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!



Sürüm Notları: Updated.
Sürüm Notları: Updated
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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
+6 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 ;)
+3 Cevap Gönder
Thanks for sharing! Have you considered creating brick size as a percentag of price (instead of Fixed or ATR)?
+2 Cevap Gönder
LonesomeTheBlue cryptoprovoked
@cryptoprovoked, you are welcome, when I have time I can work on it
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Eagerly looking forward to Renko RSI , Renko Weis Wave, Renko MACD.... great work mate :)
+2 Cevap Gönder
Hello, apologies as could not work out from your code but when using ATR is this a dynamic and updating ATR box size or once the ATR is established it is set to entire chart history like the default tradingview renko? Thank you
+1 Cevap Gönder
@SIMPROVSA, on each brick if close price changes then it gets ATR value and ATR box size is updated accordingly. not like TV renko. here it's completely dynamic.
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SIMPROVSA LonesomeTheBlue
@LonesomeTheBlue, Thank you very much for your reply and beautiful script!
Cevap Gönder
@SIMPROVSA, you're welcome ;)
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Thank you, you're a legend for sharing this!
+1 Cevap Gönder
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