Renko Trend Momentum

A momentum indicator that shows bulls vs bears strength of renko brick production. The algorithm takes into account rapid brick production within a single time candle and adjust 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.

  • Plots the normalized rate of new Renko Up Brick production vs new Renko Down Brick production.
  • Custom crossover threshold to help prevent whipsaws and keep you in the trend.
  • Shows pending areas when a crossover is imminent.
  • Custom time-based buffer combined with a crossover to keep you in the trend.
  • Shows crossover background color changes when the direction of the Renko Trend changes.
  • Works well with Renko Price Bars Overlay script.
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.

Release Notes:
  • Added capabilities to work on Trading View Renko charts. Updated Renko RSI as well.
Release Notes:
  • Updated renko chart recognition formulas.
Release Notes:
  • Fixed issue with pending area when price action is very volatile.
  • Added alerts for: Trend change up/down, change to pending flip, volatile brick creation.
Release Notes:
  • Fixed display bugs.
Release Notes:
  • Updated to Pinescript version 4.
  • Added toggle to show Renko brick production rate (Bricks / Hour).
  • Added toggle to use volume weighting (elastic) to each renko brick (and nested bricks).
  • Added member features.
Release Notes:
  • Updated copyright.
Release Notes:
  • Updated member features.
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