mortdiggiddy

Renko RSI

The goal of this indicator is to plot the RSI values "as if" the chart is a true price action based Renko chart. It can be used on a time series chart or Renko series chart. The RSI is derived from the raw price action of a time-based chart, where the historic and live price is clustered into Renko bricks. The Renko brick production algorithm is entirely backed by Renko Price Bars Overlay and thoroughly tested.

The algorithm takes into account rapid brick production within a single time candle and adjusts accordingly. The output may vary slightly between different chart time frames for the same indicator settings, but this is due to the lack of price fluctuation visibility that can occur in higher chart time frames. If the brick tick size is low, an appropriate chart interval should be selected that maximizes the amount of price volatility visible to the indicator. A bad setting would be something like a 1 tick EURUSD Renko setting on an H4 chart, there simply is no way to derive the exact and ordered price fluctuations in a single H4 candle, 1 pip at a time. A more appropriate chart time frame would be 1-3 minutes for this selected Renko brick size.

Release Notes: Please see the following 3 videos to understand the purpose of this indicator and why it is useful. These videos outline the RSI-RENKO Strategy.



Release Notes:
  • Updated volatile brick algorithm. The strategy should perform better when switching to higher timeframes for low tick brick sizes. It is difficult to garner information from a single time candle that can blast through both the upper and lower next brick thresholds. It takes careful design to maximize the accuracy in these cases.
  • Renko RSI and Renko Trend Momentum indicators also updated with some neat additions.
  • Added color themes to match other Divine family indicators.

Release Notes:
Release Notes:
  • Updated renko chart recognition formulas.
Release Notes:
  • Updated to version 4 Pinescript.
  • Added member features.
Release Notes:
  • Updated member features.
Release Notes:
  • Added member features.
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Hello, I'd like to have access to your tool,please. Looks very interesting.. I'm knee deep in renko at the moment..
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Seems really interesting and probably what I have been looking for .. I'd like to test it, Is it possible? thanks much
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@cachalote, Thanks for your interest!
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Great concept!
Gr. JD.
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@Duyck, Thank you!
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