PROTECTED SOURCE SCRIPT
Renko Alerts
📢 Renko Alerts – by Marcelo Ulisses Sobreiro Ribeiro
🧱 Detection of Bricks and Hammers on Renko Charts with Alerts
This indicator was designed for traders who use Renko charts and want to receive automated alerts when bricks and hammer-like patterns are formed, helping with price action reading and quick, objective decision-making.
✅ Indicator Function
Renko Alerts automatically identifies:
Bullish Brick: A clean bullish brick (no wicks), indicating potential trend continuation to the upside.
Bearish Brick: A clean bearish brick (no wicks), indicating potential trend continuation to the downside.
Bullish Hammer: A bullish brick with a lower wick.
Bearish Hammer: A bearish brick with an upper wick.
ℹ️ Important:
Hammer patterns are widely used as entry triggers, both for reversal and trend continuation — it all depends on the market context in which they appear (e.g., support/resistance, pullback zones, indicator confluence).
⚙️ Inputs & Settings
🔹 Box Size (points)
Description: Defines the Renko brick size in points.
Default value: 3.0
Why it matters: This setting is essential for the script to accurately detect brick formations. It calculates the body size and distinguishes between clean bricks and those with wicks (hammers).
Technical Note: A small tolerance is applied automatically to prevent floating-point comparison errors.
🔔 Available Alerts
The indicator provides four ready-to-use alert conditions for use within TradingView:
Alert Name Technical Condition Message
Bullish Brick Bullish brick with body equal to Box Size New Bullish Brick
Bearish Brick Bearish brick with body equal to Box Size New Bearish Brick
Bullish Hammer Bullish brick with a lower wick New Bullish Hammer
Bearish Hammer Bearish brick with an upper wick New Bearish Hammer
These alerts are ideal for automating chart monitoring and receiving real-time notifications about potential trade setups.
📌 Additional Notes
This script is designed to work exclusively with Renko charts using fixed box sizes.
It is not suitable for time-based candlestick charts.
You can use this indicator alongside other tools (moving averages, RSI, stochastics, etc.) to build confluent strategies.
🧱 Detection of Bricks and Hammers on Renko Charts with Alerts
This indicator was designed for traders who use Renko charts and want to receive automated alerts when bricks and hammer-like patterns are formed, helping with price action reading and quick, objective decision-making.
✅ Indicator Function
Renko Alerts automatically identifies:
Bullish Brick: A clean bullish brick (no wicks), indicating potential trend continuation to the upside.
Bearish Brick: A clean bearish brick (no wicks), indicating potential trend continuation to the downside.
Bullish Hammer: A bullish brick with a lower wick.
Bearish Hammer: A bearish brick with an upper wick.
ℹ️ Important:
Hammer patterns are widely used as entry triggers, both for reversal and trend continuation — it all depends on the market context in which they appear (e.g., support/resistance, pullback zones, indicator confluence).
⚙️ Inputs & Settings
🔹 Box Size (points)
Description: Defines the Renko brick size in points.
Default value: 3.0
Why it matters: This setting is essential for the script to accurately detect brick formations. It calculates the body size and distinguishes between clean bricks and those with wicks (hammers).
Technical Note: A small tolerance is applied automatically to prevent floating-point comparison errors.
🔔 Available Alerts
The indicator provides four ready-to-use alert conditions for use within TradingView:
Alert Name Technical Condition Message
Bullish Brick Bullish brick with body equal to Box Size New Bullish Brick
Bearish Brick Bearish brick with body equal to Box Size New Bearish Brick
Bullish Hammer Bullish brick with a lower wick New Bullish Hammer
Bearish Hammer Bearish brick with an upper wick New Bearish Hammer
These alerts are ideal for automating chart monitoring and receiving real-time notifications about potential trade setups.
📌 Additional Notes
This script is designed to work exclusively with Renko charts using fixed box sizes.
It is not suitable for time-based candlestick charts.
You can use this indicator alongside other tools (moving averages, RSI, stochastics, etc.) to build confluent strategies.
Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya dengan percuma dan tanpa had – ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya dengan percuma dan tanpa had – ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.