ChrisMoody

New Type of Indicator. Renko Overlay Bars.

AMEX:SPY   SPDR S&P 500 ETF
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.
Looks amazing on the chart with the last Bitcoin bounce coupled with your pivot points!

snapshot
Reply
I'm sure you know this...but if you change the plots to circles or crosses you wouldn't get those continuous lines.
Reply
ChartArt ChrisMoody
Yes, I know. I changed them to look this way on purpose. It's good that we have options for different preferences.
Reply
Absolutely!!!
Reply
ChartArt ChrisMoody
It's "cleaner" for my eyes and therefore easier for me to see the trend this way. Showing these as circles instead of lines looks for my mind too noisy:

snapshot
Reply
Nice Candles though...How do you like those. I've sued them for 10+ years...Charts just look strange to me without them.
Reply
ChartArt ChrisMoody
I didn't knew what I missed until I started using your fantastic candle scripts.
+2 Reply
u are not alone ;)
Reply
Thx for this. BTW, I know how to get it via the Pine Script Library. Is there a shortcut to get a shared Pine Script from a post like this instead of having to go the library first, then doing a search?
Reply
ChrisMoody PRO 4apprentice08
If you click on the shared link under the picture at the top of the page it will take you to the page the Code is on. There just click the Star on the top right of the code and it will automatically be in your favorites
Reply
4apprentice08 ChrisMoody
Ok. so I tried it in Chrome and nothing happens. Then I tried in FIrefox and it brings up the proper dialogue box. Not sure why it won't work in Chrome (latest Mac version).
Reply
Thanks once again
Reply
No problem
Reply
snapshot


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
IvanLabrie PRO coondawg71
I like that method, tried it with linear regression channels in one of my charts...it's dead on.
Swiss chocolate getting cheap soon

70 pip run to the upside
Reply
coondawg71 PRO 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
Was playing around with settings...When I use this indicator on Day chart using default ATR(14) Renko bars I notice the indicator lines do not match up with the bars. Changing the indicator from default 10 setting to 14, makes lines match up even less. Am I missing something? Should these not line up?
Reply
ChrisMoody PRO 4apprentice08
Here is a Daily Chart...The Renko Overlays work perfect with the setting of 10 and the chart below is setting of 14. The lines aren't going to match up with your candles perfectly....B/c they are plotting where the Renko Bars would form. Renko Bars are completely different b'c they aren't time based. While the Daily bars are time based. So we're plotting two completely different Bar formations on one chart.
snapshot
Reply
ChrisMoody PRO ChrisMoody
Here are the charts side by side with the Renko Bars on the Right...Both set to ATR of 14. The Plots on the Renko Overlays match up within 10 cents of the Renko Bars on the Right.

snapshot
Reply
4apprentice08 ChrisMoody
What I mean is this...when I turn on Renko Bars on Daily Chart and apply your indicator, they do not line up. See this chart.
snapshot

Reply
4apprentice08 4apprentice08
P.S. How do you embed the chart image in the reply like you did here?
Reply
ChrisMoody PRO 4apprentice08
Create a chart...on the bottom left of the screen you'll see a green camera icon. Click on that and copy the link that shows up.

Then when your posting...where you type...in the top right of the box your typing in...click on the gray icon...and past in the link from the chart you made.

Glad you asked...I should record a video on this.
Reply
ChrisMoody PRO 4apprentice08
OH...I see your issue...the code is designed to overlay the Renko Bars on Regular Candles/Bars. There is no reason to overlay them on Renko Bars..

The reason they don't work there is b/c the code is using the price movements ot Time Based Bars...Actual Renko Bars don't provide the correct data to calculate the code correctly.
Reply
4apprentice08 ChrisMoody
Ok. After I thought about it a bit, i finally came to the same conclusion. Thx for confirming.
Reply
where can we get this Chris?
Reply
ChrisMoody PRO laurelweiner
The link is always at the top of the page under Related Ideas.

CM Renko Overlay Bars


Thanks,
Reply
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.

snapshot
+2 Reply
IvanLabrie PRO 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 PRO ChrisMoody
How do you turn candles on and off?
Reply
Please update this chart with current data.
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
Reply
ChrisMoody PRO 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 time...it 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.
Reply
DaveMackay ChrisMoody
Thanks Chris...
and thanks for the innovative chart ideas...!
Reply
ChrisMoody PRO DaveMackay
Anytime....
Reply
Sunny88 ChrisMoody
Can you please update the top chart? SPY has a new high today.
Reply
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...
Reply
Sunny88 ChrisMoody
I don't know how to do it. I try ,,,, but
Reply
Be more specific. Do you have the indicator? Where are you at that is getting you stuck
Reply
Sunny88 ChrisMoody
I got the indicator from Scripts and add it to my indicators favorites. The chart looks some different with yours and no yellow dots as well.


Reply
In the upper left corner it shows my settings...Do your match? And the triangles (Yellow) are showing previous posts on that symbol...it's not part of the code...
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.
Reply
ChrisMoody PRO 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 ago...so Upward Slope? And did you test this on Multiple Timeframes, or just Daily?

Thanks again for your insights.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out