This scripts draws Renko Candles in a seperate window dynamically and live. it shows only last 20 Renko candles. there is no time in that window, that means this window with Renko candles ignore time and focus solely on price changes. For Example If the brick value is set at 10 points, a move of 10 points or more is required to draw another brick. Price movements less than 10 points would be ignored and the Renko chart would remain unchanged. If you don't know what Renko Chart/Candle is then you should read some articles about it ;)
"Method" in the option is same as in Renko Chart, two methods: "Traditional" or "ATR". default value is ATR if you choose Traditional method then you need to set brick size accordingly. Increasing or decreasing the box size will affect the "smoothness" of the chart. if you choose ATR mode then brick size will be set by using Average True Range(ATR) indicator
You have option to use Closing Price or High/Low. by default it's "Close"
Optionally it can change candle colors by Renko Bricks/Trend
Optionally it can show the levels for new bricks.
in this example, Mode = Traditional and Brick size: 10
in this example, Mode = Traditional and Brick size: 50
in this example Mode = ATR
Do not forget to click "Donate" button ;)
Enjoy!
Phát hành các Ghi chú
⋅
Alerts added.
Phát hành các Ghi chú
⋅
updated.
Phát hành các Ghi chú
⋅
Percentage (%) added as new scaling method. now scaling can be done by one of ATR, Traditional or Percentage..
Can we apply other indicators to your Renko bricks here? I have been experimenting with Donchian Channels with different periods for the upper and lower bands on Renko. Seems promising. Great work as always! Thanks for generously sharing!
LonesomeTheBlue
⋅
@Junglistt, Thanks. no we can not apply other indicators directly to the candles, it needs development. actually not very easy one
UnknownUnicorn1726778
⋅
Hey,
Do you or anyone know if Renko works well with 1-5 minute binary trades? I assume not because binaries expire after a period of time and Renko doesn't use time.
Also, does anyone know of ANY strategy that is consistently profitable on binaries? No joke, I've tested well over 150 scripts here and none of them work well.
Thanks!
PS: There will be a nice reward if someone shows me one that works 80%+ consistently. I don't mean a $10-1000 reward. Over $1000 easy because if I found one that worked well, it wouldn't take long to make that. $$$
LonesomeTheBlue
⋅
@paranormalrob, Without any idea about what this script does, you wrote a lot thing. you can write these things on renko charts lol. you made me laugh, funny :)
LonesomeTheBlue
⋅
@LonesomeTheBlue, this script was developed to show renko candles on normal time chart in realtime...
abalvoda
⋅
@paranormalrob, LOL! If someone knows a strategy that consistently profitable, they'd make millions themselves and wouldn't lure for your over 1K "reward". Needless to say, no one would share that strategy anyway.