For long time I got many request for Renko Candles and now here it's, Renko Candles Overlay. I tried to make almost everything optional, so you can play with the options as you want.
Let see the options: Method: the option for brick scaling method: ATR, ATR/2, ATR/4, Percent, Traditional - ATR Period: period for Average True Range and it's valid if the method is ATR - ATR/2 Period: period for Average True Range and it's valid if the method is ATR/2 - ATR/4 Period: period for Average True Range and it's valid if the method is ATR/4 - Traditional: User-defined brick size, it's valid if the method is Traditional - Percent: Percent of Close price, it's valid if the method is Percent if the method is not Traditional (fixed brick size) then Brick size is calculated/updated when new bricks added. so The box sizes may be different because of the calculation is dynamic. Levels & Lines for new Bricks: if you enable this option then the script shows the levels for new brick Change Bar Color: optionally the script changes the bar color by using direction of the bricks and some other options for coloring.
The script shows the bricks for visible area, which is approximately 280 candles. so if you change the width and number of the bricks then number of bricks that is shown is adjusted automatically to fit the screen. you can see the examples below:
The script shows the levels to new brick as a line and label:
Because of real-time bar is not confirmed until the candle close, the script shows the bricks as Unconfirmed, and unconfirmed bricks shown in different color:
You can change the width of the bricks (width is 10 in following example):
Optionally candle colors are changde by the direction of the bricks:
If you have any recommendation then please drop a comment under the script ;)
Enjoy!
Notes de version
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Following alerts added (users request): - Trend is UP - Trend is DOWN
P.S. if you set the alert frequency "Once Per Bar" then you can get the alert immediately (before the confirmation of the Close price). if you set the alert frequency "Once Per Bar Close" then the alerts are triggered at the opening of next candle (confirmed) and using this usage is recommended.
Thanks! Hey what does the "percentagebs" variable do? Can't figure out what this is for. Also, would love to see this converted to a strategy in the future.
LonesomeTheBlue
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@tyler8910, you are welcome. it's used for the brick size if Percent method is chosen