Renko Chart Alerts with Pivots

The Renko Chart Alerts with Pivots tool provides a comprehensive alert system for Renko charts, identifying key price action events such as brick reversals and pivot breakouts. By combining trend-following Renko logic with dynamic pivot points, it helps traders stay notified of market structure shifts in real-time.

Usage

This script is designed to be used specifically on Renko charts. It identifies reversals to plot pivot highs and lows, which act as dynamic support and resistance levels. When a brick exceeds these levels, a breakout signal is generated.

Users can leverage the built-in alert conditions for various scenarios:

• Brick Transitions: Alerts for new bricks, specific direction (up/down), or general direction changes.
• Pivot Market Structure: Detection of Higher Highs (HH), Higher Lows (HL), Lower Highs (LH), and Lower Lows (LL) to identify trend strength.
• Breakouts: Notifications when price closes beyond the established pivot high or low levels.

To set up notifications, add the indicator to a Renko chart, open the Alert dialog, and select "Renko Chart Alerts with Pivots" as the condition.

Details

The indicator calculates pivot points based on brick reversals. A pivot high is formed when a green brick is followed by a red brick, and a pivot low is formed when a red brick is followed by a green brick. The tool adds a configurable padding to these levels to account for market noise.

Additionally, the script includes logic to handle "price rejection" when Renko bricks feature wicks. If enabled, the pivots can dynamically adjust to these wicks, providing a more granular view of price extremes that standard Renko bricks might otherwise smooth out.

Settings

• Pivot high/low padding (number of bricks): Determines the distance (measured in brick units) between the price reversal and the plotted pivot level.
• Also move pivots when bricks have wicks: When enabled, the indicator will adjust pivot levels based on brick wicks rather than just the brick bodies.

FAQ

How do I use the Renko Chart Alerts with Pivots?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free. Once added to a Renko chart, you can configure the alerts via the standard alert menu.

Why are the pivot levels changing?

Pivots are dynamic and adjust based on the current market structure. A pivot high will update if a new reversal occurs at a lower level, or it will be cleared if price breaks above it.

Can I hide the pivot lines?

Yes, the pivot high/low lines and breakout shapes can be toggled on or off within the "Style" tab of the indicator settings.