Renko boxes on price chart
This so called renko indicator is an attempt to draw renko boxes on the price chart itself. It uses only close price so if a new box appear, wait for the current candle to close before making any trading decision. I would make another instance of this renko indicator with high and low values of candles instead.
//parameters :
// boxsize = 50
once topprice = close
once bottomprice = close - boxsize*ticksize*2
if(close > topprice + boxsize*2) THEN
topprice = close
bottomprice = topprice - boxsize*2
ELSIF (close < bottomprice - boxsize*2) THEN
bottomprice = close
topprice = bottomprice + boxsize*2
ELSE
topprice = topprice
bottomprice = bottomprice
ENDIF
RETURN topprice as "box top", bottomprice as "bottom box"
Comments
You must be logged in to post a comment.
Hi Nicolas,
i'm new here at pro real code forum and I have just started using the software a week ago. So I'm still learning the coding language used to build custom indicators. I'm very much interested in Renko indicators as my strategy primarily uses them across multiple timeframes.In regards to the above indicator box setting, does it return the exact open to close range that a Renko brick with the same setting would return on any chart, for instance would a setting of 1 Renko daily chart be equivalent to 0.01 box size on the above indicator. Did you build the high low version as well?.
Thanks for the indi.
your assistance is very much appreciated.
Mhingas
Hello Mhingas, The informations drawn by this indicator would be the same as a normal renko boxes candlestick representation. Of course renko bricks build begin at the very first price of the chart, so you would expect the same values as the platform renko bricks if the first price is the same (at barindex=0). I did not code the high/low one, I think you talk about the renko wiks?
Hello Nicolas, I imported your code, but it doesn't draw many boxes, but just a single one across the graph. What have I do to fix this issue? Many thanks, Guido