INVITE-ONLY SCRIPT
Renko RSI
Updated
The goal of this indicator is to plot the RSI values "as if" the chart is a true price action based Renko chart. It can be used on a time series chart or Renko series chart. The RSI is derived from the raw price action of a time-based chart, where the historic and live price is clustered into Renko bricks. The Renko brick production algorithm is entirely backed by Renko Price Bars Overlay and thoroughly tested.
The algorithm takes into account rapid brick production within a single time candle and adjusts 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. A bad setting would be something like a 1 tick EURUSD Renko setting on an H4 chart, there simply is no way to derive the exact and ordered price fluctuations in a single H4 candle, 1 pip at a time. A more appropriate chart time frame would be 1-3 minutes for this selected Renko brick size.
The algorithm takes into account rapid brick production within a single time candle and adjusts 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. A bad setting would be something like a 1 tick EURUSD Renko setting on an H4 chart, there simply is no way to derive the exact and ordered price fluctuations in a single H4 candle, 1 pip at a time. A more appropriate chart time frame would be 1-3 minutes for this selected Renko brick size.
- Plots user specified RSI based on Renko bricks. This would be the same (or very close to) the RSI viewed on a normal Renko chart based on price action alone.
- Works well with Renko Price Bars Overlay script.
- See also: Renko Trend Momentum
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.
- Added color themes to match other Divine family indicators.
Release Notes
- Added capabilities to work on Trading View Renko charts. Updated Renko Trend Momentum as well.
Release Notes
- Updated renko chart recognition formulas.
Release Notes
- Updated to version 4 Pinescript.
- Added member features.
Release Notes
- Updated member features.
Release Notes
- Added member features.
Release Notes
- Updated member features.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact mortdiggiddy for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
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Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.