Numbers RenkoRenko with Volume and Time in the box was developed by David Weis (Authority on Wyckoff method) and his student.
I like this style (I don't know what it is officially called) because it brings out the potential of Wyckoff method and Renko, and looks beautiful.
I can't find this style Indicator anywhere, so I made something like it, then I named "Numbers Renko" (数字 練行足 in Japanese).
Caution : This indicator only works exactly in Renko Chart.
////////// Numbers Renko General Settings //////////
Volume Divisor : To make good looking Volume Number.
ex) You set 100. When Volume is 0.056, 0.05 x 100 = 5.6. 6 is plotted in the box (Decimal are round off).
Show Only Large Renko Volume : show only Renko Volume which is larger than Average Renko Volume (it is calculated by user selected moving average, option below).
Show Renko Time : "Only Large Renko Time" show only Renko Time which is larger than Average Renko Time (it is calculated by user selected moving average, option below).
EMA period for calculation : This is used to calculate Average Renko Time and Average Renko Volume (These are used to decide Numbers colors and Candles colors). Default is EMA, You can choice SMA.
////////// Numbers Renko Coloring //////////
The Numbers in the box are color coded by compared the current Renko Volume with the Average Renko Volume.
If the current Renko Volume is 2 times larger than the ARV, Color2 will be used. If the current Renko Volume is 1.5 times larger than the ARV, Color1.5 will be used. Color1 If the current Renko Volume is larger than the ARV . Color0.5 is larger than half Athe RV and Color0 is less than or equal to half the ARV. Color1, Color1.5 and Color2 are Large Value, so only these colored Numbers are showed when use "Show Only ~ " option.
Default is Renko Volume based Color coding, You can choice Renko Time based Color coding. Therefore you can use two type coloring at the same time. ex) The Numbers Colors are Renko Volume based. Candle body, border and wick Colors are Renko Time based.
////////// Weis Wave Volume //////////
Show Effort vs Result : Weis Wave Volume divided by Wave Length.
ex) If 100 Up WWV is accumulated between 30 Up Renko Box, 100 / 30 = 3.33... will be 3.3 (Second decimal will be rounded off).
No Result Ratio : If current "Effort vs Result" is "No Result Ratio" times larger than Average Effort vs Result, Square Mark will be show. AEvsR is calculated by 5SMA.
ex) You set 1.5. If Current EvsR is 20 and AEvsR is 10, 20 > 10 x 1.5 then Square Mark will be show.
If the left and right arrows are in the same direction, the right arrow is omitted.
Show Comparison Marks : Show left side arrow by compare current value to previous previous value and show right side small arrow by compare current value to previous value.
ex) Current Up WWV is 17 and Previous Up WWV (previous previous value) is 12, left side arrow is Up. Previous Dn WWV is 20, right side small arrow is Dn.
Large Volume Ratio : If current WWV is "Large Volume Ratio" times larger than Average WWV, Large WWV color is used.
Sample layout
Cerca negli script per "renko"
Renko Box Chart Overlay by BDThis is Renko chart overlay for Candles chart. You can use it to identify market direction and potential key points.
To use it simply select box size and any timeframe you want.
With this overlay you can be sure that you'll see every brick on a chart showing general market direction with all the details of a candles chart.
Alternatives Renko overlay charts:
If you don't have access to 1s timeframe or you don't want to use low TF here is the situation with built in Renko chart on 5m TF:
This Renko boxes are linked to chart by time(candle) and price. It will draw a box even if price didn't close above(or below) of box level:
But be careful when setting box size too small because it will produce bad results:
The issue is known and I'll work on fixing it in next update, for now use box size at least the size of a body of a candle, after all renko is for general market movement and not for marking up every tick.
Let me know if you want to see any additions.
[NLX-L2] Renko Flip- Renko Flip -
This indicator give you signals based on non-repainting Renko blocks (ATR based) on regular candle charts and is Multi-Timeframe compatible.
- Example: How to Use -
1. Add a Trend Indicator like Trend Index MTF to your chart
2. Add this Renko Flip Indicator to your Chart and select the Trend Index MTF with Type L1 in the Settings as Signal Source
3. Add the Backtest Module to your Chart and select the Renko Flip Signal with Type L2 as Source
The Hurst-Exponent-Signal-Filter can be used as well, simply add it in between the Renko Flip and Backtest/Alert module :)
- Alerts for Automated Trading -
See my signature below. Contact me for the Alert module.
ZTLs Percentage-based Renko EmulatorHere is a version of my Renko script but with percentage-based Renko brick sizes instead of ATR or static brick sizes. This way, you can add dependable alerts that won't need to be adjusted due to fluctuating ATR values but also allows you move through different charts without having to adjust your Renko Brick-sizes for each ticker.
To use: The Renko size setting defaults to ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points. This Renko Script is perfect for those that trade in a strictly percentage based style (instead of price levels).
The yellow lines are where the next brick will be drawn.
Enjoy!!
Zack_the_Lego
Renko GuppyI like renko blocks and I like guppy mma's so I decided to put together a study for using them with each other while I'm using other bar types.
Additionally, I added two line plots for two different renko sizes of your choice. This has a nice benefit of being able to see how price appears to be ranging between the "block sizes".
Being able to see the lines contract, especially within these "ranging" zones, gives you a great indication of an impending breakout.
The example you see above shows the guppy block size set to 15, the white line is 50 and the blue is 100. It should hopefully illustrate the idea.
The current close price (red line) can also be optionally plotted as a separate moving average, or simply the close price. I defaulted it to a 3 period EMA to smooth it out a bit so it flows a bit better with the guppy ma's. It's helpful to see how price is actually moving around within these Renko blocks.
Pick either Traditional or ATR block sizes.
There are the fast (5) / slow (5) moving averages.
Pick your poison: EMA (default), SMA, WMA, SMMA, DEMA, TEMA, HullMA, ZEMA, TMA, SSMA
There's some options to disable/enable things as you see fit.
The defaults are set to my own needs so you'll probably want to change block sizes for you preferences/symbols/timeframes.
Note: This is presumably only usable for those of you with access to Renko charts on here.
Renko Stop and GoSimilar to crossover systems, this indicator uses the renko calculation of the brick open position instead of the slow average in a crossover system, it also generates a signal marker on the crossover of the price and renko lines, both can be smoothed in the optional parameters.
update version to V5 for this script:
Renko MTF - Traditional and ATRSomehow 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.
Renko Bar Time by JustUncleLThis indicator in designed to be used with Renko and other price only bars (ie Kagi, LineBreak, Point&Figure) and shows the number of minutes a bar was open before it was confirmed and printed.
NOTE: It will only work on currencies and symbols that are in the 24/5 market, it does account for weekend market close time but does not account for any Forex market holiday close times.
HINTS:
When the BAR TIME is long and the Renko Bricks have wicks, this is an indication of consolidation.
When the BAR TIME is short and the Renko Bricks have no wicks, this is an indication of acceleration.
[RS]Renko ZigZag V0Renko based zigzag:
mode: can be Traditional or ATR .
modeValue: can be whole number if you use ATR mode, or floating point number in case of Traditional mode.
showOverlay: displays basis Renko overlay.
RENKO MTFMultiframe RENKO panes with timeframe-weighted signal line and warning dots. All timeframes in settings MUST be <= your timeframe or it will repains on bigger timeframes.
ZTLs Flex Renko EmulatorUpdate to my Flex Renko Emulator. I have added yellow projection lines where the price needs to be for next brick to be drawn.
[blackcat] L5 Renko MasterLevel: 5
Background
Like many people in the Tradingview community, I have been studying how to apply Renko charts to backtesting and live trading for long. However, as we all know, the official Tradingview Renko chart is not recommended for backtesting because it will lead to unrealistic backtesting results. So, I thought about developing a set of customized Renko charts that can be used for backtesting and second-level trading. This "L5 Renko Master" is one of them that I am introducing today.
In fact, this is not a Renko chart based on Tick's principle. It is based on OHLC data, because this kind of chart can be used for reliable backtesting and trading in Tradingview. Therefore, the Renko Master in this script can actually coexist with the standard Japanese candlestick chart, but the trend reversal information it prompts is based on a principle similar to Renko. When the two can coexist and produce trading signals at the same time, this is really a very interesting invention.
Function
First of all, this Renko chart can coexist in the main chart with the Japanese candlestick chart. It can support up to 1 second level of display and trading. By configuring two parameters, you can adapt it to different Time Frames.
Secondly, this Renko chart can be used for backtesting strategies, because it is essentially OHLC data. Although the absolute value of the price cannot correspond to the original OHLC one-to-one, the certainty of the trend reversal is relatively high. It can be compared with Japanese candlesticks on the timeline.
Finally, this Renko chart is embedded with a Renko intrinsic trading strategy, which can be used to locate entry points through red and green labels. This strategy supports Tradingview alerts. You can get "LONG" or "SHORT" trading reminders by creating alerts. In order to obtain a clear market structure, Zen Stroke (Autolength ZigZag) and Zen Kiss (Special Moving Averages) can be checked to be superimposed and displayed on the main chart to facilitate understanding of the temporal and spatial position of prices in the market.
Indicator Set
Renko Master Boxes (砖块图)
Zen Stroke (Auto ZigZag , 自动画缠论笔)
Zen Kiss Moving Averages (缠论均线)
Inputs
Price --> Price source used to produce Renko, close is default.
RefBarBack --> Lookback period length to calculate Renko. The larger value, the less sensitive to price ripples and sideways.
BoxPerc --> Internal box percentage input. The larger value, the less sensitive to price ripples and sideways.
Show Zen Stroke (AutoLen ZigZag)? --> Switch to turn on and off ZigZag.
Shown Renko MA? --> Switch to turn on and off special moving averages.
Key Signal
Bricks
Green bricks for up trend
Red bricks for down trend
Labels
Green labels for buy/long.
Red labels for sell/short.
Zen Stroke (ZigZag)
Green line section for up stroke
Red line section for down stroke
Moving Averages
Yellow for fast line
Fuchsia for slow line
Pros and Cons
Suitable for discretionary trading and bots via alerts. However, only well selected trading pair and time frame can guarantee bot works.
Intuitive and effective, the output signal is more reliable after multi-indicator resonance
Remarks
My third L5 indicator published
Closed-source
Invite-only
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Although I take the efforts to inform the script requesters that the best way to promote trading skills is to learn from the open source scripts I released by themself and to improve their PNIE script programming skills, there are still many people asking how to obtain or pay to use BLACKCAT L4/L5 private scripts. In fact, I do not encourage people to use Tradingview Coins ( TVC ) / Cryptocurrency to redeem the right to use BLACKCAT L4/L5 scripts. However, redeeming private script usage rights through TV Coins/ Cryptocurrency may be an effective way to force more people to learn PINE script programming seriously. And then I can concentrate on answering more valuable community questions instead of being overwhelmed by L4/L5 scripting permission reqeusts.
I would like to announce a ‘Redeem Fee Lock Guarantee’ program to further simplify the L4/L5 indicator/strategy utility offering and distinguish itself from the competition. ‘Redeem Fee lock guarantee’ is one of the major initiatives by BLACKCAT as a part of overall value packaging designed to guard BLACKCAT’s followers’ against cost-overruns and operational risks usually borne by them when it comes to PINE script innovation ecosystem. The TVCs redeemed for L4/L5 a follower signs up for with BLACKCAT is their guaranteed lifetime locked in TVC Quantity/ cryptocurrency, with no special conditions, exclusions and fine print whatsoever. Based on this scheme, I can constantly refine, expand, upgrade and improve PINE script publishing to ensure the very best experiences for my followers. The 'Redeem Fee Lock Guarantee' is a step in the direction of rewarding the valuable followers. NOTE: Every L4/L5 script redeeming service is ONLY limited to TVC or Cryptocurrency ("Win$ & Donate w/ This" Addresses displayed on script page) redeeming which the 1st signed up TVC Qty/ equivalent cryptocurrency is the lifetime offered TVC Qty/ equivalent crypto.
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The script subscription period only has two options of one month or one year, and its price is floating. The latest price of the script subscription is proportional to the number of likes/agrees this script has already received. Therefore, the price of subscribing to this script shows an increasing trend, and the earliest subscribers can enjoy the price of lifetime lock to this script. As the number of likes / agrees of this script increases, the subscription fee for one month and one year will also increase linearly. Whatever, the first subscription price of the use will be locked for life.
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