This is live and non-repainting Renko RSI tool. The tool has it’s own engine and not using integrated function of Trading View.

Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko RSI created on time chart.

Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.

As source Closing price or High/Low can be used.

Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.

Renko RSI is calculated by own Renko RSI algorithm.

Alerts added:
Renko RSI moved below Overbought level
Renko RSI moved above Overbought level
Renko RSI moved below Oversold level
Renko RSI moved above Oversold level

RSI length is 2 by default, you can set as you wish.

You better to use this script with the following one:


Enjoy!
Skrip open-source

Sejalan dengan semangat TradingView, penulis skrip ini telah mempublikasikannya secara open-source, sehingga para trader dapat memahami dan memverifikasinya. Salut untuk sang penulis! Anda dapat menggunakannya secara gratis, tetapi penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk dapat menggunakannya didalam sebuah chart.

Inggin menggunakan skrip ini pada chart?

Komentar

500 koin
Jawab
this is great indicator if you add 2 more indicators with it. 70% win rate
+3 Jawab
saltyuk3 TebaniForex
@TebaniForex, which ones?
+5 Jawab
Thank you! Great script!
+2 Jawab
Thanks for this great script. Could you add a colour change of the lines? I am using 2 Renko Rsi with different adjustments and they have to be overlayed for my strategy. It´s hard to differentiate them.
Jawab
Does this repaint slightly?
Jawab
renko rsi ! this is innovative stuff! thanks for sharing this greak work!
Jawab
LTB, very nicely done on Renko RSI. I appreciate the effort for this and Renko Chart. Both help very much in evaluating price action, trends, all that.

Inquiry: whether on Renko RSI you can edit to allow RSI plot to have more than one color choice (currently blue) such as in the typical color palette seen in most indicators. If not and only blue is there for a reason, I completely understand.

Thanks again for all you do!
Jawab
Can you program% renko candles?
for example 0.5%, there is 1 renko
Jawab