Renko Overlay (add alert?)

U

uawgmsmco

New member
Hello all,

Before I ask my question, I would like to give credit to the original creator of this Renko Overlay script, as there are no names listed within the script and I wasn't able to locate the script again in the forums. Whoever it is, thank you for your contribution. If you come forward, I would love to add your name into the script. This is a slick little script that seems to overlay(paint) higher tick Renko onto a lower tick Renko(or regular candle sticks) chart to give a better overall view of trend. As someone who tends to be trigger happy, I am personally in love with the script as it keeps me in trades longer.

QUESTION: Is there a way to add an audible alert for when the overlay changes color? I would love to cut down on my screen time. The only thing I've been able to find is a script for when the underlying renko itself changes color, but I've been unsuccessful in incorporating that alert into this overlay script.





QUESTION: Is there a way to add an audible alert for when the overlay changes color? I would love to cut down on my screen time. I was able to to find an alert script for when the underlying renko itself changes color, but I've been unsuccessful in incorporating that alert into this overlay script.

Original code:

Code:
#input BrickSize = 1.25;
input BrickTicks = 10.0;
#def BrickTicks = reference ATR();
input label = Yes;
def BrickSize = BrickTicks * TickSize();
def Mortar = CompoundValue(1, if close() > Mortar[1] + BrickSize
then Mortar[1] + BrickSize
else if close() < Mortar[1] - BrickSize then Mortar[1] - BrickSize else Mortar[1] , close());
def Stack = if Mortar != Mortar[1] then Mortar[1] else Stack[1];
def mortarext = if IsNaN(close) then mortarext[1] else Mortar;
def stackext = if IsNaN(close) then stackext[1] else Stack;
plot Bricks = Mortar; plot Renko = Stack;
#plot Bricksext = mortarext;
#plot Renkoext = stackext;
input showcloud = yes;
def same=if same[1]==0 and bricks>bricks[1] and bricks>renko[1] then 1 else if same[1]==1 and max(renko,bricks)>=max(renko[1],bricks[1]) then 1 else 0;
def s1= if isnan(close) then s1[1] else same;
def s=s1;
defineglobalColor("UP", color.green);
defineglobalcolor("DN", color.red);
addcloud(if showcloud and s==1 then bricks else double.nan, renko, globalcolor("UP"),globalcolor("UP"));
addcloud(if showcloud and s==0 then renko else double.nan, bricks, globalcolor("DN"),globalcolor("DN"));
plot stoploss = if !isnan(close) then double.nan else if s==0 then max(mortarext,stackext) + ticksize() else min(mortarext,stackext) - ticksize();
#Bricks.AssignValueColor(if Bricks > Renko then Color.green else Color.red);
Bricks.AssignValueColor(if s==1 then Color.green else Color.red);
Renko.AssignValueColor(if s==1 then Color.green else Color.red);
#Bricksext.AssignValueColor(if (Bricksext) > (Renkoext) then Color.GREEN else Color.RED);
#Renkoext.AssignValueColor(if (Bricksext) > (Renkoext) then Color.GREEN else Color.RED);
AddLabel(label, "Renko: " + BrickSize, if Bricks > Renko then Color.GREEN else Color.RED);
input pricecolor = no;
AssignPriceColor(if pricecolor == no then Color.CURRENT else if s==1 then Color.green else Color.red);
 
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D

diego

New member
VIP
uawgmsmco, thank you for sharing! Would you be so kind to share how what is the brick tick size you use on CL and any other recommendation on how to use it profitable. Again thank so much!
 
U

uawgmsmco

New member
uawgmsmco, thank you for sharing! Would you be so kind to share how what is the brick tick size you use on CL and any other recommendation on how to use it profitable. Again thank so much!

I'm still experimenting with this script to use it regularly as part of strategy. I actually posted it because I'm trying to figure out how to add an audible alert to when the bars change colors, lol.
 
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T

TradeUp

Member
2019 Donor
@uawgmsmco Can you please share your grid (chart)?
 
U

uawgmsmco

New member
It is red while it is going up!
As I said in the original post, this is an overlay indicator and it’s never 100% correct(just like any other indicator). It’s meant to give a general overview of trend and there may be short periods of uptrend within the overall downtrend.
 
U

uawgmsmco

New member
@uawgmsmco Can you please share your grid (chart)?
Are you familiar with creating your own indicator in the ThinkOrSwim platform? If not, YouTube it. You’ll be able to copy and paste the code I originally posted.
 
U

uawgmsmco

New member
would you share your strategy. thank you!
There’s nothing to share here other than the original ThinkScript code I posted. This overlay indicator is not intended to be a strategy.
 
Tradervic

Tradervic

New member
VIP
There’s nothing to share here other than the original ThinkScript code I posted. This overlay indicator is not intended to be a strategy.
Can you explain what does this overlay do? Thanks
 
S

SparkyFlary

Member
Is this based on ATR or is it traditional where you can set the box size based on ticks?
Is this a mean renko or is it based on close?
 
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