ZTLs Percentage-based Renko Emulator

Here is a version of my Renko script but with percentage-based Renko brick sizes instead of ATR or static brick sizes. This way, you can add dependable alerts that won't need to be adjusted due to fluctuating ATR values but also allows you move through different charts without having to adjust your Renko Brick-sizes for each ticker.

To use: The Renko size setting defaults to ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points. This Renko Script is perfect for those that trade in a strictly percentage based style (instead of price levels).

The yellow lines are where the next brick will be drawn.


Remove from Favorite Scripts Add to Favorite Scripts
study("ZTLs % Renko Emulator", overlay = true)
res = input(.001, minval = .0001, maxval = .30, title = "Resolution of ATR")

BrickSize = close[1] * res
Brick1    =  high >
        nz(Brick1[1],close) + BrickSize ? nz(Brick1[1],close) + BrickSize : low <
                    nz(Brick1[1],close) - BrickSize ?
                        nz(Brick1[1],close) - BrickSize
                            : nz(Brick1[1],close)
Brick2 = Brick1 != Brick1[1] ? Brick1[1] : nz(Brick2[1],close)

projected = Brick1> Brick2 ? BrickSize + Brick1: Brick1 - BrickSize
projected2 = Brick1 > Brick2 ? Brick2 - BrickSize : Brick2 + BrickSize
colorer = Brick1 > Brick1[2]  ? aqua: Brick1 < Brick1[2] ? red : gray

plot(projected, color = yellow)
plot(projected2, color = yellow)
p1=plot(Brick1, color = colorer, linewidth= 4, title = "Renko")
p2=plot(Brick2, color = colorer, linewidth= 4, title = "Renko")
fill(p1,p2, color = purple, transp= 50)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out