Renko RSI

This is live and non-repainting Renko RSI tool. The tool has it’s own engine and not using integrated function of Trading View.

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 RSI 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 support/resistance 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 RSI is calculated by own Renko RSI algorithm.

Alerts added:
Renko RSI moved below Overbought level
Renko RSI moved above Overbought level
Renko RSI moved below Oversold level
Renko RSI moved above Oversold level

RSI length is 2 by default, you can set as you wish.

You better to use this script with the following one:

즐겨찾기 스크립트에서 빼기 즐겨찾기 스크립트에 넣기
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Thank you! Great script!
+2 응답
renko rsi ! this is innovative stuff! thanks for sharing this greak work!
LTB, very nicely done on Renko RSI. I appreciate the effort for this and Renko Chart. Both help very much in evaluating price action, trends, all that.

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!
Can you program% renko candles?
for example 0.5%, there is 1 renko
I can build a robot for you for free
If the strategy works for Beck Test
renko rsi coming instead of Renko Chart (ATR,14,10,hI,Area/Blue/Red/,34,3,1.5) , when i add favorite.. i need Renko Chart (ATR,14,10,hI,Area/Blue/Red/,34,3,1.5)
LonesomeTheBlue chennaimani85
@chennaimani85, go to following page and click "Add to Favorite Scripts"
chennaimani85 LonesomeTheBlue
+3 응답
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프로화일 프로화일설정 계정 및 빌링 리퍼드 프렌즈 코인 나의 서포트 티켓 헬프 센터 공개아이디어 팔로어 팔로잉 비밀메시지 채팅 로그아웃