A momentum indicator
that shows bulls vs bears strength of renko brick production. The algorithm takes into account rapid brick production within a single time candle and adjust accordingly. The output may vary slightly between different chart time frames for the same indicator settings, but this is due to the lack of price fluctuation visibility that can occur in higher chart time frames. If the brick tick size is low, an appropriate chart interval should be selected that maximizes the amount of price volatility
visible to the indicator.
- Plots the normalized rate of new Renko Up Brick production vs new Renko Down Brick production.
- Custom crossover threshold to help prevent whipsaws and keep you in the trend.
- Shows pending areas when a crossover is imminent.
- Custom time-based buffer combined with a crossover to keep you in the trend.
- Shows crossover background color changes when the direction of the Renko Trend changes.
- Works well with Renko Price Bars Overlay script.