PROTECTED SOURCE SCRIPT

Renko on Candlesticks

Updated

This script drowse renkoboxes on top of candlesticks. This script does not repaint and can be used for alerts generation. If you add Renko to the same chart using security function it won't be the same (which seems to be a bug in TV). To check if my implementation is correct you can open Renko in a separate window and check timestamps.
Unlike standard implementation, when you use ATR based Renko bars, every box can have different size! The current ATR is applied after every bar. The standard implementation takes the current ATR value and applies it to the whole chart, so the chart may look totally different when you reload the page.

Release Notes

This update introduces multiplier for every Renko box. Since candlesticks is a timebased chart and Renko is not, it is possible that one candlestick generates more than one box. If you build a Renko based strategy, you definitely want to know when there''s just a new box and when there's a movement across multiple boxes

Release Notes

bug fix: Renko box created by rapid movement was multiplier times size which is not correct.

Release Notes

Another milestone achieved, the script can now optionally calculate Renko MA (for the time being it's a simple moving average of box waists). Other MA options (both types and sources) are yet to come. The first task right now is to make it volume weighted. And yes, I trade crude oil on FORTS, so it should be possible to get volume data from other tickers as well!

Protected script

This script is published closed-source and you may privately use it freely.

Want to use this script on a chart?

kashinme

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