OPEN-SOURCE SCRIPT
alpha Renko intraday wave time
Updated
I was asked to share my experimental Renko intraday wave time. So here it is warts and all. The same for the rest - except the Weis cumulative volume.
Renko wave time is in minutes. This script is strictly intraday and has not been played with extensively.
You must use traditional Renko and set the script wave size to the same size as the Renko brick size.
If you click on the sideways wishbone or "V" in the middle upper part of the chart you will get all of the scripts in this particular sandbox. After clicking the sideways wish bone click on "make it mine". You will then have the whole sandbox. The only published script is the Weis cumulative wave.
The "Boys MAs" is supposed to be a script for daily charts and from within some kind of consolidation. In any case I am intrigued by some signals. You have a variety of sandbox options in the format section of the boys MAs.
These codes are pretty rough with lots of abandoned lines of script.
Renko wave time is in minutes. This script is strictly intraday and has not been played with extensively.
You must use traditional Renko and set the script wave size to the same size as the Renko brick size.
If you click on the sideways wishbone or "V" in the middle upper part of the chart you will get all of the scripts in this particular sandbox. After clicking the sideways wish bone click on "make it mine". You will then have the whole sandbox. The only published script is the Weis cumulative wave.
The "Boys MAs" is supposed to be a script for daily charts and from within some kind of consolidation. In any case I am intrigued by some signals. You have a variety of sandbox options in the format section of the boys MAs.
These codes are pretty rough with lots of abandoned lines of script.
Release Notes
This script is a complete rethink/rewrite of the old script. Release Notes
This is an updated version of RWT. It performs much better than the previous versions. Much of the work is done automatically. To do this automatically the script guesses at the amount of time that the exchange has not been open eg overnight or over a weekend. Only a few exchanges are recognized automatically. So you will need to input the period the exchange is open.
For example, if you trade on NYSE which opens at 09:30 hours est and closes at 16:00 hrs est then the length of the trading day in minutes is 390. Enter that in the box "Minutes in trading day, if above 0 then this value will be used instead of automatic calculation for exchange, 1440 is for an exchange that never closes ". Any number above "0" entered in that box will be the default hours of operation for the exchange you are using except where the "XETR exchange box is checked, In which case the XETR operation hours will be the default. Why does XETR get its own box? Because that exchange has a settlement period at the end of the day that interferes with the script's ability to sense overnight none trading hours. It has its own algo. Also, I was asked to specifically do a script for XETR by a TV member.
This script is not built to allow a split day. If there other exchanges, besides XETR, that have special circumstances this script causing it to be unable to sense nonoperating hours then the Renko time will be wrong part or all of the time. An individual time bar might jump to over 1000 minutes for the first bar of the day- that will demonstrate an issue. If so send me a message.
I have not added in special coding for the US Thanksgiving and Christmas Eve or anywhere that the market closes early. This must be added. The code is roughly in place and will be activated once I decide which exchanges to do probably as a result of feedback.
Optionally, this script will also give you Renko wave cumulative volume.
I hope you find this version more useful than the previous versions. Message me if you see issues. I have not tested this extensively.
jayy
Release Notes
This is a minor update to RWT. The script can now handle a 4 day break - eg a 4 day weekend. I fixed the column colours so that the bar time and wave time are both blue and maroon.Shown above are the 4 different plots available within the script ie bar time, bar time with a background of wave time, wave time, and Renko wave cumulative volume. I have yet to add a situation where the market closes before normal hours -the American Thanksgiving is an example. I am still thinking of the most appropriate way to do this. Examples of this coding are already in the script in the section "brute force" but this is a tedious method that requires script for each day and for each individual market. jayy
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.
Jayy
Disclaimer
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