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Pseudo-Renko Stabilized (Val)█  CALCULATE PSEUDO-RENKO VALUE Calculates and returns the Pseudo-Renko Stabilized value (or close price) based on a given input value, along with the direction of the current Renko brick. This function adapts the traditional Renko brick size dynamically based on the volatility of the input value using a combination of SMA and EMA calculations. The calculated price represents the closing price of the most recent Pseudo-Renko brick, while the direction indicates the trend ( 1 for uptrend, -1 for downtrend). Parameters: * `val` : * Type: ` float ` * Description: The input value upon which the Pseudo-Renko calculations are performed. You can use any price series or custom value as input. * `sensitivity` : * Type: ` float ` * Default Value: ` 1.0 ` * Description: Controls the sensitivity of the brick size to the volatility of the `val`. Higher values lead to larger bricks, resulting in a smoother Renko chart. Lower values produce smaller bricks, leading to a more reactive chart. * Possible Values: Any positive float. * `length` : * Type: ` int ` * Default Value: ` 7 ` * Description: The length used for calculating the EMA and SMA in the dynamic brick size calculation. It influences how quickly the brick size adapts to changing volatility of the `val`. * Possible Values: Any positive integer. Return Values: * `lastRenkoClose` : * Type: ` float ` * Description: The closing price of the last completed Pseudo-Renko brick based on the `val`. * `renkoDirection` : * Type: ` int ` * Description: The direction of the current Pseudo-Renko brick based on the `val`: * ` 1 `: Uptrend * ` -1 `: Downtrend * ` 0 `: No change (initially, or no brick change since the previous bar) Example Usage: //@version=5 indicator("Pseudo-Renko Stabilized (Val)", overlay=true) // Get user inputs sensitivityInput = input.float(0.1, "Sensitivity",0.01,step=0.01) lengthInput = input.int(5, "Length",2) // Example usage with the 'close' price as the input value = pseudo_renko(math.avg(close,open), sensitivityInput, lengthInput) // Plot the Renko close price plot(renkoClose, "Renko Close", renkoDirection>0?color.aqua:color.orange,2) // You can also use other values as input, such as: // = pseudo_renko(high, sensitivityInput, lengthInput) // = pseudo_renko(low, sensitivityInput, lengthInput) This example demonstrates how to use the `pseudo_renko` function within an indicator. It takes user inputs for `sensitivity` and `length`, then calculates the Pseudo-Renko values using the average of the `close` and `open` prices as the `val`. The resulting `renkoClose` price is plotted on the chart, with a color change based on the `renkoDirection`. It also illustrates how you can use other values, like `high` and `low`, as input to the function. Note: The Pseudo-Renko algorithm is based on adapting the Renko brick size dynamically based on the input `val`. This provides more flexibility compared to the normal, but is experimental. The `sensitivity` and `length` parameters, along with the choice of the `val`, offer further customization to tune the algorithm's behavior to your preference and trading style.
Pine Script® indicator
by kaigouthro
RSI-RENKO Divine StrategyLive, non-repainting strategy using RENKO and RSI mixed together to multiple types of long and short positions. - Features - Live entry direction with trade warnings and alerts Live trade building buy and sell limits (for buy/sell limits) Entry location icons as well as pyramid entries (to add to existing position) Swing trades that keep you in the trade for the maximum possible profit 1 scalp target based on the RSI settings and entry location Dynamic trailing stop for swings and scalps Alert conditions for every update and condition change of the strategy (Provided by indicator study) 4 pre-built color themes, including candlestick coloring This script is used solely for alerts to the RSI-RENKO Divine Strategy , because Trading View still after 3 years of requesting does not provide the ability to use alert conditions inside a strategy script, only an indicator script. This strategy should be used to backtest your settings. Beyond alerts and strategy inputs, the strategy and indicator are identical.
Pine Script® indicator
by mortdiggiddy
8
Renko Chart EmulationRenko charts are a popular tool in technical analysis, known for their ability to filter out market noise and focus purely on price movements. Unlike traditional candlestick or bar charts, Renko charts are not time-based but are constructed using bricks that represent a fixed price movement. This makes them particularly useful for identifying trends and key levels of support and resistance. While Renko charts are commonly found on platforms with specialized charting capabilities, they can also be emulated in Pine Script as a line indicator. The Renko emulation indicator in Pine Script calculates the movement of price based on a user-defined brick size. Whenever the price moves up or down by an amount equal to or greater than the brick size, a new level is plotted, indicating a shift in price direction. This approach helps traders visualize significant price moves without the distractions of smaller fluctuations. By plotting the Renko levels as a continuous line and coloring it based on direction, this indicator provides a clean and straightforward representation of market trends. Traders can use this Renko emulation line to identify potential entry and exit points, as well as to confirm ongoing trends. The simplicity of Renko charts makes them a favorite among those who prefer a minimalist approach to technical analysis. However, it is essential to choose an appropriate brick size that aligns with the volatility of the trading instrument. A smaller brick size may result in frequent signals, while a larger one can smooth out the chart, focusing only on the most substantial price movements. This script offers a flexible solution for incorporating Renko-style analysis into any trading strategy.
Pine Script® indicator
by LuxmiAI
Hancock - RenkoThis is the first release of Renko indicator. Renko is plotted over candles and best calculates the number of Renko bricks printed up or down per candle which can be viewed from the data window. It plots the high and low of a the bricks, if numerous bricks are printed on a candle, as well as the open and close of a Renko brick. This will be actively developed and improved over the next few months and i will be basing other indicators from this Renko. Happy trading Hancock
Pine Script® indicator
by ahancock
7
Trader Set - Uni Renko BarsBefore we start, to Trading View Developers : 1- Give us a command to get projection bar's current value, close gives the last bar's closed value not the real time market price 2- Why indicators and Oscillators can't update themselves on the projection values? It doesn't make sense, YOU are drawing the projection but won't let indicators / Oscillators update during that time? 3- Give us a damn section in category list for things like this, there was not category for a custom chart type ! Ufff, now that I took those words out of my system, Here is the story, few months ago (read it 10 months) I found about Woodie's indicators in Ninja Trader. At the time I didn't know the exact name for the type of charting he was using, all I knew was one sentence he said, it's based on a median renko chart (well, he told different things in different places, but this one was accurate). So? I started a huge R&D, lots of nights with head aches and not sleeping. Finding the exact formula HE was using was a nightmare. When I was close to the end of road in developing this chart type, I found in futures.io forum that Woodie got the IDEA from another member of futures.io, at least now I new that these charts are called Uni Renko Charts. But the image in the forum was not what you would see in ninja trader, also, they ask for 100$ for elite membership, I was so close in solving the equation myself that it was not worth paying it. At the end I was successful thanks to another script I found in trading view! The formula for drawing the bar was not what the guy was using, but the heart of this system, the smoother price per bar... It was there. At the end of the road, that few lines of code was the only thing I could find, the dynamic trend ( Purple Crosses in picture ) for example, was a nightmare to make. What woodie had made no sense to be used as trailing stop, the stop would be hit by market so late that you would loose most of the profit, at the same time, during the retraces is the trend, it would be easily hunted !!! That was the clue for me to look for something by myself. At the end of the road, after 10 months of R&D, without a solid source of information, I got it working. To use this, you should set your chart on Renko, Traditional with box size of 3. Please, don't ask for access, only my students from my classes will have access to this indicator, at least for time being. If at any time in future I wish to sell, you will find the price and how to buy in the comments bellow.
Pine Script® indicator
by CAB_Member
25
Trader Set - Uni Renko FiboThis is an addition for Uni Renko Chart. You can see it on the right hand side of the chart. It adds few extra levels calculated by fibo values. These levels have different usages. To use this, you should set your chart on Renko, Traditional with box size of 3. Please, don't ask for access, only my students from my classes will have access to this indicator, at least for time being. If at any time in future I wish to sell, you will find the price and how to buy in the comments bellow.
Pine Script® indicator
by CAB_Member
8
Trader Set - Uni Renko MCCIThis is what Woodie calls MCCI, a band of moving averages. The name MCCI means Moving Commodity Channel Index, although it's one of the rare woodies original indicators (shame on you woodie lol) he suggests that the relation between the bars or price with the bands are something like the movement of the CCI indicator. I can't accept that. For me, these bands have other usages that I teach to my students. To use this, you should set your chart on Renko, Traditional with box size of 3. Please, don't ask for access, only my students from my classes will have access to this indicator, at least for time being. If at any time in future I wish to sell, you will find the price and how to buy in the comments bellow.
Pine Script® indicator
by CAB_Member
6
Protervus RenkoWelcome to Protervus Renko! After over two years of research and development, I'm thrilled to present you with my take on Renko in overlay mode. Key features Four Renko Types: Classic, Median, Geometric, Turbo Brick size methods: Traditional, Percentage, ATR Renko Wicks Higher Time-Frame selection No repainting, all data is consolidated and obtained from regular candles Output mode: pass Protervus Renko data to other indicators Built-in settings validator Renko Statistics Bricks reversal Complete style and color customization Tooltips in the settings panel explaining available options Alerts Renko Types: Classic, Median, Geometric, Turbo Show Candles, Levels, or Both - along with Wicks Note: when levels are disabled Wicks are shown on the actual Renko bricks, while when enabled they are shown in the middle of the Renko level. Understanding Renko Output In Real Mode, the output only contains data on the Renko brick, while in Normalized mode the values are repeated for the whole Renko level. Example with Bollinger Bands: In Real Mode, Bollinger Bands will be calculated exclusively on the Renko Bricks. Had we used Normalized Mode instead, the output wouldn't make sense as the values are carried over on each candle. Other indicators (like RSI, for example) would work better with Normalized output though: Automatic settings validation Note: if settings are Unreliable, the script will not show any Renko candles or levels. The Output can still be used on external indicators, if needed (e.g. for a more granular RSI output). Renko Data Panel Data Panel shows two types of statistics: Rolling and Barset. Rolling data is referring to "last X time" and can be defined in the indicator's settings (in this example it's set to one week) while "Total Bricks" are considered over the whole available barset (since the beginning of the chart). Besides seeing Renko Bricks trends at a glance, it's also possible to spot interesting areas when Rolling bricks are coming close to either the Total Average or Total Maximum Bricks, signaling a possible reversal or continuation. Bricks Reversal Show reversals: configure how many opposite bricks are needed to trigger a reversal, as well as limiting their number to avoid strong opposite movements. Tip: more conservative Traders might want to receive a signal if the minimum is close to the Average Bricks Trend, but not over the Maximum Bricks Trend. Moving the Indicator to a separate pane and overlay price Credits yatrader2 (lengths in time or bars function), allanster (Heikin Ashi function) Special thanks go to PineCoders community for their incredible efforts and learning material to help mastering PineScript!
Pine Script® indicator
by Protervus
12
Quantum RenkoIf you are a more experienced trader, you might have come across the word “renko” or have seen it in trading forums and communities. It refers to a Japanese charting technique that is extremely popular among traders because of the particular way it plots price action. And it does this by removing time, and in effect focuses on price action delivering smooth trends and clear congestion phases. More importantly however it reveals momentum since it is independent of time and so as the market speeds up, so does the chart, and vice versa. This is a concept you would not see in a normal time-based chart. Each bar is created when the price exceeds the previous bar’s high or low by a predefined amount or what we call the box size or brick size. This gives the renko chart a pleasant appearance of equally sized bars running up or down in 45-degree angles. This delivers some great advantages. First, it allows traders to focus solely on price as the chart filters out all minor price fluctuations and market “noise”. This makes it easier for traders not only to identify strong moves but also to spot significant turning points, and so deploy smarter entries and exits. Second, a renko chart helps traders in what is probably one of the most difficult aspects of trading, namely staying in a position once a move is underway. The renko chart does this by displaying price momentum as it speeds up and slows down and it does this because a renko chart is devoid of time. Finally, because the bricks are drawn at 45-degree angles from each other, the charts are easier to read and to analyze. Unfortunately, on TradingView the renko chart is extremely limited for free users and the Quantum Renko indicator offers a great solution with some exciting new features. Dual Mode You can use the Quantum Renko indicator for TradingView in 2 different ways. Standard When applied, the Quantum Renko indicator appears below the main chart and creates a renko chart representation of the time-based chart above. Please note that in Standard mode, and since renko charts are devoid of time, the time x-axis of the chart does not apply to the renko chart displayed. Right off the bat, the Dynamic Renko indicator takes the time-based chart above and calculates the best box size that matches the current timeframe then uses it to create the renko bars below. The computed box size is displayed at the right-hand side of the renko chart’s last bar. It can also accept a fixed box size by entering it in the indicator’s Fixed Box Size input. Time-accurate The renko chart is a powerful approach to adopt as an intra-day trader, as it smooths out the price action into a series of blocks or steps, and so delivers a uniform chart which is easy to analyse. And of course, being a non time-based chart, it reveals momentum as the price action speeds up and slows down which is invaluable when scalping. However, there is a problem. As it is a non time-based chart it can be tricky to align this with a time based chart as the two are not synchronised. So, where a trader is running the renko alongside a time-based chart using one to analyse the other and vice versa, it is almost impossible to align the two correctly. This is even more significant when using indicators on the time-based chart such as volume, third party proprietary indicators or those which are freely available. So, what’s the answer? The Time-accurate renko indicator solves the issue instantly. It is unique and as far as we know nobody has developed such an indicator to provide a solution to this problem. So how does it work? And as you might expect the answer is all in the name. We call it the Time-accurate renko indicator because that’s what it is. In simple terms it aligns the bricks it builds with the time-based chart above. So where for example the time-based price action moves into congestion, so does the time accurate renko and will build a horizontal wall of bricks at that level until the price action breaks away, at which point the Time-accurate renko begins building in the normal way with bricks which rise or fall with the trend. What the chart then delivers is a wonderful picture of clear levels of support and resistance as you might see when a brick wall is under construction, helping traders to establish breakaway price action which all the time is mirrored on the time-based chart with the chosen indicators. What makes the Time-accurate renko even more powerful is the option to select either your own choice of brick size or alternatively the optimised version which means you are trading in harmony with the market. The optimal setting is derived from calculations based on average true range and delivers the perfect brick size for all markets, timeframes and session times, so there is no more guesswork. The indicator does it all for you. However, if you prefer to set your own brick size this is available also. And the best news of all, is that the Time-accurate renko is included with the Standard renko, so you have two indicators for the price of one and can switch from one to the other at any time or perhaps run both. The choice is yours with this unique combination of renko indicators.
Pine Script® indicator
by QuantumTradingSoftware
46
PpSignal RenkoA renko chart is a type of financial chart of Japanese origin used in technical analysis that measures and plots price changes. A renko chart consists of bricks, which proponents say more clearly show market trends and increase the signal-to-noise ratio compared to typical candlestick charts PpSignal Renko emulator you can see the Renko chart and the candle in the same time. Work with atr Average true range. Buy when the Renko is lime end sell when the Renko is red. Be careful the Renko chart changes color when the close Renko price is higher than the open Renko so it can repaint up to the close price of the current candle
Pine Script® indicator
by PpSignal01
1
Renko with Dynamic Support and ResistanceRenko candles are a type of chart used to filter out minor price movements, focusing on more significant trends. Unlike traditional candlestick charts, Renko charts do not use time as the primary unit but instead focus on price movements, with each brick representing a certain amount of price movement, or a "brick size." When the price moves by the predefined brick size in a given direction, a new Renko brick is created. Renko charts are useful for identifying trends and key support/resistance levels, and they help eliminate market noise. Here's a brief explanation of how Renko works: How Renko Charts Work: Brick Size (Box Size): The user sets a fixed value (in terms of price) that determines when a new brick will form. For example, if the brick size is 10, a new brick will appear every time the price moves up or down by 10 units. Direction of Bricks: If the price moves up by the brick size, a new brick is added in the up direction. If the price moves down by the brick size, a new brick is added in the down direction. If the price doesn't move enough to form a new brick, no new brick is created. No Time Element: Unlike traditional candlesticks, there is no time involved in Renko charts, meaning that bricks can be formed over any period depending on the price movements. However, since Renko is a price-based chart type and not a time-based one, the actual Renko candles are not directly supported as a visual element in Pine Script. But you can replicate the behavior by plotting the price series based on the conditions for Renko. Renko Charts Use Case: Trend Identification: If you see multiple consecutive green bricks, it indicates an uptrend. Similarly, multiple red bricks indicate a downtrend. Support/Resistance Levels: Renko charts can highlight important levels where price may reverse, as significant changes in direction are visible.
Pine Script® indicator
by akhlaque16g55
3
Tuned Renko Adaptive Indicator for Free ver.1.0Tuned Renko Adaptive Indicator for Free ver.1.0 It is an indicator that displays the Renko chart on top of the candlestick chart. The box size of the standard Tradingview function and the indicator using the "ticker.renko () function" does not change even if the "ATR method" is used, but the box size of this indicator changes in real time depending on the volatility. Since you can display general indicators such as moving averages and Renko charts on one chart, it is very useful for grasping trends. Please contact me if you have any problems. ( Google translate) 練行足チャートをローソク足チャートに重ねて表示するインジケーターです。 Tradingviewの標準機能や「ticker.renko()関数」を使用したインジケーターは「ATR方式」を使用してもボックスサイズは変動しませんが、このインジケーターのボックスサイズはボラティリティによってリアルタイムで変動します。 移動平均線等の一般的なインジケーターと練行足を一つのチャートに表示できるので、トレンドを把握するのにとても役立ちます。 何か問題があればご連絡ください。
Pine Script® indicator
by AIZEN_MT
Use On Renko Chart - Cheap Entry Signals HI BIG PLAYERS, in according of an enquiry from an user of tradingview I coded this script for free. This script allows to identify a trend on the basis of higher high & higher low and lower high & lower low. And only after this fulfill conditions the entry signal comes out. The enquiry relates to Renko-charts, this is why it was build more usable on Renko-Charts. In addition, it is possible to choise yourself the view of highest/lowest peaks and signals in the options. Please give me a like to this indicator and of course: you are invited to follow me or visit my other scripts in relation to Wolfe Wave and Elliott Wave. King regards NXT2017
Pine Script® indicator
by NXT2017
6
Traderset Uni Renko - Awesome OscillatorThis is simply Bill Williams AO oscillator, fabricated with predefined numbers to better fit the Uni Renko charts and my methodology. The reason for publishing this version is that the original numbers (you can see them on the top instance of the oscillator) does not behave that much satisfactory when it comes to renko charting in my methodology ! The AO is not a part of my methodology nor Alligator, but i know some people who would like to have these two tools in renko charts. Here you have it.
Pine Script® indicator
by CAB_Member
8
[INDICATOR]Renko Emulator OCC v1 by JustUncleLThis "Study" project has been created by request and is used in conjunction with the "Strategy" version. *** EXPERIMENTAL *** *** USE AT YOUR OWN RISK *** Description: Indicator based around Renko Bar Chart emulator (ATR) with direction change used to signal buy/sell trades. I have generally found that setting the strategy ATR resolution to 3-5x that of the chart you are viewing tends to yield the good results, regardless of which chart time used. Positions get taken automatically following THE Renko Bar after a crossover.
Pine Script® indicator
by JustUncleL
19