Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko created on time chart.
Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making levels much easier to identify.
As source Closing price or High/Low can be used.
Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.
Renko is calculated by own Renko algorithm.
Renko moved below Overbought level
Renko moved above Overbought level
Renko moved below Oversold level
Renko moved above Oversold level
length is 2 by default, you can set as you wish.
You better to use this script with the following one:
Inquiry: whether on Renko RSI you can edit to allow RSI plot to have more than one color choice (currently blue) such as in the typical color palette seen in most indicators. If not and only blue is there for a reason, I completely understand.
Thanks again for all you do!