Renko MTF - Traditional and ATR

Somehow there aren't too many renko bars that have the traditional setting built-in so I put one up. This one has the option to choose between Traditional and ATR, the size number corresponds to the option that was chosen. And just in case if anyone wanted, I put up a multi-time frame option to choose the time frame the bars take place. D is for day, W is for week, flat numbers are in minutes, and leaving it blank looks at the current time frame the chart is in. The calculation comes from how Tradingview handles renko bars.

Renko bars don't paint a color unless the market moves a certain amount based on its settings. When the market moves up it turns green, if it moves down it turns red, simple color changes alone can say a lot. They're a good way to try to find trends somewhat objectively and seem to be a good way to eliminate time and can replace other time-based indicators that can whipsaw or lag. The bars have a tendency to repeat themselves so it's a good way to find trends. There aren't too many settings for the box size, most people either just choose 5, 10, 14, etc where as other indicators have many options that differ on different markets. The numbers can be chosen easily enough to pick a sweet spot with just a single input where other indicators such as MACD have multiple inputs to pick the right number that can make it difficult to choose from(although it won't be as precise as a MACD would sometimes but can be worth the objectiveness and consistency and same setting repeatability in different markets in my opinion). Some example strategies could be to use them as an alternative trailing stop, finding trends, a simple color change for entry and exit on top of other strategies, etc. It can do the job of many in an all in one price action type indicator(although not better all the time, it can come close enough). Despite all this, it does seem to depend on which time-frame it's being looked at, how TV does the calculation for it, and how one can use this with the lack of practical information on it out there.
Notas de prensa: changed the size input from integer to float to be able to put in smaller numbers when needed
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con las Normas internas. Puede marcarlo como favorito para usarlo en un gráfico.

¿Quiere utilizar este script en un gráfico?


Hey. Love the simplicity of this — works a charm!

Getting some great entry signals, but after experimenting a little, I've found that my results are improved by entering a trade when the renko 'candle' is green AND the price of the asset is above an EMA value, e.g. 200.
Is it possible to add this function into the script along with alerts?
cragum123 cragum123
Ah, just realised why I'm getting such good results... it's repainting. nevermiiiiiind.
SparkyFlary cragum123
@cragum123, were you using a different time frame for the time frame input?
cragum123 SparkyFlary
@SparkyFlary, Hey. Yeh, I was using 15min on my 1min chart.

I know it's a Trading View / Pinescript issue where MTF features repaint. Wish they'd fix it.
SparkyFlary cragum123
@cragum123, that's probably because the 15 min bar did not finish yet and the renko on there didn't either. That happens too with other multi-time frame heiken ashi bars and other indicators too. It might not repaint if you wait for the 15 min interval to finish, did you try that? It's probably better not to use the mtf feature, maybe that's why they didn't put one in before..oh well