Renko Parabolic SAR + ADX Indicator (Need help on the alert)//This script is made using scripts by other authors. All credit goes to them. I am only copying snippets and making it work for me//
Problem Statement:
The script seems to work best using a fixed renko brick. The indicators do work but I have problems with the alert.
What often happens is, the signal appears (condition is met) BRIEFLY as the bar forms, it disappears a few seconds later, but the alert is still sent on the close of the bar.
I wish to receive these alerts on the close of a bar only if the condition is still met on the close of the bar
I am hoping someone can guide or fix the alertcondition such that it checks for the firmed signal before triggering the alert.
POLONIEX:BTCUSDT
Cerca negli script per "renko"
[RENKO] [MAGIC] SLOW & FAST /w ALEART !!!!!!!!!! TEST previously created by vacalo69 !!!!!!!
NO LAG and NO REPAINT
On Renko chart with alert which works on Autoview
In backtest result $ value is equivalent to BTC
i have set the value as it shows in BTC with commission of 0.075%
This chart is BITMEX:LTCU18
Renko with custom sourceThe script allows you to set custom date source for Renko chart through Format dialog.
MM CHEATCODE V2The Best Renko system out there. The second coming to the original Cheatcode Algo we made
with options to use Tradition point calculations or ATR values for price measurement
- Select up to 3 tp levels
- ATR Risk calculator
- Strategy presets for easy setting selection for certain assets
- A trailing Ma for stint entries filters
- Volatility bands (BB, Kentler,Donchain)
- ATR super trend for added trend & trade filter
- MTF filter (up to 3)
- Added Session display as well as strict filter to only trade during that session(s) selected
- Full signal Alerts (meaning the full signal will send Entry, TP, Sl )
- added MM Capo volatility filter
Also Have Automation Version Available
How to use
You can use a setting preset in for the asset selected and the settings will automatically adjust but won't apply to your setting screen. (Tradingview limitations)
For the most part the buy signal will plot when the ATR moves in up/down direction
Filter your trades with the various trend detections indicators added when they all line up you have the best probability for the trade.
Renko is the best way to trade basic market structure and now with all the confirmation you need.
ALL Links below or PM us for access to this indicator Happy Trading
KTS 0.1a [BETA]VERY early release of KTS for those who have contributed to the early efforts of the upcoming Kawaii Trading Suite package.
When you first add this to a chart- nothing will happen. You need to enable the features you want in the indicator's settings menu. Many of these are based off of indicators i've already published (and are linked for in-depth description). The following features available:
Daily Support/Resistance levels
Hourly Support/Resistance levels
General Support/Resistance levels
The three above use the same algorithm but are designed for different timeframes.
Renko Bar Overlay (overlays a Renko chart on any timeframe you want)
Renko Signal Overlay (for those who want to know when renkos go green/red without the giant overlay)
The two above indicators use 1D renkos by default (since that's the shortest TV lets free accounts use) but you can use any timeframe you wish in settings.
Alt Sentiment Signal overlay (Simple up/down arrow when altcoin sentiment changes)
Witchcraft support/resistance clouds (can be toggled individually)
Planned but not-yet-finished features include:
Ichimokou Clouds
Golden Cross signal
Plus many more things I haven't posted anywhere else yet. Be aware that beyond this point, anyone wishing to try this product will have to pay a reasonable fee. Please do not message me asking for access to private indicators if you have no intention of paying for them.
ST15 Renko S/R V1I use this as part of a larger Renko scalping system to help find key S/R usually when placing TPs. I enjoy using it with 2 pip ATR renkos, but I think with a little tweaking it could work with many different trading styles. For 2 or 5 pip atr renkos it is as simple as putting it up on the chart. Hope it helps, thank you!!
Psychlogical TP Levels Indicator V 1This indicator works based on the Average True Range and Renko Charts.
The Renko charts are a perfect way to observe the market trend without noise.
From the image below, you can see that as long as the market is bullish, the Renko chart remains green, and when the market turns from bullish to bearish, the Renko chart also changes its direction. As can be seen in the image below
This indicator allows you to view the clear trend in the market.
Inside the indicator's settings, you can change the ATR Period you want. By default, it is set to 14.
Applying the indicator to charts will plot areas of two colours in a separate window. You have to pay attention to when the indicator changes its colour.
An important thing you need to understand is The psychological indicator is not a buy/sell indicator. It means you’ll not use it for opening a buy/sell trade. You’ll use it for Taking Profit levels only.
Here is how you can use the indicator to decide the take profit levels.
You can open your buy trades with any strategy you use. When you open your trade, you should pay attention to the colour or Psychological Indicator. Now, as the market goes up, you should wait for the indicator to turn from green to red, and when that happens, this will signal to close the trade.
Similarly, for short positions, you can open your sell trades with any strategy you use. When you open your trade, you should pay attention to the colour or Psychological Indicator. Now, as the market goes down, you should wait for the indicator to turn from red to green, and when that happens, this will signal to close the trade. Please check the image below.
Fractals and Levels by JustUncleLEven though there are a many other Fractal and Level indicators, this indicator has some unique features. The indicator will display Fractals, fractal levels and HH/LL points, they will only be drawn after they have completed. Also the indicator has options to :
Show Ideal Fractals Only.
Use Renko Style Fractals, where open/close values are used instead of high/low to find Fractals. This is used to show the correct Fractals when Renko Wicks are enabled.
Has an optional Filter to only display Fractals that are above/below a MA Ribbon.
References:
This code is based on Fractal Levels V8 by RicardoSantos
This is a Renko Chart with "Renko Style Fractals" enabled, notice that the wicks are ignored and only the true Bricks are used for Fractals:
ST15 CM inspired 4hr renko Pivots
Standard pivot points do not work with ATR Renko charts, but I really enjoy using pivot points to find strong s/r, so I started to look at scripts that could provide the same results as floor trader pivots but on a renko chart. I found a script written by CM that I was able to tweak a little and I got it work with ATR renkos. The only issue now is he only wrote the script to look for 1hr pivot points so I am now in the process off writing versions that can do the 240 1d 1w and 1m pivot points as well. Here is the 4hr :) enjoy! Thank you CM :)
Brick IndicatorBrick Indicator :-
A wonderful book written by "Prashant Shah" named "The profitable trading with renko chart" has been mentioned many technical indicator in this book. But today we are going to tell about an indicator who does a lot of amazing work inside the Renko chart. The Indicator name is "Brick Indicator" works on very simple calculations. Inside it, it is seen how much Brick Bullish was and how Brick was Bearish. Which shows whether the trend is upwards or downwards. At the same time, inside it we use the line of EMA. So that we can catch the trend quickly.
Brick Line Formula: - Numbers of periods bullish candles - Numbers of periods bearish candles
With this line, we put the line of EMA, so that the signals of the market get even better.
MATRIX Rises on the wavesJust one more go at a zigzag , this time with the aid of renko emulator.
Apenas mais uma vez em zigue-zague, desta vez com a ajuda do emulador renko.
Surfe nas ondas do MATRIX
Alex: ConsUD Alert indicatorCustom strategy that was developed for a Backtest-Rookies development service customer. Published for verification, testing and acceptance.
If you are interested in development services send me a message or visit the backtest-rookies (.com) webiste for more information
Consecutive Up/Down Days - Custom Indicator
The indicator builds upon the built-in consecutive up/down days strategy script but with some additional features:
The strategy has been converted to an indicator
Alerts have been added for entries
Position Simulation: Entry signals only happen once per long / short direction.
Plot real high / low candle data (the script is assumed to run on Renko candles)
Plot real simulated entry price at the open of the bar following an entry signal
Plot an EMA
Swing Wave Helper by 2tmHello Everyone.
I'd inspired from Renko Chart and make to find Waves.
As you know guys, the candle make Waves and the node of Waves make 3 Points.
With those 3 Points we can find where these candle go. Up? or Down.
With This script you can find easily those 3 Points easily.
Thank you and have a nice day.
AOAHey Fam,
Welcome to the AOA.
It's my Awesome Oscillator I use every day in conjunction with Renko. Very powerful for spotting divergences and provides great confluence for level to level traders. Can also be used on a candle chart for trend confirmation.
Also includes the labels for divergences, toggleable inside the settings box when applied to your chart. (They're disabled on my chart)
Alerts include:
1. AO Bear Div
2. AO Bull Div
3. AO Crossing Down 0
4. AO Crossng Up 0
5. AO Two Tick Bear
6. AO Two Tick Bull
** Two tick is a great confirmation signal. **
Enjoy!
MestreDoFOMO MACD VisualMasterDoFOMO MACD Visual
Description
MasterDoFOMO MACD Visual is a custom indicator that combines a unique approach to MACD with stochastic logic and simulated Renko-based direction signals. It is designed to help traders identify entry and exit opportunities based on market momentum and trend changes, with a clear and intuitive visualization.
How It Works
Stylized MACD with Stochastic: The indicator calculates the MACD using EMAs (exponential moving averages) normalized by stochastic logic. This is done by subtracting the lowest price (lowest low) from a defined period and dividing by the range between the highest and lowest price (highest high - lowest low). The result is a MACD that is more sensitive to market conditions, magnified by a factor of 10 for better visualization.
Signal Line: An EMA of the MACD is plotted as a signal line, allowing you to identify crossovers that indicate potential trend reversals or continuations.
Histogram: The difference between the MACD and the signal line is displayed as a histogram, with distinct colors (fuchsia for positive, purple for negative) to make momentum easier to read.
Simulated Renko Direction: Uses ATR (Average True Range) to calculate the size of Renko "bricks", generating signals of change in direction (bullish or bearish). These signals are displayed as arrows on the chart, helping to identify trend reversals.
Purpose
The indicator combines the sensitivity of the Stochastic MACD with the robustness of Renko signals to provide a versatile tool. It is ideal for traders looking to capture momentum-based market movements (using the MACD and histogram) while confirming trend changes with Renko signals. This combination reduces false signals and improves accuracy in volatile markets.
Settings
Stochastic Period (45): Sets the period for calculating the Stochastic range (highest high - lowest low).
Fast EMA Period (12): Period of the fast EMA used in the MACD.
Slow EMA Period (26): Period of the slow EMA used in the MACD.
Signal Line Period (9): Period of the EMA of the signal line.
Overbought/Oversold Levels (1.0/-1.0): Thresholds for identifying extreme conditions in the MACD.
ATR Period (14): Period for calculating the Renko brick size.
ATR Multiplier (1.0): Adjusts the Renko brick size.
Show Histogram: Enables/disables the histogram.
Show Renko Markers: Enables/disables the Renko direction arrows.
How to Use
MACD Crossovers: A MACD crossover above the signal line indicates potential bullishness, while below suggests bearishness.
Histogram: Fuchsia bars indicate bullish momentum; purple bars indicate bearish momentum.
Renko Arrows: Green arrows (upward triangle) signal a change to an uptrend; red arrows (downward triangle) signal a downtrend.
Overbought/Oversold Levels: Use the levels to identify potential reversals when the MACD reaches extreme values.
Notes
The chart should be set up with this indicator in isolation for better clarity.
Adjust the periods and ATR multiplier according to the asset and timeframe used.
Use the built-in alerts ("Renko Up Signal" and "Renko Down Signal") to set up notifications of direction changes.
This indicator is ideal for day traders and swing traders who want a visually clear and functional tool for trading based on momentum and trends.
[astropark] MFI divergencesDear Followers,
today a new great Scalper Tool , based on a custom version of Money Flow (MFI) oscillator, which works on both Candlesticks, Heiking Ashi and Renko charts , from 1 second Renko chart and above (on non Renko charts, the higher, the better of course!), both on FOREX, Cryptocurrencies, Stocks and Commodities!
This tool has some cool features:
it works on all timeframes , on both Renko, Heikin Ashi and Candlesticks chart
it shows you both bullish and bearish divergences with a triangle up or down respectively
when it finds a strong bullish/bearish divergence , a flag will be displayed instead of a triangle
it shows you both hidden bullish and bearish divergences with a label "hid"
This script will let you set all notifications you may need in order to be alerted on each triggered divergence.
You may like to use it together with my Renko OBV Divergences indicator (which works on Candlesticks and Heiking Ashi too)
and my Renko RSI Divergences indicator (which works on Candlesticks and Heiking Ashi too)
On Bitmex/ByBit/Binance Bitcoin/USD chart best Renko settings is Traditional Renko chart with 11$ box size, while 0.5$ box size is suggested on Ethereum/USD pair.
This is a premium indicator , so send me a private message in order to get access to this script.
HA-Renko HybridHA-Renko Hybrid – Ultra-Clean Trend Candles
A two-stage “noise shredder” that fuses Renko bricks with Heikin-Ashi smoothing to give you
crystal-clear, colour-coded price swings.
Perfect as a directional filter, a confidence gauge, or even a full stand-alone chart type.
What It Does
Builds Renko bricks (ATR-adaptive, fixed points, or % of price).
Applies Heikin-Ashi maths to the brick series or vice-versa (your choice).
Optional EMA ribbon on the synthetic candles for an extra layer of polish.
Plots hybrid candles directly on your price chart – green for up-trend, red for down-trend.
Emits alerts every time the hybrid flips color.
The result is a chart that ignores tiny back-and-forth ticks and averages out intra-brick wicks, leaving long uninterrupted color runs that highlight genuine trend shifts.
🔧 Inputs & Customization
Group Input Purpose
Renko Settings Renko Base Type – ATR / Traditional / Percentage
ATR Length & Multiplier
Traditional Box Size (points)
Percentage Box Size (%) Choose how the brick size is calculated.
Transformation Order Apply Heikin Ashi – After Renko / Before Renko Pick whether HA smooths the bricks or bricks are built from HA data.
Smoothing Extra Smoothing – None / EMA
Smoothing Length Add a fast EMA to the hybrid opens & closes.
Typical Use-Cases
Directional filter – Trade only long when bricks are green, short when red.
Entry / exit trigger – Enter on first green after a red run; exit on first opposite flip.
Pyramiding helper – Add positions on pull-backs while the hybrid color stays unchanged.
Psychology aid – Stay in trends longer by ignoring every micro-wiggle.
Best-Practice Tips
Tune brick size so a normal swing equals 6–10 bricks on your timeframe.
For scalping, keep Order = After Renko and Extra Smoothing = None for the snappiest flips.
For swing trading, try Before Renko + EMA(3-5) to focus on major legs.
Forward-test in a demo account; synthetic bricks can’t replicate live slippage.
⚠️ Disclaimer
This indicator is educational. It does not guarantee profits and should be used alongside solid risk management and personal judgement. Always back-test before deploying real capital.
Enjoy the clarity!
If you discover tweaks, optimizations, or killer workflows, drop a comment and let the community know.
Enhanced Renko Channel with Emulation and SMA by Dr DevendraThis indicator combines a dynamic Renko-based channel with emulated Renko bricks and a customizable Simple Moving Average (SMA). It provides traders with a powerful tool for identifying trends, visualizing price movement within a Renko framework, and overlaying critical moving average signals.
Features:
Renko Channel:
A Gaussian-based midline with adjustable poles and sampling periods.
True Range-based dynamic channel boundaries.
Visual trend identification with color-coded channel fills.
Renko Emulation:
Emulated Renko brick levels with adjustable brick sizes.
Dynamic brick plotting based on price action.
Simple Moving Average (SMA):
Configurable length and source (e.g., close, hlc3, etc.).
Dynamic color changes based on SMA slope (uptrend or downtrend).
Customizable Inputs:
Adjustable parameters for the channel, Renko emulation, and SMA settings.
Options for reduced lag and fast response modes in the Renko channel.
Custom Renko Chart by Mustafa KapuzThis Pine Script, developed by Mustafa Kapuz, offers a unique approach to visualize price movements through a custom Renko chart directly on your TradingView overlay. Unlike traditional Renko charts that are detached from time series, this script allows traders to overlay Renko-style price movements over standard charts, providing a hybrid view that combines the clarity of Renko with the context of time-based charting.
Key Features:
Adaptive Brick Size: At the heart of this script is the Brick Size input, allowing users to define the size of each Renko brick. This flexibility is crucial for tailoring the chart to various commodities or assets, as volatility and price scales differ widely across markets.
Dynamic Price Adjustment: The script dynamically adjusts to price movements, creating new bricks whenever the price moves by the predefined Brick Size from the last brick value. This adjustment is made regardless of the time elapsed, focusing solely on price action, thereby filtering out minor fluctuations and highlighting significant trends.
Visual Clarity: Rendered as a step line, the resulting Renko chart provides a clear visual representation of price trends. Each step signifies a new brick, painted in blue for easy visibility. This method simplifies the analysis of directional movements, making it easier to identify potential entry and exit points.
Usage Tips:
To optimize the chart for different markets, experiment with the Brick Size parameter. Adjusting this value allows the chart to better reflect the unique characteristics of each commodity or asset, ranging from highly volatile cryptocurrencies to more stable fiat currencies or stocks.
This custom Renko chart can be a powerful addition to your trading toolkit, especially when used in conjunction with other indicators and analysis techniques. It's designed to offer a new perspective on price movements, filtering out the 'noise' and focusing on substantial trends.
By customizing the Brick Size, traders can tailor the chart to various commodities, achieving a versatile analysis tool that adapts to different market conditions. Whether you're a seasoned trader or new to the markets, this script provides a fresh lens through which to view and interpret price action, enhancing your trading strategy with the timeless principles of Renko charting, now integrated into your TradingView experience.
20 Pips & Dip™ Indicator20 Pips & Dipp script based on a few different indicators which together provides powerful help for all level of traders, especially beginners. Also, script have toggles to switch on/off: Renko Reversal, EMA, HHLL, Support/Resistance, Daily Open modules.
1st Module – Renko Reversal Alerts Indicator. The Indicator point out a spot where the revers are happens. Any changes in Price that do not reach a minimum amount are usually filtered. This helps to keep attention on larger, significant moves, and helps not to avoid the minute fluctuations in the market.
How it’s works?
- ENTER a trade JUST AFTER 1 Renko brick is printed. BUY triangle (green buy text with green triangle) is generated if a bearish Renko Brick is followed by a bullish brick. In other words, a buy signal happens when a white block is drawn after a black one. The buy happens then at the closing price that may be higher than the top of the last brick. It can go two bricks up minus a tick or pip.
- EXIT that trade, and open a new reverse position, just after 1 Renko brick is printed in the opposite direction. SELL triangle (red sell text with red triangle) is generated if a bullish brick is followed by a bearish brick. In other words, a sell signal happens when a black block is drawn, after a white block. The same situation as with a buy signal happens on sell signals. There is an uncertainty on the close price that may go as far as one tick above the next potential bearish block.
How to create custom ALERTS? Right click on a sell or buy triangle > Add Alert > 20 Pips & Dipp > Choose between Long or Short opportunity. In options field choose ONCE PER BAR. All other options you can choose according to your personal needs. If you want alert for another option (i.e. Short opportunity) just add one more.
Just to know! To understand how those module work better to switch to Renko chart. But Renko Chart with Renko brick size & Timeframe less than 1 day available only for PRO+ accounts and better. Also, we need to say that TradingView platform do not provide TICK data as we know. So, it may confuse you. Be careful!
2nd Module – Moving Average Exponential. The exponential moving average (EMA) is a weighted moving average (WMA) that gives more weighting, or importance, to recent price data than the simple moving average (SMA) does. The EMA responds more quickly to recent price changes than the SMA. The formula for calculating the EMA just involves using a multiplier and starting with the SMA. Like all moving averages, this technical indicator is used to produce buy and sell signals based on crossovers and divergences from the historical average. By default, our EMA have 50 period. The 50 moving average is the standard swing-trading moving average and very popular. Most traders use it to ride trends because it’s the ideal compromise between too short and too long term. Some people call it medium-term.
How to use it? EMAs are commonly used in conjunction with other indicators to confirm significant market moves and to gauge their validity. For traders who trade intraday and fast-moving markets, the EMA is more applicable. Quite often, traders use EMAs to determine a trading bias. For example, if an EMA on a daily chart shows a strong upward trend, an intraday trader’s strategy may be to trade only from the long side on an intraday chart.
Limitations of EMA! An EMA relies wholly on historical data. Many people believe that markets are efficient - that is, that current market prices already reflect all available information. If markets are indeed efficient, using historical data should tell us nothing about the future direction of asset prices.
3rd Module - Pivot Points (High/Low). Also known as Bar Count Reversals, are used to anticipate potential price reversals. Pivot Point Highs are determined by the number of bars with lower highs on either side of a Pivot Point High. Pivot Point Lows are determined by the number of bars with higher lows on either side of a Pivot Point Low. Default period is 10.
How this indicator works? The longer the trend (the higher the period selected) before and after the Pivot Point, the more significant the Pivot Point. Pivot Points can be used to help determine where to draw trendlines in order to visualize price patterns.
Calculation! Pivot Point Highs are determined by the number of bars with lower highs on either side of a Pivot Point High. Pivot Point Lows are determined by the number of bars with higher lows on either side of a Pivot Point Low.
4th Module - Higher High Lower Low indicator. Higher high and higher lows and Lower lows and lower highs are trends in a chart. Stocks in general never go up or down in linear fashion, every rise is followed by correction and then again it may either go up or down, same is true for downtrend every fall is followed by a correction in the upward direction and then new downtrend or uptrend is followed. After every rise, the stock took breather corrected to some extent and then new uptrend began, when you see the correction every low is higher than the previous lows and every next peak is higher than it’s previous peak. This is higher highs and higher lows trend.
How it’s work? This script finds pivot highs and pivot lows then calculates Higher Highs, Higher Lows & Lower Lows, Lower Highs. And it calculates support/resistance by using HH-HL-LL-LH points. Generally, HH and HL shows up-trend, LL and LH shows down-trend. If price breaks resistance levels it means the trend is up or if price breaks support level it means the trend is down, so the script can change bar colour blue or black by default. if there is up-trend then bar colour is blue, or if down-trend then bar colour is black. Support and resistance levels change dynamically.
Trick! If you use smaller numbers for Left Hand/Right Hand sides then it will be more sensitive!
5th Module - Daily Open Price. The opening price is the price at which a security first trades upon the opening of an exchange on a trading day; for example, the New York Stock Exchange (NYSE) opens at precisely 9:30 a.m. Eastern time. The price of the first trade for any listed stock is its daily opening price. The opening price is an important marker for that day's trading activity, particularly for those interested in measuring short-term results such as day traders.
Important! If daily open price was higher than current price, crosses will be red. And if daily open price lower than current price crosses will be green. Colours change dynamically.
You need to know it! An opening price is not identical to the previous day's closing price. There are several day-trading strategies based on the opening price of a market or security. Research “Gap Fade and Fill” or “Fade”.
Author – Christian Kopachelli . Huge thanks and credits to peoples which ideas, formulas, calculations, code snippets and code parts were used: Robert Nance, CryptoJoncis , FritzHaber , vacalo69 , Molle de Jong, Baris Yakut, LonesomeTheBlue , ChrisMoody , Robert N. ~~~ THANK you all! You are awesome!
DISCLAIMER! RISK WARNING!
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADERS SHOULD NOT BASE THEIR DECISION ON INVESTING IN ANY TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED, ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, TRADERS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON // OR ENTITY MAKING THE TRADING DECISIONS.
Fibonacci Renko Trend - AynetThe "Fibonacci Renko Trend - Aynet" Pine Script combines the Renko charting technique with Fibonacci retracement levels to create a highly customizable and adaptive trend-following tool. Below is a detailed explanation of the script and its components:
Scientific and Trading Applications
Noise Reduction:
By using Renko charts, the script filters out time-based noise and focuses solely on price movement, making it ideal for trend-following strategies.
Adaptability:
The ATR-based box size ensures that the Renko blocks automatically adjust to market volatility, making the tool versatile for different market conditions and asset classes.
Fibonacci-Based Decision Making:
The integration of Fibonacci retracement levels provides a structured framework for identifying key support and resistance levels. Traders can use these levels to anticipate price reversals or continuations.
Visualization:
The color-coded Renko blocks allow traders to quickly identify trends and potential reversals without additional indicators, improving decision-making efficiency.
Possible Improvements
Signal Generation:
Add entry and exit signals when price crosses significant Fibonacci levels or when a trend reversal is detected.
Multi-Timeframe Support:
Extend the script to compute Renko levels and Fibonacci ratios for multiple timeframes simultaneously.
Alerts:
Implement alert notifications for key events, such as trend changes or Fibonacci level breaches.
This script is a robust tool for traders looking to combine the simplicity of Renko charts with the analytical power of Fibonacci retracement levels. It offers a clear visualization of price trends and potential reversal points, making it suitable for both novice and experienced traders.
[SMT] Buy & Sell Renko Based - AlertsThis is a custom indicator that implements a trading strategy based on Renko charts, but they can be used on regular candlestick charts and on any time frame. Renko charts are known for filtering market noise and displaying price movements in a clearer way. However, it is important to note that this indicator is provided for educational and informational purposes only and is not a guarantee of profitable returns.
Features:
- The indicator uses Renko charts to generate buy and sell signals.
- Renko bricks are built based on a predefined price variation, rather than time.
- The length of the Average True Range (ATR) used to calculate Renko bricks can be customized.
- Buy signals are generated when the price crosses below the current Renko brick.
- Sell signals are generated when the price crosses above the current Renko brick.
- Entry points are marked with "Buy" and "Sell" arrows on the chart.
It is essential to emphasize that no indicator or trading strategy guarantees profitable results. The financial market is complex and subject to unpredictable changes. It is recommended to perform additional tests and analysis before using this indicator on a real trading account.
Always remember to manage your risks properly and consider other factors such as fundamental analysis and market conditions when making trading decisions. The use of this indicator is entirely the user's responsibility.
DISCLAIMER: This indicator is not financial advice and should not be interpreted as such. Always consult with a qualified financial professional before making any investment decisions.
TUE Renko Box/Time TesterThe TUE Renko Box/Time Tester is a technical indicator designed to quantify the frequency of consecutive duplicate timestamps within Renko charts on the TradingView platform. It serves the critical purpose of assessing the prevalence of identical timestamps, a crucial factor for the accurate automation of trading strategies.
The presence of duplicate timestamps can impede the reliability of automated trading systems. This indicator systematically examines Renko bars and identifies instances where successive bars share the same timestamp. The quantified data aids traders and developers in evaluating the quality and suitability of their Renko chart data for algorithmic trading purposes.
To ensure proper speed and precision in automation, traders are advised to run Renko charts on either 1-second or 5-second timeframes. Adjusting the box sizes of Renko charts based on these timeframes is essential.
The objective is to maintain the incidence of duplicate timestamps at levels below 20%, ensuring the robustness and consistency of automated trading strategies. By providing a quantitative analysis of timestamp duplication, this indicator supports traders in optimizing their trading systems for enhanced accuracy and efficiency.
The script will automatically collate only the last two days' worth of data, in order to maintain timestamp integrity. You should be able to view individual seconds on your timestamps, and if they're all reading :00 at the end, then you have ran out of seconds-level data. This is only done with a Premium or higher subscription.
