This indicator in designed to be used with Renko and other price only bars (ie Kagi, LineBreak, Point&Figure) and shows the number of minutes a bar was open before it was confirmed and printed.
NOTE: It will only work on currencies and symbols that are in the 24/5 market, it does account for weekend market close time but does not account for any Forex market holiday close times.
HINTS:
When the BAR TIME is long and the Renko Bricks have wicks, this is an indication of consolidation.
When the BAR TIME is short and the Renko Bricks have no wicks, this is an indication of acceleration.
Is it possible to add sensitivity adjustment? Showing noting on the low box size (example UVXY, Traditional 0.01)
tonyFX-Trader
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Whatś the interpretation when there is a bar going down? The time is going negative?
JustUncleL
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@uncle_onion, The time is just how long it took to build a Renko brick and is independent of direction of trend.
tonyFX-Trader
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@JustUncleL, what I mean is that there are bars going negative, please check here:
JustUncleL
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@uncle_onion, That appears to be a bug, there should not be any negative time, I'll have a look at it.
tonyFX-Trader
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@JustUncleL, that was my understanding. I just wanted to let you know so you can fix it. I think is a great tool for Renko bars traders. I use to have a second chart with the "normal" candles next to the renko one, to see the price action through the time. But I think I can get used to your indicator to provide that and clean up my charts.
Thanks!
JustUncleL
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@uncle_onion, It appears my calculations to remove weekend time does not work anymore. After debugging and some thought I've been unable to come up with a solution for removing weekend time, so I think the best thing to do is to not account for weekends and just leave time difference raw, which does mean this script will then work on any asset including Bitcoin market.
regandunstan
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@JustUncleL unfortunately it still prints negative time bars on 24/7 cryptocurrency markets. Is there any way we can solver this bug? This indicator is awesome but I run a moving average over it and the negitive bars mess with that.