RenkoIndicatorIntroduction:
The Renko Indicator is a powerful tool designed to help traders identify trends and potential trade opportunities in the financial markets. This indicator overlays a Renko chart on the main price chart and generates Buy and Sell signals based on Renko brick movements. Renko charts are unique in that they focus solely on price movements, ignoring the element of time. In this guide, we will walk you through how to use the Renko Indicator effectively in your trading strategy.
Indicator Components:
The Renko Indicator consists of several components, each serving a specific purpose in aiding your trading decisions.
Market Sentiment Calculation:
At the top of the script, the indicator calculates market sentiment by analyzing recent price action. It determines whether the market sentiment is Bullish, Bearish, or Neutral based on the highest and lowest prices within specific time periods. This information provides you with a broader context for potential trading decisions.
Renko Chart Creation:
The indicator creates a Renko chart overlay on the main price chart using the Average True Range (ATR) method. ATR is used to calculate the brick size for the Renko chart, allowing you to adjust the sensitivity of the chart to price movements.
Renko Open and Close Midpoint:
The script plots the midpoint of Renko open and close prices as a line on the main chart. This visualization helps you understand the direction of Renko bricks and identify trends.
Buy and Sell Signal Generation:
The script generates Buy and Sell signals as label shapes on the chart. A Buy signal is generated when the Renko close price crosses above the Renko open price, indicating potential upward momentum. Conversely, a Sell signal is generated when the Renko close price crosses below the Renko open price, suggesting potential downward momentum.
Alert Conditions:
To ensure you never miss a trading opportunity, the script sets up alert conditions for Buy and Sell signals. These alerts notify you when the specified conditions for potential trades are met. Alerts can be customized to your preference, allowing you to receive notifications via your chosen communication channels.
How to Use the Renko Indicator:
Market Sentiment Analysis:
Start by analyzing the calculated market sentiment. This information helps you understand the broader trend in the market. A Bullish sentiment indicates potential upward movement, a Bearish sentiment suggests potential downward movement, and a Neutral sentiment signals uncertainty.
Renko Chart Interpretation:
Observe the Renko chart overlay and its midpoint line. Upward-trending Renko bricks suggest Bullish momentum, while downward-trending bricks indicate Bearish momentum. Use the Renko chart to identify trends and confirm your trading bias.
Buy and Sell Signals:
Pay close attention to the Buy and Sell signals generated by the indicator. A Buy signal occurs when the Renko close price crosses above the Renko open price. Conversely, a Sell signal occurs when the Renko close price crosses below the Renko open price. These signals highlight potential entry points for trades.
Alert Notifications:
Make use of the alert conditions to receive real-time notifications for Buy and Sell signals. Alerts help you stay informed even when you're not actively watching the charts, allowing you to promptly take action on potential trade opportunities.
Risk Management and Considerations:
Confirmation: While the Renko Indicator provides valuable insights, it's crucial to use it in conjunction with other technical and fundamental analysis tools for confirmation.
Backtesting: Before implementing the indicator in live trading, conduct thorough backtesting on historical data to assess its performance and suitability for your trading strategy.
Position Sizing: Determine appropriate position sizes based on your risk tolerance and the signals provided by the indicator. Avoid overleveraging your trades.
Market Conditions: Be mindful of market conditions and news events that could impact price movements. Use the Renko Indicator as a tool to enhance your decision-making process, not as a standalone strategy.
Conclusion:
The Renko Indicator offers a unique perspective on price movements and can be a valuable addition to your trading toolkit. By analyzing market sentiment, interpreting Renko chart patterns, and acting on Buy and Sell signals, you can make informed trading decisions. Remember to practice proper risk management and integrate the Renko Indicator into a comprehensive trading strategy to achieve consistent and successful trading outcomes.
Komut dosyalarını "renko" için ara
Renko Live Price Simulation-AYNETHow It Works:
Inputs:
Box Size (box_size): The size of a Renko brick (in price units).
Candle and Wick Colors: Users can customize colors for up and down candles and toggle wicks on or off.
Logic:
The script tracks the renko_open, renko_close, renko_high, and renko_low variables to simulate the formation of Renko bricks.
A new Renko brick is formed when the price moves up or down by the specified box size.
Candle Plotting:
The plotcandle function is used to draw the simulated Renko bricks on the chart.
Wicks are optional and controlled via the show_wicks input.
Visual Guides:
Two lines represent the thresholds for forming the next up or down Renko brick.
Features:
Real-Time Updates:
Bricks dynamically update as the live price moves.
Customizable Parameters:
Box size, candle colors, and wicks can be tailored to user preferences.
Overlay on Regular Chart:
The Renko simulation overlays the existing candlestick chart, providing context for real-time price action.
Threshold Levels:
Visual guides show how far the current price is from forming the next Renko brick.
Usage Instructions:
Copy and paste the script into the Pine Script editor in TradingView.
Customize the box size and colors to your preference.
Apply the indicator to your chart to visualize the Renko simulation in real time.
Applications:
Trend Analysis:
Renko bricks simplify price trends by filtering out minor fluctuations.
Entry/Exit Points:
Use Renko bricks as potential trade triggers when new bricks form.
Volatility Visualization:
The frequency of brick formation reflects the asset's volatility.
This code provides a live Renko simulation overlay that can be further customized based on user needs. Let me know if you'd like additional features, such as alerts or enhanced visualizations! 😊
ReNKoLiNe - A line on chart mimicking RENKO bricks DESCRIPTION
RENKOLINE Indicator - mimics RENKO charts on ANY timeframe. It is not absolutely fixed, which is actually an advantage,
because it does not close bricks before the actual close of a candle.
An advantage, if one knows how to play with the "bricksize"
Of course it has a short side of delaying entry in case the direction momentum continues.
CDL is difference between current close and the RenkoLine i.e. distance to Candle(close) to Line(renko). This could provide idea for the deviation between candle close and line value.
It is only a value. I did not find a way to draw it properly.
Someone more experienced could help :)
Renko Multi GridMeant as a huge improvement over the old Renko Confidence indicator.
The bars on the grid represent the different parts of the market's attitude. If many of them line up, you can expect a strong trend. If there's a lot of changing or an even spread, you can expect to see a lot of uncertainty.
This is intended for 1 minute renkos, and while not useless on larger renkos, it is not as useful.
RenkoLevel %R High-Low alertThis script is adding Renko idea to %R
I trade forex so the right side is displayed by Currency pips. Feel free to change it.
The chart is not repainted.
Default:
- 120-hour bar chart (one week)
- 20% of HL(highest - lowest) price changes will affect renko color change
Renko Dynamic IndexThe goal of this indicator is to plot the Dynamic Index, Signal, and Histogram values "as if" the chart is a true price action based Renko chart. It can be used on a time series chart or Renko series chart. The Dynamic Index is derived from the raw price action of a time-based chart, where the historic and live price values are clustered into Renko bricks. The Renko brick production algorithm is entirely backed by Renko Overlay Ribbon and thoroughly tested. The Dynamic Index gets its inspiration from the Commodity Channel Index.
The algorithm takes into account rapid brick production within a single time candle and adjusts accordingly. The output may vary slightly between different chart time frames for the same indicator settings, but this is due to the lack of price fluctuation visibility that can occur in higher chart time frames. If the brick tick size is low, an appropriate chart interval should be selected that maximizes the amount of price volatility visible to the indicator. A bad setting would be something like a 1 tick EURUSD Renko setting on an H4 or Day chart, there simply is no way to derive the exact and ordered price fluctuations in a single candle, 1 pip at a time. A more appropriate chart time frame would be 1-5 minutes for this selected Renko brick size.
Please find the following video introduction helpful for this indicator and the Renko Dynamic Index Zones indicator:
If you are interested in the RSI-RENKO DIVINE™ Strategy please have a look here:
Contact me in Trading View or telegram for more information and access instructions.
Renko SR VolumeDaily ATR Renko SR Levels with Volume Analysis is a technical indicator that combines Renko-based support/resistance levels with volume analysis. It dynamically calculates Renko boxes using the ATR (Average True Range) of daily data and identifies key price levels. The indicator:
- Uses daily ATR to determine Renko box size.
- Draws support/resistance levels based on Renko price structure.
- Analyzes volume between levels to assess their strength.
- Colors levels based on relative volume activity:
- Red – strongest level (high volume activity).
- Orange – strong level.
- Yellow – moderate level.
- Green – weakest level (low volume activity).
- Detects daily Renko-based trends.
This tool helps traders visualize key price zones with volume confirmation, improving decision-making in trend and range markets.
Renko NotificationAllows for setting of an alert, when a renko trend changes- i.e. when a green brick is formed and closes after a series of one or more red bricks and vice versa.
To set alert for green brick choose:
Green
Greater than
Red
To set alert for red brick choose:
Red
Greater than
Green
It works on any timeframe and renko settings.
However please note, that the alert set will be bound to the Renko settings that were present when the alert was set.
For instance: If traditional Renko was chosen with a setting of 10, then the alert will always carry that setting. This means that even if settings are changed on the chart afterwards, the alert will not reflect those new settings. In that case a new alert needs to be created, that will then contain the new settings.
This is important to keep in mind when using Renko ATR settings.
Renko Compression Index (RCI)Renko Compression Index
The Renko Compression Index (RCI) is a unique market structure indicator designed to detect price compression zones on Renko-based charts. It measures the frequency of directional changes in Renko bricks over a specific period, identifying moments of trend indecision or consolidation that may precede major breakouts.
Renko Momentum Wave (RMW)Renko Momentum Wave
The Renko Momentum Wave (RMW) is a custom momentum oscillator specifically designed for Renko-based price action analysis. Unlike traditional oscillators that rely on time-based data, the RMW focuses on the directional consistency of Renko bricks, measuring the strength of trend momentum purely based on price movement.
Renko Confidence [Public]This is identical to my old Renko Confidence indicator, but this is a public release for anyone to enjoy since it has been deprecrated and replaced with Renko Multi Grid .
Renko Flip MarkerThis script shows on chart where Renko bricks flip for candlestick chart. I intended it for candlestick chart, but it seems to work Renko chart too from my testing so far. You may change the Renko size for your own scenario you're trading. Hopefully helps, Thank you.
Renko ConfidenceProbably my simplest tool yet. Meant for use with Renko charts.
The height of the bar tells you how confident the indicator is a trend will continue, and the color gives the direction.
If the bar is small, or a different color than its corresponding renko bar, that is a sign of very low confidence. If confidence is high, you can use that to enter a trade earlier than the usual renko strategy would have you enter, as well as exit earlier.
Renko EMA SystemMeant for Renko charts
Applies either an EMA and HMA to your renko charts
When prices crosses the slower, it enters you into position.
When price crosses the faster, it exits your position.
Meant to catch impulsive moves.
Renko AlertsAV alerts indicator to accompany our private Renko trading strategy. Uses custom Renko code (no security() calls) to eliminate repainting and signal erasure.
Renko Coded Candles [PUBLIC]Very simple free indicator. Colors the candlesticks based off of the Renko color for the given timeframe. Useful for those who like to use renko strategies in addition to candlestick-based strategies, so they dont have to switch charts as often.
Renko LineBreak HeikinAshi background & MTFWe can have all the 3 types of candle plots (bar styles) over normal candles in the same chart.
We will have better picture on whats happening in specific chart candle type / bar style.
Option provided to turn off/on specific bar type.
Multi time frame is enabled.
Specific time frame can be chosen for individual bar style.
Renko XZThis is a renko based indicator
I just made it no repaint type. also the signals are based on max and min trend of the high ad low
alerts are included
you can control it by ATR size or better by multiplayer similar to super trend by logic
HTF control brick size but they are not important design by non security MTF
Renko Parabolic SAR + ADX Indicator (Need help on the alert)//This script is made using scripts by other authors. All credit goes to them. I am only copying snippets and making it work for me//
Problem Statement:
The script seems to work best using a fixed renko brick. The indicators do work but I have problems with the alert.
What often happens is, the signal appears (condition is met) BRIEFLY as the bar forms, it disappears a few seconds later, but the alert is still sent on the close of the bar.
I wish to receive these alerts on the close of a bar only if the condition is still met on the close of the bar
I am hoping someone can guide or fix the alertcondition such that it checks for the firmed signal before triggering the alert.
POLONIEX:BTCUSDT
[RENKO] [MAGIC] SLOW & FAST /w ALEART !!!!!!!!!! TEST previously created by vacalo69 !!!!!!!
NO LAG and NO REPAINT
On Renko chart with alert which works on Autoview
In backtest result $ value is equivalent to BTC
i have set the value as it shows in BTC with commission of 0.075%
This chart is BITMEX:LTCU18
Renko with custom sourceThe script allows you to set custom date source for Renko chart through Format dialog.
