***Color of Renko Open and Close Lines Change Based on Direction.
Default Renko plot is based on Average True Range. Look Back period adjustable in Inputs Tab.
If you Choose to use "Traditional" Renko bars and pick the Size of the Renko Bars the please read below.
Value in Input Tab is multiplied by .001 (To work on Forex) 1 = 10 pips on EURUSD - 1 X .001 = .001 or 10 Pips 10 = .01 or 100 Pips 1000 = 1 point to the left of decimal. 1 Point in Stocks etc. 10000 = 10 Points on Stocks etc. ***V2 will fix this issue.
Hi Chris, I saw your terrific instructional video on Tradingview's Wiki page. I was wondering, whether it is possible to add an alert for Renko charts in Tradingview whenever the color changes in a specified time frame?
ChrisMoody
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Hey Guys...
I found a cool use for the Renko Overlays...Since Traditional Renkos are not time based...but the Renko Overlays are...the Renko Overlays give a great visual of consolidation periods...which are typically followed by Breakouts.
Apply the Renko Overlays to a chart...either use the ATR or Points method...and turn off the candlesticks. Note on the chart below whenever you see a long consolidation period. Taking the trade in the direction of the next Renko Plot gets you in to a Big Move.
Just thought I would share...NOTE...every time you change a chart symbol or timeframe you have to turn the candles back on then off again.
IvanLabrie
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Seems too good :p I'll compare it to my regular breakout strategies...might be a nice visual aid for quick spotting.
Wealthysis
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How do you turn candles on and off?
cooney_s
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Another nice addition to the library of tools!
Here, we have hand drawn trend lines using the Renko Bars trend change, then switching back to conventional price chart. Offers nice support/resistance boundaries.
Yes, its a very effective method that works. Renko is highly underrated/underutilized. Makes breakouts easier to decipher from false breaks and range bound action.
DateRaid
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If you have this on daily and are patient (think about a 5 year period) while there's a few big bull runs (think Bitcoin) the gains you could have made from this are just staggering. I converted it to Pine v5 and from there, made that into a strategy... starting with $100 five years ago, doing a simple strategy buying on a confirmed green, selling on a confirmed red (without even shorting at all) it would have done x110. Yes $100 became $11,000 on the backtest. I know it's accurate as well because it made something like 7% on a lower timeframe and most of the lower timeframes (apart from 4h) didn't really gain much, along with it being the same strategy code I have used for other indicators where I have compared it manually and know it's accurate. The only snag is, this all relies on having a massive bull run (or two!)
Also, Chris Moody put a comment here mentioning long runs of consolidation - that could also be set in the script to trigger after a run of X amount, although I think that might miss more big moves than it might capture, if it was programmed in as opposed to you judging when (or when not) to do it as a human.
ChrisMoody
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@DateRaid, Since you took the time to re-code it and test it...I might have some more information for you I could pass along. Regarding the code you updated to V5 and created a strategy...are you referring to the Renko Overlay bars...Heiki-Bars? Or something else? Several different indicators are mentioned in this thread...