Renko Based Support and Resistance

Renko-Based Support & Resistance (Supply & Demand)

This tool overlays Renko-style price action directly onto a standard candlestick chart to reveal clean, objective zones of support, resistance, and supply/demand imbalances.

🔹 Core Features:

Renko Calculation: Uses either ATR-based or fixed brick sizing to filter out noise and highlight true structural levels.

Dynamic Step-Line: Plots a Renko-style step line that adapts to price movement, making trend direction clear.

Support & Resistance Zones: Automatically identifies areas where multiple Renko bricks cluster, highlighting potential supply and demand zones.

Custom Brick Sizing: Choose between ATR × multiplier (for adaptive scaling) or a fixed unit size (ideal for futures/FX).

Session Reset Option: Start fresh each new day/session for intraday traders.

Signals & Alerts: Visual arrows when new Renko bricks form, plus optional alerts for bullish or bearish brick signals.

🔹 Why Use It:
Traditional candlestick charts can be noisy. By combining Renko’s clarity with live candle data, this indicator gives traders a reliable map of where buyers and sellers are likely to step in. It’s especially useful for spotting trend continuation, reversals, and critical supply/demand zones.

✅ Works across all timeframes and instruments (stocks, crypto, FX, futures).