Renko Dynamic Index

The goal of this indicator is to plot the Dynamic Index, Signal, and Histogram 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 Dynamic Index is derived from the raw price action of a time-based chart, where the historic and live price values are clustered into Renko bricks. The Renko brick production algorithm is entirely backed by Renko Overlay Ribbon and thoroughly tested. The Dynamic Index gets its inspiration from the Commodity Channel Index.

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 or Day chart, there simply is no way to derive the exact and ordered price fluctuations in a single candle, 1 pip at a time. A more appropriate chart time frame would be 1-5 minutes for this selected Renko brick size.

Please find the following video introduction helpful for this indicator and the Renko Dynamic Index Zones indicator:

19:46

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Release Notes:

• Added trend change recognition algorithms. These can be toggled on/off by the check box "Show Trend Changes".
  

Release Notes:

• Added logic for trend changes and trend pending changes.
  
• Added alerts for exit overbought, exit oversold, trend change up, trend change down, and trend change pending.
  

New Videos:

Video 2:

19:58

Video 3:

19:58

Release Notes:

• Slight tweak to the trend change and trend direction algorithm.
  

Release Notes:

• Fixed bug in trend direction algorithm.
  

Release Notes:

• Updating trend change color fills matching the Dynamic Index Zones. You will see visuals now representing the trend algorithm that correlate to the Renko Zones script.
  

Release Notes:

• Updated member features.