Renko ALerts
Oct 5, 2018
The Renko ALerts indicator provides automated signals based on price action reversals specifically designed for Renko chart environments. By tracking the relationship between current and historical block levels, it identifies potential trend shifts to assist traders in timing entries and exits.
Usage
The indicator is primarily used on Renko charts to filter out market noise and focus on pure price movement. It plots visual markers on the chart to signal directional changes:
- Entry Signal (⇧): Occurs when the current block close is higher than the open of the block two periods ago, provided the prior movement was bearish. This suggests a potential bullish reversal.
- Exit Signal (⇩): Occurs when the current block close is lower than the open of the block two periods ago, provided the prior movement was bullish. This suggests a potential bearish reversal.
These signals are designed to be used with TradingView's alert system, allowing for "LONG" or "SHORT" notifications the moment a trend reversal is confirmed on the close of a Renko brick.
Details
The logic behind Renko ALerts relies on comparing the current brick's closing price against historical open/close relationships. Specifically, it looks for a "breakout" above or below the range of previous bricks to confirm that a reversal is not just a minor fluctuation but a definitive shift in the price structure. Because Renko charts are time-independent, these signals only trigger when a specific price movement (the "brick size") has been achieved, making them highly effective for trend-following strategies.
Settings
As a streamlined alert tool, this script relies on the underlying Renko chart settings (Brick Size and Assignment Method) configured in the TradingView chart settings rather than internal script inputs.
- Alert on ENTRY: Configuration for the bullish reversal notification.
- Alert on Exit: Configuration for the bearish reversal notification.
FAQ
How do I use these signals for automated trading?
You can use the built-in alert conditions ("Alert on ENTRY" and "Alert on Exit") to connect the indicator to third-party execution bridges or bots via webhooks.
Why do the signals appear at different time intervals?
Renko charts are based on price movement, not time. Signals will only appear when price moves enough to create new bricks that satisfy the reversal logic.
How can I access Renko ALerts?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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