is probably not the issue as it is used to generate the Renko Bar with "open", but "ATR" Renko is as the ATR value keeps changing, really should use "Traditional" Renko bricks with low time frames, also upgrade to "@version=3" may help. This script was originally built to purpose and re-painting was not a concern, however, eliminating repainting is problematic.
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Hello Sir Does it Repaints or it does not have that kind of problem
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JustUncleL Sebastian_Castellanos
@Sebastian_Castellanos, As the Renko calculations are based on open price I don't believe their is any repainting, refer to some previous comments.
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@JustUncleL, Thank You
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Good work. Question tho? The timing or bar alignment compared with the TV Renko charts seems to be out by one. Any idea of how to fix this with your code?

Picture to show what I mean:

Renko ATR: 14
Multiplier: 1
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@Entity, I will check to see if can resolve it.
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JustUncleL JustUncleL
@JustUncleL, Yes I see what the difference, the Renko Emulator script uses "open" for the source of calculations at line 40, but the default for TV renko charts is "close", so to make it the same you select "open" for source in the TV RENKO candles, then you find the plots are virtually the same. I chose "open" for my calculations to try and prevent re-painting.
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Entity JustUncleL
@JustUncleL, That makes sense, thanks for the explanation. This will help trying to use the Renko charts with the normal candles to compensate for TV not having Renko wick charts. Thanks again for the script :)
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