Hello All. This is live and non-repainting Renko Charting tool. The tool has it’s own engine and not using integrated function of Trading View.
Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko chart created on time chart.
Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
in the script Renko Trend Line with threshold area is included. and also there is protection from whipsaws, so you can catch big waves with very good entry points. Trend line is calculated by EMA of Renko closing price.
As source Closing price or High/Low can be used. Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.
Renko bar can be seen as area or candle and also optionally bar color changes when Renko trend changed.
Soon other Renko scripts (Renko RSI, Renko Weis Wave, Renko MACD etc) are coming ;)
ENJOY!
Release Notes
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Updated.
Release Notes
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Updated
Release Notes
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Added Breakout Strategy by request by user @namsuc_a
Two option for it: "Length for Breakout" is the length to check breakout. I recommend using 2 or more. it's 1 by default. "Show Breakout Trend" is the option to show breakout trend, lime and red lines on bricks. lime line means uptrend, red line means downtrend.
An example:
Enjoy!
Release Notes
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Fix.
Release Notes
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improvement in breakout strategy.
Release Notes
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breakout strategy fixed.
Release Notes
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Functions that are used in Breakout Strategy was fixed.
Awesome man! I've found the best Renko for TradingView 🤝
Godhasgiven
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You are one busy man. I've just started learning my first programming language, Python. Your code here blows me away. How long did it take to make all that code if you dont mind me asking?
Another great indicator btw.
Thanks
LonesomeTheBlue
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@Godhasgiven, I convert my Point and Figure charting script to Renko chart. for point and figure chart I spent a few months but I spent more time on searching/reading books and understanding PnF completely. spent sometime on pine bug :) and then develope algorithm. believe me coding is easy part. btw I am computer science engineer and analyst. I do all of these scripts in my spare times ;)
larrybob
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@LonesomeTheBlue, wow if you do this on your spare time, luv to see what you do at work. This is the second indictor I have picked up and really enjoy from you. Thank you.