Protervus Renko

24 Feb 2022

Welcome to Protervus Renko!
After over two years of research and development, I'm thrilled to present you with my take on Renko in overlay mode.

Key features

• Four Renko Types: Classic, Median, Geometric, Turbo
  
• Brick size methods: Traditional, Percentage, ATR
  
• Renko Wicks
  
• Higher Time-Frame selection
  
• No repainting, all data is consolidated and obtained from regular candles
  
• Output mode: pass Protervus Renko data to other indicators
  
• Built-in settings validator
  
• Renko Statistics
  
• Bricks reversal
  
• Complete style and color customization
  
• Tooltips in the settings panel explaining available options
  
• Alerts
  

Renko Types: Classic, Median, Geometric, Turbo


Show Candles, Levels, or Both - along with Wicks

Note: when levels are disabled Wicks are shown on the actual Renko bricks, while when enabled they are shown in the middle of the Renko level.

Understanding Renko Output
In Real Mode, the output only contains data on the Renko brick, while in Normalized mode the values are repeated for the whole Renko level.
Example with Bollinger Bands:

In Real Mode, Bollinger Bands will be calculated exclusively on the Renko Bricks. Had we used Normalized Mode instead, the output wouldn't make sense as the values are carried over on each candle.
Other indicators (like RSI, for example) would work better with Normalized output though:


Automatic settings validation

Note: if settings are Unreliable, the script will not show any Renko candles or levels. The Output can still be used on external indicators, if needed (e.g. for a more granular RSI output).

Renko Data Panel

Data Panel shows two types of statistics: Rolling and Barset. Rolling data is referring to "last X time" and can be defined in the indicator's settings (in this example it's set to one week) while "Total Bricks" are considered over the whole available barset (since the beginning of the chart).
Besides seeing Renko Bricks trends at a glance, it's also possible to spot interesting areas when Rolling bricks are coming close to either the Total Average or Total Maximum Bricks, signaling a possible reversal or continuation.

Bricks Reversal

Show reversals: configure how many opposite bricks are needed to trigger a reversal, as well as limiting their number to avoid strong opposite movements.
Tip: more conservative Traders might want to receive a signal if the minimum is close to the Average Bricks Trend, but not over the Maximum Bricks Trend.

Moving the Indicator to a separate pane and overlay price


Credits
yatrader2 (lengths in time or bars function), allanster (Heikin Ashi function)
Special thanks go to PineCoders community for their incredible efforts and learning material to help mastering PineScript!

31 Jul 2022

Nota Keluaran

- Added Dynamic option for Brick Reversal (automatically calculates Min. and Max. bricks for a reversal)
- Fixed alerts not firing properly when Confirm Reversal option was enabled