Renko Candles & Trend System [racer8]

31 oct 2020

Brief:
Renko Candles & Trend System (RCTS) allows traders to have a renko chart alongside their main chart.
This is an off-chart version of my previous indicator called "Renko Dots" with an extra component (SMA).
A true masterpiece, I'm very proud of it. I put a lot of work into it 😝

RCTS has 3 parameters:
Renko Method - Traditional or ATR. These are 2 different ways to calculate Renko.
Renko Length - Length controls traditional Renko bar's fixed price range or controls the ATR period.
SMA Length - Simple moving average of all Renko values.

Signals:
Renko can be either green candle (bullish), red candle (bearish), or dots (neutral).
When Renko is above sma, go long.
When Renko is below sma, go short.

Fire icon (🔥) indicates that Renko crossed sma.
You may change this icon to pretty much any icon you like by copying & pasting any emoji/icon off the internet into the emoji parameter.
Here's a link to save you time: getemoji.com/

Or here's a quick list of some icons to copy & paste into the emoji parameter:
Smileys 😄️ 😉 🥰 😝 😎
Gestures 👌 ✌️ 🤟 👍 👊 🙏
Animals 🐱 🦊 🐻 🐼 🐮 🐷
Other 😈 👺 🤡 💀 👽 🤖 🎃 ❤️ 💛 💙
***(This is a hand-picked list I made including only my favorites)

What is a Renko chart?
A Renko chart is a special chart that modifies a regular price chart's information about the close price and transforms it into Renko values that are plotted as Renko boxes on a chart. These boxes typically have a fixed range, say 10 pips for example. Or 1 ATR.
For more information on Renko charts : investopedia.com/terms/r/renkochart.asp

Just for fun, I've included the following features:
- A heart emoji in the short title (💙)
- A heart made out of s in the script's code
- A nice quote in the script's code

Have fun.
Hit the like button!
Stay safe.
Enjoy and happy halloween guys & girls 😉