ChrisMoody

New Type of Indicator. Renko Overlay Bars.

AMEX:SPY   SPDR S&P 500 ETF TRUST
CM_Renko Overlay Bars V1

Overlays Renko Bars on Regular Price Bars.

***Color of Renko Open and Close Lines Change Based on Direction.

Default Renko plot is based on Average True Range . Look Back period adjustable in Inputs Tab.

If you Choose to use "Traditional" Renko bars and pick the Size of the Renko Bars the please read below.

Value in Input Tab is multiplied by .001 (To work on Forex)
1 = 10 pips on EURUSD - 1 X .001 = .001 or 10 Pips
10 = .01 or 100 Pips
1000 = 1 point to the left of decimal. 1 Point in Stocks etc.
10000 = 10 Points on Stocks etc.
***V2 will fix this issue.

Comments

Hey Guys...

I found a cool use for the Renko Overlays...Since Traditional Renkos are not time based...but the Renko Overlays are...the Renko Overlays give a great visual of consolidation periods...which are typically followed by Breakouts.

Apply the Renko Overlays to a chart...either use the ATR or Points method...and turn off the candlesticks. Note on the chart below whenever you see a long consolidation period. Taking the trade in the direction of the next Renko Plot gets you in to a Big Move.

Just thought I would share...NOTE...every time you change a chart symbol or timeframe you have to turn the candles back on then off again.

+2 Reply
IvanLabrie ChrisMoody
Seems too good :p I'll compare it to my regular breakout strategies...might be a nice visual aid for quick spotting.
Reply
Wealthysis ChrisMoody
How do you turn candles on and off?
Reply
Hi Chris, I saw your terrific instructional video on Tradingview's Wiki page. I was wondering, whether it is possible to add an alert for Renko charts in Tradingview whenever the color changes in a specified time frame?
+1 Reply


Another nice addition to the library of tools!

Here, we have hand drawn trend lines using the Renko Bars trend change, then switching back to conventional price chart. Offers nice support/resistance boundaries.
+1 Reply
I like that method, tried it with linear regression channels in one of my charts...it's dead on.

Reply
cooney_s IvanLabrie
Yes, its a very effective method that works. Renko is highly underrated/underutilized. Makes breakouts easier to decipher from false breaks and range bound action.
+1 Reply
hi
i use this indicator as support and resistance ,can you make the lines for full chart like horizontal lines instead of blocks?
Reply
Hi Chris, thanks for another super tool! I used to use this and have always been able to put 0.x as value when using traditional Renko. So that i could use a renko boy size of for example 6pips on GBPUSD by setting the input for non-atr to 0.6. However, i am not able to do that anymore. Somehow i cant write any decimals numbers. The lowest i can go is 1 (or 10 pips on non-jpy pairs). Does anybody know a work around this problem? Cheers
Reply
Fantastic. Goes back to how I learned price action.
Reply
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