Renko Candles & Trend System [racer8]

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.

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: https://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 : https://www.investopedia.com/terms/r/ren...

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 😉
오픈 소스 스크립트

진정한 TradingView의 정신에 따라, 이 스크립트의 작성자는 스크립트를 오픈소스로 게시했기에 거래자들이 이해하고 확인할 수 있습니다. 작가님께 건배! 스크립트를 무료로 사용할 수 있지만, 게시물에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 당신은 스크립트를 차트에 사용하기 위해 그것을 즐겨찾기 할 수 있습니다.

차트에 이 스크립트를 사용하시겠습니까?


super cool script, thanks for sharing.
+2 응답
racer8 rhanna
@rhanna, 🙏
hey nice share, plz add % option for box size ... as its very imp feature messing from Tradingview
+1 응답
This is really novel idea @racer8 and I think I will be using this a lot in future. Many thanks.
+1 응답
racer8 Black_Widow_II
@Black_Widow_II, I'm glad I positively impacted your trading :)
+1 응답
I recently came across your page and I'm very impressed by all the work you put in your indicators.
Cant wait to test it out
Hello, great script. Do you pair it with other indicators or tools to filter out some of the bad signals? What do you use to exit better when entering with this indicator?
Thank you!
racer8 SAtul
@SAtul, I don't trade. I simply make indicators.
This is a creative script. Will implement it in my trading next week. Thanks a lot for sharing.
Hi, super cool indicator. I am using traditional renko in this indicator. Is there any chance of delay in fire emoji signal being displayed. Any repaint?