Buy & Sell Renko Based - Alerts

The Buy & Sell Renko Based - Alerts indicator provides clear entry signals by overlaying Renko-style price movements onto standard candlestick charts to filter market noise.

Usage

The Buy & Sell Renko Based - Alerts tool is designed to identify trend reversals and momentum shifts without the distractions of traditional time-based candles. It generates visual cues directly on the chart:

• Buy Signals: Occur when the underlying Renko calculation indicates a bullish crossover (Renko Open crossing under Renko Close), marked by a green label below the bar.
• Sell Signals: Occur when the underlying Renko calculation indicates a bearish crossover (Renko Open crossing over Renko Close), marked by a red label above the bar.

Users can apply this to any timeframe; however, because it utilizes ATR-based Renko bricks, it is particularly effective in trending markets where price action tends to be more directional.

Details

Renko bricks are traditionally built based on price variation rather than time intervals. This script uses the ticker.renko function to request data based on the Average True Range (ATR). By fetching this data via request.security, the indicator can plot "Renko Open" levels on a standard chart.

The logic triggers signals based on the relationship between these synthetic Renko prices:

• A green line represents a bullish Renko state.
• A red line represents a bearish Renko state. The crossover/crossunder of these synthetic open and close values determines the "Buy" and "Sell" alerts.

Settings

• ATR Length: Defines the lookback period used to calculate the Average True Range. This value determines the size of the Renko bricks; a higher value results in larger bricks (filtering more noise), while a lower value creates smaller bricks (more sensitive to price changes).

FAQ

How do I use the alerts for this indicator?

You can set up alerts using the standard TradingView alert menu. The script includes pre-configured alert conditions for "Buy!", "Sell!", and "Changed Direction!".

Can I use this on a regular candlestick chart?

Yes, this indicator is specifically designed to calculate Renko price levels and display them as an overlay on standard candlestick or bar charts across any timeframe.

How do I access Buy & Sell Renko Based - Alerts?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.