Morpheus Renko Chart Overlay by ZekisRenko is very useful in many strategies, but Tradingview does not support original Renko charts, where time is 0 and the single variable is the price action
This script can overlay the normal Candles Chart with Renko bricks and behaves like an original Renko brick formula
This is a simple way of looking at a Renko Chart inside a normal Candles Chart
You need to adjust the value manualy, like in Traditional Renko
If a price goes up by that value, new brick is formed with green color, vice versa for the down side
I filled bricks with red and green for a better view
Added Long and Short signs
Added alerts
(Original script wrote by Richard Santos and modified by Ni6HTH4wK)
Enjoy!
@Zekis
Renkoindicator
Aphrodite Renko Up and Down by ZekisA simple renko script with bar and background colored
In this way ups and downs can be seen more easily
Alerts are added for buy/sell, long/short
Possibility to show bricks colours and background colours, according to the market situation
Renko scalp (buy/sell) indicatorThis script is based on some variations of Rocket (from Until1Mil group) scalping strategies.
It uses Renko to determine buy/sell areas.
More details can be found on my steemit page (same user as here).
Renko CandlesticksRenko charts are awesome . They reduce noise by only painting a brick on the chart when price moves by a specified amount up/down. When the price reverses, it must go twice the specified amount before a brick is painted. Time is not a factor, just price movement. Sometimes however, you want the pros of a renko chart, but on a regular candlestick chart. This indicator attempts to do just that.
A band is placed around price action showing the upper and lower bounds of what would be the current renko brick. The band only goes up/down when the price action itself moves up/down by the amount you specify. There are several ways of specifying the amount:
Fixed Price Amount: As the name says, you enter the brick size amount, i.e. the amount the price has to move before being in a new brick.
% of Price: This method will calculate the amount the price has to move as a percentage of the price itself. This way as price goes up/down, your brick size will adjust accordingly. Recommended values would be around 1% or less.
% of ATR: This option will make the brick size a percentage of the Average True Range. You can specify the ATR time frame to be different from your current time frame as well as the ATR length. For instance you could be on a 10 minute chart but specify the ATR to be daily with a length of 3 and a percentage amount of 15. This would make your brick size 15% of the Average True Range for the last 3 days. Recommended values are 10 to 20%.
Use this indicator on any time frame, even the 1 minute as the renko bands span the price action the same way on any time frame easily letting you know whether or not the price has moved appreciably, regardless of how much time has passed.
You can also set alerts easily, simply set the alert to crossing and choose “Renko Candlesticks” instead of “Value”. You will then see the options for the renko upper and lower bounds.
Tested on Bitcoin with the following values:
Fixed Price Amount: 30 ($30)
% of Price: 0.45 (if Bitcoin is $7000 then the brick size would be $31.50)
% of ATR: 15%, ATR Time Frame: 1D, ATR Length: 3 (3 days)
