New Type of Indicator. Renko Overlay Bars.

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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.
Fantastic. Goes back to how I learned price action.
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
This is amazing! It was actually my MSc research paper. I have done my researches on Matlab and I am so happy to find it on a real time platform. Based on my research, mixing a movement based to spot the trend and a time based to spot patterns is a killing machine. Just one thing, on my research, I was working on fixed number but took into account the rounded numbers. E.G. if 50 pips : 1.2500,1.2450,1.2400,1.2350... Do you think this would be possible to do on this platform? By the way ( on G8 cross), you have 70% chance of a upward renkobar to be followed by an upward renko bar. 73% if the renko bar goes with the MA20 trend. The opposite is also true. However, the key is to get in retracement rather than break outs. I hope this helps.
ChrisMoody Le_Chiffre_
Thanks for the comment...and the information you provided.

If you would...Let everyone else know what a G8 Cross is!!! Regarding the 70% chance of upward Renko followed by upward Renko Did you take in to account the "Amount" of the Renko Bar? On my way! were you using a ATR based Renko as far as the size of the Renko?

And please define with the MA20. Is the MA20 you tested a SMA 20 or EMA 20? Did you define the MA20 Trend meaning the current MA20 is Higher than the MA20 1 bar Upward Slope? And did you test this on Multiple Timeframes, or just Daily?

Thanks again for your insights.
+2 Reply
This is great, I have used similar on MT5 and found it easy to trade.

Question for you..... Can these charts be dynmamic to be used on a blog..? I see that DailyFx has many charts available on their site from Tradingview... but not with the indicators applied. Would you have any idea...? thanks
ChrisMoody DaveMackay
I have access to all areas of Daily FX and I just looked and the charts I saw were Daily FX using the TradingView Widget to embed charts. Those can't have custom indicators.

However you can take a snapshot of a chart on TradingView and post anywhere...the chart just wouldn't update in real would be like a screenshot. If where ever your posting the chart at doesn't automatically embed the link from TradingView then you can always take a screenshot and use many available services to embed the chart in a blog or wherever your trying to post it at.
DaveMackay ChrisMoody
Thanks Chris...
and thanks for the innovative chart ideas...!
ChrisMoody DaveMackay
Sunny88 ChrisMoody
Can you please update the top chart? SPY has a new high today.
I could...But the chart is going to keep updating...

Therefore...since I provided the indicator for free...why don't you apply the indicator to your chart...and you will have real time updates forever...
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