PINE LIBRARY

pseudorenko

█ CALCULATE PSEUDO-RENKO VALUE

Calculates and returns the Pseudo-Renko Stabilized value (or close price) based on a given input value, along with the direction of the current Renko brick. This function adapts the traditional Renko brick size dynamically based on the volatility of the input value using a combination of SMA and EMA calculations. The calculated price represents the closing price of the most recent Pseudo-Renko brick, while the direction indicates the trend (1 for uptrend, -1 for downtrend).


Parameters:

* `val`:
* Type: `float`
* Description: The input value upon which the Pseudo-Renko calculations are performed. You can use any price series or custom value as input.
* `sensitivity`:
* Type: `float`
* Default Value: `1.0`
* Description: Controls the sensitivity of the brick size to the volatility of the `val`. Higher values lead to larger bricks, resulting in a smoother Renko chart. Lower values produce smaller bricks, leading to a more reactive chart.
* Possible Values: Any positive float.
* `length`:
* Type: `int`
* Default Value: `7`
* Description: The length used for calculating the EMA and SMA in the dynamic brick size calculation. It influences how quickly the brick size adapts to changing volatility of the `val`.
* Possible Values: Any positive integer.


Return Values:

* `lastRenkoClose`:
* Type: `float`
* Description: The closing price of the last completed Pseudo-Renko brick based on the `val`.
* `renkoDirection`:
* Type: `int`
* Description: The direction of the current Pseudo-Renko brick based on the `val`:
* `1`: Uptrend
* `-1`: Downtrend
* `0`: No change (initially, or no brick change since the previous bar)


Example Usage:





This example demonstrates how to use the `pseudo_renko` function within an indicator. It takes user inputs for `sensitivity` and `length`, then calculates the Pseudo-Renko values using the average of the `close` and `open` prices as the `val`. The resulting `renkoClose` price is plotted on the chart, with a color change based on the `renkoDirection`. It also illustrates how you can use other values, like `high` and `low`, as input to the function.


Note: The Pseudo-Renko algorithm is based on adapting the Renko brick size dynamically based on the input `val`. This provides more flexibility compared to the normal, but is experimental. The `sensitivity` and `length` parameters, along with the choice of the `val`, offer further customization to tune the algorithm's behavior to your preference and trading style.
renkostabilizertechindicator

Biblioteca Pine

Siguiendo fielmente el espíritu TradingView, el autor ha publicado este código Pine como una biblioteca de código abierto, permitiendo que otros programadores de Pine en nuestra comunidad lo utilicen de nuevo. ¡Olé por el autor! Puede utilizar esta biblioteca de forma privada o en otras publicaciones de código abierto, pero tenga en cuenta que la reutilización de este código en una publicación se rige por las Normas internas.

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