LonesomeTheBlue

Renko Chart

Hello All. This is live and non-repainting Renko Charting tool. The tool has it’s own engine and not using integrated function of Trading View.

Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko chart created on time chart.

Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.

in the script Renko Trend Line with threshold area is included. and also there is protection from whipsaws, so you can catch big waves with very good entry points. Trend line is calculated by EMA of Renko closing price.

As source Closing price or High/Low can be used. Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.

Renko bar can be seen as area or candle and also optionally bar color changes when Renko trend changed.



Soon other Renko scripts (Renko RSI , Renko Weis Wave, Renko MACD etc) are coming ;)

ENJOY!



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Yorumlar

You are one busy man. I've just started learning my first programming language, Python. Your code here blows me away. How long did it take to make all that code if you dont mind me asking?
Another great indicator btw.
Thanks
+2 Cevap Gönder
@Godhasgiven, I convert my Point and Figure charting script to Renko chart. for point and figure chart I spent a few months but I spent more time on searching/reading books and understanding PnF completely. spent sometime on pine bug :) and then develope algorithm. believe me coding is easy part. btw I am computer science engineer and analyst. I do all of these scripts in my spare times ;)
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Eagerly looking forward to Renko RSI , Renko Weis Wave, Renko MACD.... great work mate :)
+2 Cevap Gönder
I like renko chart a lot, and looking forward to seeing more renko indicators from you :) Cheer!
+1 Cevap Gönder
@totoroha, in a few days I will publish renko indicators ;)
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So the renko chart is nothing more than a point and figure chart with a reversal=2, am I right?
I can't understand how the boxsize in atr mode is calculated. Is it a fixed percentage of the atr?
There is a tool in various platforms that calculate the "Wyckoff count guide" can you please add that tool to your renko, since tradingview lacks that tool?
Projection price = number of changes in trend in a congestion zone x boxsize x reversal +/- the price on that congestion.
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@sal157011, yes you are rigth. as you can see in the exaplanation in atr mode box size is calculated when renko closing price changed. and also I added a rouding algorithm (check the explanation).
you are talking about "Hozirontal Count" method for target calculation. this exists in my Point and Figure chart script, you can see it in my scripts.
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