LonesomeTheBlue

Renko Chart

Hello All. This is live and non-repainting Renko Charting tool. The tool has it’s own engine and not using integrated function of Trading View.

Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko chart created on time chart.

Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.

in the script Renko Trend Line with threshold area is included. and also there is protection from whipsaws, so you can catch big waves with very good entry points. Trend line is calculated by EMA of Renko closing price.

As source Closing price or High/Low can be used. Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.

Renko bar can be seen as area or candle and also optionally bar color changes when Renko trend changed.



Soon other Renko scripts (Renko RSI , Renko Weis Wave, Renko MACD etc) are coming ;)

ENJOY!



Feb 23
Release Notes: Updated.
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Comments

You are one busy man. I've just started learning my first programming language, Python. Your code here blows me away. How long did it take to make all that code if you dont mind me asking?
Another great indicator btw.
Thanks
+4 Reply
@Godhasgiven, I convert my Point and Figure charting script to Renko chart. for point and figure chart I spent a few months but I spent more time on searching/reading books and understanding PnF completely. spent sometime on pine bug :) and then develope algorithm. believe me coding is easy part. btw I am computer science engineer and analyst. I do all of these scripts in my spare times ;)
+2 Reply
Eagerly looking forward to Renko RSI , Renko Weis Wave, Renko MACD.... great work mate :)
+2 Reply
Hi there, great work!

I have a question.

In your description you've mentioned the following

"in the script Renko Trend Line with threshold area is included. and also there is protection from whipsaws, so you can catch big waves with very good entry points. Trend line is calculated by EMA of Renko closing price."

Where can I see the EMA of the Renko boxes? I don't see anywhere in the code that would show me this.

Thanks, and keep up the great work!
+1 Reply
LonesomeTheBlue mikedbafb400ccf14f96
@mikedbafb400ccf14f96, I removed it but I am planning to add it again soon. keep following.
Reply
@LonesomeTheBlue, Excellent, looking forward to it. You're doing an awesome job, I was just checking out some of your other indicators, great stuff!
Reply
I like renko chart a lot, and looking forward to seeing more renko indicators from you :) Cheer!
+1 Reply
@totoroha, in a few days I will publish renko indicators ;)
Reply
chennaimani85 LonesomeTheBlue
@LonesomeTheBlue, waiting for renko indicators..
Reply
LonesomeTheBlue chennaimani85
@chennaimani85, I am working on another project. There is professional work/strategy based on Renko of @mortdiggiddy. You may want to see it
Reply
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