Somehow there aren't too many renko bars that have the traditional setting built-in so I put one up. This one has the option to choose between Traditional and ATR, the size number corresponds to the option that was chosen. And just in case if anyone wanted, I put up a multi-time frame option to choose the time frame the bars take place. D is for day, W is for week, flat numbers are in minutes, and leaving it blank looks at the current time frame the chart is in. The calculation comes from how Tradingview handles renko bars.
Renko bars don't paint a color unless the market moves a certain amount based on its settings. When the market moves up it turns green, if it moves down it turns red, simple color changes alone can say a lot. They're a good way to try to find trends somewhat objectively and seem to be a good way to eliminate time and can replace other time-based indicators that can whipsaw or lag. The bars have a tendency to repeat themselves so it's a good way to find trends. There aren't too many settings for the box size, most people either just choose 5, 10, 14, etc where as other indicators have many options that differ on different markets. The numbers can be chosen easily enough to pick a sweet spot with just a single input where other indicators such as MACD have multiple inputs to pick the right number that can make it difficult to choose from(although it won't be as precise as a MACD would sometimes but can be worth the objectiveness and consistency and same setting repeatability in different markets in my opinion). Some example strategies could be to use them as an alternative trailing stop, finding trends, a simple color change for entry and exit on top of other strategies, etc. It can do the job of many in an all in one price action type indicator(although not better all the time, it can come close enough). Despite all this, it does seem to depend on which time-frame it's being looked at, how TV does the calculation for it, and how one can use this with the lack of practical information on it out there.
הערות שחרור
⋅
changed the size input from integer to float to be able to put in smaller numbers when needed
My gosh - Idk what to say.. This script is amazing. This def works best on the daily timeframe on the candles with the proper renko traditional settings for your stock. It works on renko intraday chart settings but on the grander scale, it speaks volumes on the candles. It's always the low profile scripts that don't get enough credit but this...wow. Very nice work and thank you. Respectfully, Tpix.
devarajaraju
⋅
even in traditional settings , the indicator repaints, waste of time
devarajaraju
⋅
Good indicator , why don’t you add an alert for green and red boxes
MahmutYilmaz
⋅
thanks, looks like a very successful indicator.
sinklon
⋅
What is the reason for the candle chart of the previous day
johnwatson6786
⋅
Hi, what's the different between renko value 14 and renko ATR?
MahmutYilmaz
⋅
use traditional. ATR repaints. traditionally there is no repaint.
@Binuraj, if the setting has a higher time frame and your chart is at a lower time frame, then I'd say you might see repaint cause the day bar has not finished yet and the renko bars on that lower time frame constantly adjust themselves from the span of that day bar to match it until it is finished. Maybe just try accepting it and take it as a trade signal, unless you'd rather pay for the TV feature of lower time renkos..only problem is it can mess with the backtest results otherwise I'd say just go with it
devarajaraju
⋅
@MahmutYilmaz, have you gone through it properly, it does repaints