OPEN-SOURCE SCRIPT
[INDICATOR]Renko Emulator OCC v1 by JustUncleL
Updated
This "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.
*** 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.
Release Notes
As requested I have updated to include "Traditional" Renko Method Bricks.- Updated to Pinescript V4.
- Added options to select Renko Method.
- Added alertconditions for "BUY" and "SELL" triggers.
JustUncleL
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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