OPEN-SOURCE SCRIPT
ZTLs Percentage-based Renko Emulator
Here is another version of my Flex Renko script. It is uses percentage-based brick sizes to draw the Renkos instead of ATR or static brick sizes. What makes the percentage-based drawing style great is that one doesn't need to adjust stops so many times like they would with a ATR based Renko. It also makes moving between tickers smooth as well as one doesn't have to adjust the brick-size for each name.
to use: By default the setting is ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points and so-forth. This style is perfect for those traders who make trades on a percentage basis over a price-level basis. It's also good for percentage-based stops.
The yellow lines represent where the price needs to go to draw another Renko brick.
to use: By default the setting is ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points and so-forth. This style is perfect for those traders who make trades on a percentage basis over a price-level basis. It's also good for percentage-based stops.
The yellow lines represent where the price needs to go to draw another Renko brick.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
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