OPEN-SOURCE SCRIPT
Renko Box Chart Overlay by BD
Updated
This is Renko chart overlay for Candles chart. You can use it to identify market direction and potential key points.
To use it simply select box size and any timeframe you want.
With this overlay you can be sure that you'll see every brick on a chart showing general market direction with all the details of a candles chart.
Alternatives Renko overlay charts:
If you don't have access to 1s timeframe or you don't want to use low TF here is the situation with built in Renko chart on 5m TF:
This Renko boxes are linked to chart by time(candle) and price. It will draw a box even if price didn't close above(or below) of box level:
But be careful when setting box size too small because it will produce bad results:
The issue is known and I'll work on fixing it in next update, for now use box size at least the size of a body of a candle, after all renko is for general market movement and not for marking up every tick.
Let me know if you want to see any additions.
To use it simply select box size and any timeframe you want.
With this overlay you can be sure that you'll see every brick on a chart showing general market direction with all the details of a candles chart.
Alternatives Renko overlay charts:
If you don't have access to 1s timeframe or you don't want to use low TF here is the situation with built in Renko chart on 5m TF:
This Renko boxes are linked to chart by time(candle) and price. It will draw a box even if price didn't close above(or below) of box level:
But be careful when setting box size too small because it will produce bad results:
The issue is known and I'll work on fixing it in next update, for now use box size at least the size of a body of a candle, after all renko is for general market movement and not for marking up every tick.
Let me know if you want to see any additions.
Release Notes
Good news, everyone! With this major update I'm offering you the most accurate Renko chart overlay on the market today. Now you can set any Box size on any TF you like and be sure that every brick will be plotted on a chart! *Limitations of chart resolution still apply*
Minor updates:
Added label text color setting
Added "Display Until" feature - use this if you can't see all boxes on a chart (because of max box limit)
Release Notes
*Updated screen pictureRelease Notes
- Minor improvement
- Bug fix
- Added Alerts (on next box level)
Release Notes
- Minor productivity improvement
- Added Box border color input
Release Notes
Improvement:- Removed max bars back limitation when selected large box value and low TF
Release Notes
Update:- Added candles repainting based on closing price above/below/within Box's high/low.
- Added "Anchored" option. With this feature you can set start time and initial high/low of a box yourself.
https://www.tradingview.com/x/DtcGJkAH/
Release Notes
- Reworked "Anchored" option.
- Added "Reset Daily" option.
- Added options to set initial price.
- Added optional selection for labels.
- Added option to update labels (so they are always at the rightmost bar).
- Added Remainder calculation (to next box level).
- Added "Projected Box" option.
- Significantly improved performance.
Release Notes
Minor improvements.Release Notes
Performance improvements and fixesRelease Notes
added Once Per Bar setting for alertsRelease Notes
- performance improvement
Release Notes
- Fixed a bug when box wasn't drawn when current price was equal to next box level on symbols with price close to or below 1 (like EUR/USD). *The issue is due to the way Pinescript works.
- Fixed a bug when drawing too wide box on low TF (1s-5s TF).
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
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.