Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko chart created on time chart.
Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making levels much easier to identify.
in the script Renko with threshold area is included. and also there is protection from whipsaws, so you can catch big waves with very good entry points. is calculated by of Renko closing price.
As source Closing price or High/Low can be used. Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.
Renko bar can be seen as area or candle and also optionally bar color changes when Renko trend changed.
Soon other Renko scripts (Renko , Renko Weis Wave, Renko etc) are coming ;)
I can't understand how the boxsize in atr mode is calculated. Is it a fixed percentage of the atr?
There is a tool in various platforms that calculate the "Wyckoff count guide" can you please add that tool to your renko, since tradingview lacks that tool?
Projection price = number of changes in trend in a congestion zone x boxsize x reversal +/- the price on that congestion.
you are talking about "Hozirontal Count" method for target calculation. this exists in my Point and Figure chart script, you can see it in my scripts.