FritzHaber

Renko Reversal Alert

Use this script to create server-side alerts of renko reversals and to visually plot the signals.
To do this, simply apply the indicator to a chart and right click onto one of the arrows plotted. Choose "Add alert" and then "Long opportunity" and "Short opportunity" in order to create the two alerts per instrument.
Buy signal is generated if a bearish renko brick is followed by a bullish brick.
Sell signal is generated if a bullish brick is followed by a bearish brick.
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Tradingview really needs to resolve Renko bar charts. This is maddening!

I left 11 months ago, because of the Renko bar problem, in that TV uses projection bars.

I signed up again, here 11 months later, and Renko bars still print phantom bars that appear, then disappear, making this untradeable and more like a video game.

First, ANY script using (example- "Close", "High", "Low" ) dropped on a renko based chart results in "projection bars".

My alerts and indicators ignore the projection bars until these bars become a "real" printed bar.

As a result, renko charts a super laggy, they LAG like VHS, the lag like fiery Tesla's.

Projected renko bars are maddening and of no use to me for a 4 hour swing trade, or any kind of trading because my decision to trade based of an indicator is too far away from the actual price in the "projection bar".

TV needs to plug-in a CAT cable to Tradestation, obtain TICK data, and make some real Renko bars, and fix this "matrixxy" problem.
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@nodeshell, are you talking about ATR based renko, or traditional renko ? I'm super new to using it, and my indicators look great on backtesting, just want to know what's the catch with it.
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nodeshell drutrading88
@drutrading88, TV does not use real tick data to construct real Renko Bars. That is the core of the problem. I told the TV tech folks that they should not represent to potential and existing customers that they can produce 'real' Renko charts when, in actuality, they cannot, since they use "phantom bars" that appear and disappear on the Renko chart. Tick data is very expensive to obtain, and TV has not yet been willing to construct Renko bars using actual tick data. I know that some employees inside TV have advocated to fix the Renko chart problem. Actually, internal TV employee(s) have even advocated disabling TV Renko charts altogether until actual Tick data is used to generate the TV Renko charts. But, as long as enough TV customers are 'satisfied' with how Renko charts are currently produced, TV management has no incentive to actually make Renko charts with real Tick data. Now, if TV decided to produce Renko charts with real tick data, I would be trading these Renko charts like mad, since phantom Renko bars would no longer present themselves on the chart. Dru, good luck but be real careful trading Renko charts here. The appearance and disappearance of phantom Renko bars can ruin your day.
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nodeshell nodeshell
@nodeshell, Oh, just to be clear, I am again pulling my premium subscription and walking away, waiting for TV to introduce actual Tick data to produce Renko charts.
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This is a game changer for my strategy.. thank you so much.
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bast0320 CaseyKeita
@CaseyKeita, Same. Amazing! Thank you so much @FritzHaber
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Hello, I am searching for something that will alert me when an ATR Renko candle on the daily chart has completed forming whether it's the same color or different color than previous candle doesn't matter as that is not part of my system. I have had much success in manual backtesting but cannot move on to forward testing because I don't have all that time to stare at charts. Do you have a suggestion? I searched and searched and asked Oanda as well. It seems Tradingview had this at one time but disabled it? MT4 is too complicated for me. I've been able to modify some simple code in PInescript but this one I cannot seem to figure out. I cannot find an alert that will tell me everytime an ATR Renko daily candle is completed? Any help or suggestion would be greatly appreciated. Either way happy trading to you!
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@Harpingo, I have the same question with you, did you figure it out already?
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FritzHaber alex100529
@alex100529, I have not found a solution to this but backtesting ATR based bricks will be very complicated with TV.
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Only trading on the signals gives too many signals for me. Is there another strategy which i can add to eliminate some?
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