Hancock - Renko

ahancock Updated   
This is the first release of Renko indicator.

Renko is plotted over candles and best calculates the number of Renko bricks printed up or down per candle which can be viewed from the data window. It plots the high and low of a the bricks, if numerous bricks are printed on a candle, as well as the open and close of a Renko brick.

This will be actively developed and improved over the next few months and i will be basing other indicators from this Renko.

Happy trading

Release Notes:
Few fixes involved in the publish of this script:

- Improved formatting of code.
- Fixed renko brick production calculting wrong values. This is now correct when viewed in the data window for bricks up and bricks down.
- Fixed ATR and Fixed mode renko
- Fixed ATR renko not calculating brick open and close correctly. It would often have a gap between bricks on change of trend.
- Fixed ATR brick size calculation using current ATR when brick was created not using the previous brick ATR size.
- Fixed issue where renko low was not calculated properly when price is below current renko close.
- Removed duplicate data from the data window.
- Added renko candle delta's to the data window.

Next improvements:
- Add Pivot high and low based on renko for support and resistance.
- Update plots to better represent the high and low of the renko bricks when rapid brick production happens during a single candle.
- Handle inital trend_none state for renko and initialize state on the first valid renko brick. This will be useful in back-testing.
- Create a more accurate MACD and RSI based on the deconstruction of candles to renko bricks.

This might look like simple code but it has taken a little while to figure out the logic for valid renko brick production. If you appreciate the indicator thus far or find it useful drop a comment or like as it helps motivate me to continue writing scripts :)

Happy trading
Release Notes:
Fix number of blocks up and blocks down per candle plotted correctly in data window.
Release Notes:
- Fixed issue where renko open and close not plotted correctly due to incorrect per candle brick up and down calculation. As far as i can tell there are no more issues with how renko bricks are calculated.

Future development:
- Need to fix initial state of renko trend to trend none.
- Tidy up redundant code.

Happy trading
Release Notes:
Removed completed TODO's from script.
Release Notes:
Included renko percentage brick size. With Fixed sized renko selected and use percentage checked the brick size input is used as a percentage of close as fixed size.

Round to tick nearest tick and add tick fixed size check option

Happy trading
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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