[INDICATOR]Renko with alerts
May 17, 2019
The [INDICATOR]Renko with alerts indicator provides a visual representation of Renko price action on a standard chart, allowing traders to identify trend reversals and continuations without switching chart types.
Usage
The indicator can be used to identify trend shifts based on Renko logic. When the Renko-simulated close crosses above the open, a "Buy" signal is generated, indicating a potential bullish trend. Conversely, when the Renko-simulated close crosses below the open, a "Sell" signal is generated, indicating a potential bearish trend. These signals are marked with labels on the chart and can be used to trigger automated alerts.
Details
This script emulates Renko price movement using the Average True Range (ATR) method to determine brick size. Unlike traditional Renko charts that remove the element of time, this tool requests Renko data via request.security and plots it as a separate series on your standard time-based chart. This allows for a unique perspective that combines time-based analysis with price-movement-based filtering.
Settings
- ATR Look Back Length: Determines the look-back period used to calculate the ATR, which in turn defines the Renko brick size.
- Multiplier of current Resolution for ATR: Sets the timeframe multiplier used for the ATR calculation relative to the current chart timeframe.
FAQ
How do I use the alerts?
You can set up alerts by clicking on the "Alerts" icon in TradingView and selecting "[INDICATOR]Renko with alerts" as the condition. The script supports both Buy and Sell alert conditions.
Can I change the brick size calculation?
The brick size is automatically determined using the ATR method based on the settings provided in the "Settings" menu. Adjusting the ATR length or resolution multiplier will change how sensitive the Renko bricks are to price movements.
How can I access this tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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