Renko In Renko is a special version of Renko-Style Trend that is optimized for Renko charts with thresholds configured in the Tick unit and the unique-of-its-kind visual effect to facilitate price-action reading. This price-based trend indicator plots trend lines in the same principle as that of Renko bars. You should encounter familiar terminologies using this indicator, such as Offset, Tick, and Lower/Upper Threshold.
Trend states and trend shifts are controlled by 2 parameters: “Trend Offset” and “Reversal Offset”. Renko In Renko gives you a sense of familiarity and ease in monitoring market trends, just like observing Renko bars. Let’s take an example of Trend Offset and Reversal Offset configured as 12 ticks and 36 ticks, respectively. Then:
- Each time the price of the market makes a movement of more than 12 ticks in the current trend direction, the trend will be boosted to the next upper & lower thresholds (in the direction of the trend).
- If the market moves more than 36 ticks in the opposite direction to the current trend, the trend will make a reversal.
- Otherwise, the market will continue moving in a “box” outlined by the unchanged upper & lower thresholds – which is something similar to Darvas boxes.
With these intuitive upper & lower thresholds, you can easily keep track of price movement, which is really convenient for you to know where to place orders. More wonderfully, you can also enable “Region painting” to have the area between the upper threshold and the lower threshold painted in user-defined bullish or bearish colors, depending on the trend states. This special visual effect will bring you the most ease and comfort in visualizing trends – an AMAZING feature that you cannot not love! Furthermore, our original bar-painting technology makes identifying trend states become much easier.
The indicator informs you when the market enters a new trend with “Trend Start” signals and when the existing trend steps up with “Trend Strengthening” signals.
With Renko In Renko, we are bringing you one of the must-have indicators for any Renko traders, no matter whether your trading is discretionary or automated.
Dedicated NinjaScript signals:
- Signal_State: 1 = uptrend, -1 = downtrend
- Signal_Trade: 1 = uptrend start, 2 = uptrend strengthening, -1 = downtrend start, -2 = downtrend strengthening, 0 = no signal
- 22 Feb 2023 – The indicator was released (built new).