Overlays Renko Bars on Regular Price Bars.
Default Renko plot is based on . Look Back period adjustable in Inputs Tab.
If you Choose to use "Traditional" Renko bars and pick the Size of the Renko Bars the please read below.
Value in Input Tab is multiplied by .001 (To work on Forex)
1 = 10 pips on EURUSD - 1 X .001 = .001 or 10 Pips
10 = . 01 or 100 Pips
1000 = 1 point to the left of decimal. 1 Point in Stocks etc.
10000 = 10 Points on Stocks etc.
***V2 will fix this issue.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.
//Created By ChrisMoody on 11-03-2014 study(title="CM_Renko Overlay Bars V1", shorttitle="CM_Renko Overlay_V1",overlay=true) //rt = input(true, title="ATR Based REnko is the Default, UnCheck to use Traditional ATR?") atrLen = input(10, minval=1, title="ATR Look Back Length") isATR = input(true, title="Checked Box = ATR Renkos, If You Un Check Box Please Read Below") def = input(false, title="Number Below is Multiplied by .001, So 1=10 Pips on EURUSD, 10=100 Pips, 1000 = 1 Point on Stocks/Furures") tradLen1 = input(1000, minval=0, title="Input for Non-ATR Renkos, See Above for Calculations") //Code to be implemented in V2 //mul = input(1, "Number Of minticks") //value = mul * syminfo.mintick tradLen = tradLen1 * .001 param = isATR ? renko(tickerid, "open", "ATR", atrLen) : renko(tickerid, "open", "Traditional", tradLen) renko_close = security(param, period, close) renko_open = security(param, period, open) col = renko_close < renko_open ? fuchsia : lime p1=plot(renko_close, style=cross, linewidth=3, color=col) p2=plot(renko_open, style=cross, linewidth=3, color=col) fill(p1, p2, color=white, transp=80)