OPEN-SOURCE SCRIPT
st_renko
Updated
The indicator has two parameters: the period and the number of splits. For the selected period, the maximum and minimum are calculated, and the scope of the market is determined by the difference between the maximum and minimum. The scope is divided by the number of partitions, thereby determining the step of the levels. If the average price (ohlc4) falls within the range between levels, this range is drawn. A simpler analogy: we have a local minimum. and the local maximum for the selected period, we build a ladder between them, the number of steps of which is equal to the number of splits, and if the price is on some step of this ladder, then this step is drawn, so we can see how many steps separate us from the maximum and minimum.
Release Notes
The colors of the paint field have changed. If the lower border has moved down, then the area is painted in red, if it has moved up, then in greenOpen-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.
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