This 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.
Release Notes
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Good news, everyone! With this major update I'm offering you the most accurate Renko chart overlay on the market today.
Now you can set any Box size on any TF you like and be sure that every brick will be plotted on a chart! *Limitations of chart resolution still apply*
Minor updates: Added label text color setting Added "Display Until" feature - use this if you can't see all boxes on a chart (because of max box limit)
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*Updated screen picture
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Minor improvement
Bug fix
Added Alerts (on next box level)
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Minor productivity improvement
Added Box border color input
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Improvement:
Removed max bars back limitation when selected large box value and low TF
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Update:
Added candles repainting based on closing price above/below/within Box's high/low.
Added "Anchored" option. With this feature you can set start time and initial high/low of a box yourself.
Hi,great indicator. Would you be able to make it f anchored renko? I mean from a pivot low or high further with fixed box size?
Background_dust
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@petkotr, Hi ,thanks. Sure, I just made an update.
petkotr
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@Background_dust, Thank you very much, it would be really an amazing indicator...I will be waiting for it impatiently.
Background_dust
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@petkotr, I mean I already made the change, you can use it.
petkotr
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@Background_dust, I really appreciate your efforts and thank you for the upgrade. You mention in your description above "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: " I just want to understand what the rationale behind this is that it plots even if the price doesn't close above or below box level? Wouldn't it be better if it plotted when the price closes above or below the box level?
Background_dust
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@petkotr, this means that if next box level is 5000, bar's high is 5000 and bar's close is 4990 then box will be plotted since the price hit 5000. if you plot box only on bar's close then the indicator will be inacurate and there are plenty of those already.
petkotr
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@Background_dust, OK, Thanks for the clarification. This is by for the better one. 👍