Renko with Multi-Timeframe RSI (Non-Repaint)

This is a Renko-based Multi-Timeframe RSI indicator with Inverted Volatility Oscillator that combines three technical analysis concepts to provide trading signals without repainting issues.


Core Components
1. Renko Chart Foundation
Instead of using time-based candles, this indicator creates Renko bricks based on price movement:

Green brick = Price moved up by one brick size
Red brick = Price moved down by one brick size
Brick size = Either ATR-based (dynamic) or fixed value
Key advantage: Filters out market noise by ignoring time and small price fluctuations

Non-Repaint Feature: Only processes confirmed bars (barstate.isconfirmed), ensuring signals don't disappear or change after they appear.

2. Volume-Weighted RSI (Multiple Timeframes)
Three RSI calculations:
a) Renko RSI (Purple line)

Calculated directly from Renko brick close prices
Shows momentum based on actual brick formations
More stable than traditional RSI since it's based on significant price moves

b) 1-Hour RSI (Blue line)

Standard RSI from 1-hour timeframe
Provides medium-term momentum context

c) 4-Hour RSI (Orange line)

Standard RSI from 4-hour timeframe
Shows longer-term momentum trends

RSI Interpretation:

Above 70: Overbought (potential sell signal)
Below 30: Oversold (potential buy signal)
Above 50: Bullish momentum
Below 50: Bearish momentum


3. Inverted Volatility Oscillator (Yellow line)

Measures the opposite of price volatility in Renko brick closes:

What It Actually Is:

Simply calculates volatility (standard deviation of rate of change)
Normalizes it to 0-100 scale
Inverts it (100 minus volatility)
Result: When prices are volatile, the number is LOW. When prices are calm, the number is HIGH.

This is just repackaged volatility:

Above 80: Low volatility period (calm, stable prices)
50-80: Below-average volatility
20-50: Above-average volatility
Below 20: High volatility period (choppy, erratic prices)

The "Fear/Greed" Marketing: The assumption is that high volatility = panic/fear, and low volatility = complacency/greed. But this is just a narrative wrapper around basic volatility measurement. Markets can be:

Highly volatile during euphoric rallies (not fear)
Very calm during sustained downtrends (not greed)

The relationship between volatility and sentiment is assumed, not measured.
How It Works
Signal Generation

Buy Signals occur when:

Renko RSI < 30 (oversold) OR
1H RSI < 30 OR
4H RSI < 30 OR
Inverted Volatility < 20 (high volatility = "extreme fear")

Sell Signals occur when:

Renko RSI > 70 (overbought) OR
1H RSI > 70 OR
4H RSI > 70 OR
Inverted Volatility > 80 (low volatility = "extreme greed")

Exit Conditions:

Brick color changes (green→red or red→green)
Any RSI enters opposite extreme zone
Multiple confirmations increase signal reliability



What You're Actually Getting

Legitimately Useful:

Renko filtering: Real noise reduction
Multi-timeframe RSI: Valid momentum confirmation across timeframes
Non-repainting: Reliable signal timing

Marketing Fluff: The "Fear/Greed Index" is:

Just normalized, inverted volatility
Given emotional labels to sound sophisticated
Based on an assumption (volatility = fear) that's often wrong
No actual measurement of fear, greed, sentiment, or psychology
Adds no information you couldn't get from a standard volatility indicator

Reality Check

What the indicator claims: "Fear/Greed Index measures market psychology"

What it actually does: Calculates volatility of Renko closes, flips the scale, and slaps emotional labels on different levels

Better description: "Low Volatility Warning" (>80) and "High Volatility Warning" (<20)

The indicator works fine as a multi-timeframe RSI system with Renko smoothing. The volatility component can be useful for identifying regime changes. But calling it "Fear/Greed" is pure marketing - it's just repackaged volatility with psychology buzzwords.
Bottom Line

Use this for:

Renko trend following (genuinely useful)
Multi-timeframe momentum confirmation (valid approach)
Volatility regime detection (what the yellow line actually measures)

Don't use this thinking:

It reads market psychology (it doesn't)
It's measuring actual fear or greed (it isn't)
It's anything more than inverted volatility (it's not)


// ============ DISCLAIMER ============
// EDUCATIONAL PURPOSE ONLY - NOT FINANCIAL ADVICE
// This indicator is provided for educational and informational purposes only.
// It does NOT constitute financial, investment, trading, or any other type of advice.
//
// PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
// No trading system or indicator can guarantee profits or prevent losses.
//
// RISKS:
// - Trading and investing involve substantial risk of loss
// - You can lose some or all of your invested capital
// - Only trade with money you can afford to lose
// - Indicators can produce false signals and lag price action
//
// "FEAR/GREED INDEX" DISCLAIMER:
// The so-called "Fear/Greed Index" is simply inverted normalized volatility.
// It does NOT actually measure fear, greed, sentiment, or market psychology.
// It is a mathematical calculation based on price volatility with emotional
// labels applied for marketing purposes. The relationship between volatility
// and sentiment is ASSUMED, not measured or proven.
//
// NO REPAINTING GUARANTEE:
// While designed to avoid repainting, no indicator is perfect. Always verify
// signals on confirmed bars and test thoroughly before live trading.
//
//(RESPONSIBILITY):
// By using this indicator, you acknowledge that:
// - All trading decisions are your own responsibility
// - You have tested this indicator on historical data
// - You understand the risks involved in trading
// - The creator(s) of this indicator are not liable for any losses
//
// ALWAYS:
// - Do your own research and due diligence
// - Consult with qualified financial professionals
// - Use proper risk management and position sizing
// - Never risk more than you can afford to lose
// - Practice on paper/demo accounts before live trading
// =======================================