This "Study" project has been created by request and is used in conjunction with the "Strategy" version.
*** EXPERIMENTAL *** *** USE AT YOUR OWN RISK ***
Description: Indicator based around Renko Bar Chart emulator (ATR) with direction change used to signal buy/sell trades. I have generally found that setting the strategy ATR resolution to 3-5x that of the chart you are viewing tends to yield the good results, regardless of which chart time used. Positions get taken automatically following THE Renko Bar after a crossover.
ملاحظات الأخبار
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As requested I have updated to include "Traditional" Renko Method Bricks.
Updated to Pinescript V4.
Added options to select Renko Method.
Added alertconditions for "BUY" and "SELL" triggers.
Hello there, this is a good tool to understand the market.
The sad thing is that it repaints. If you put "security" in the code there are simply no chances!
Looking at the chart in the past it looks to good to be true, as in fact the indicator is adjusting at 10/15 min intervals....
Any chance to have a new series of indicators with no "security"?
Dav
JustUncleL
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@Davide.antonio.formenton, The security call is probably not the issue as it is used to generate the Renko Bar with "open", but "ATR" Renko is as the ATR value keeps changing, really should use "Traditional" Renko bricks with low time frames, also upgrade to "@version=3" may help. This script was originally built to purpose and re-painting was not a concern, however, eliminating repainting is problematic.
RodrigoHss
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Can you help me with something? I love this indicator but I would like to get an alert when the ranko strip gets higher or lower or when it changes from pink to green and vice-versa and not only when the buy/sell flag comes up, but I don't know how to write codes in pine... would you make those alerts to me and I would be glad to pay you for that?
Good work. Question tho? The timing or bar alignment compared with the TV Renko charts seems to be out by one. Any idea of how to fix this with your code?
@JustUncleL, Yes I see what the difference, the Renko Emulator script uses "open" for the source of calculations at line 40, but the default for TV renko charts is "close", so to make it the same you select "open" for source in the TV RENKO candles, then you find the plots are virtually the same. I chose "open" for my calculations to try and prevent re-painting.
The sad thing is that it repaints. If you put "security" in the code there are simply no chances!
Looking at the chart in the past it looks to good to be true, as in fact the indicator is adjusting at 10/15 min intervals....
Any chance to have a new series of indicators with no "security"?
Dav