Renko style indicator - how to create?

[somefool]

Renko style indicator - how to create?

I'm not happy with the Renko charts in TOS. The chart seems to draw far more bricks than, for example, a Renko chart in TradingView set to the same brick height (e.g. 100 ticks in TOS and Box Size 1 in TradingView should both draw the same number of $1 bricks, but TOS draws more bricks). The thought occurred to me that I might be able to script my own 'Renko' type indicator in Thinkscript. Essentially it could be just a plot that draws a new line every time price moves up or down one dollar. Do you think this is possible in Thinkscript? I'm not sure how to script a non-time based plot in Thinkscript. Any tips welcome. Thank you

 

[SleepyZ]

Renko style indicator - how to create?

I'm not happy with the Renko charts in TOS. The chart seems to draw far more bricks than, for example, a Renko chart in TradingView set to the same brick height (e.g. 100 ticks in TOS and Box Size 1 in TradingView should both draw the same number of $1 bricks, but TOS draws more bricks). The thought occurred to me that I might be able to script my own 'Renko' type indicator in Thinkscript. Essentially it could be just a plot that draws a new line every time price moves up or down one dollar. Do you think this is possible in Thinkscript? I'm not sure how to script a non-time based plot in Thinkscript. Any tips welcome. Thank you

This set up may help. The image shows Mobius range overlay set to $1 for /ES (4 tickvalue (.25) range setting) and AAPL (100 tickvalue (.01) range setting) on 100 tick charts

# Range Overlay
# Mobius
# Mobius at MyTrade
# V01.01.2011

input RangeSize = 5 ;

   input c = close;
   def cond = CompoundValue(1, if c > cond[1] + RangeSize * ticksize()
                               then cond[1] + RangeSize * ticksize()
                               else if c < cond[1] - RangeSize * ticksize()
                               then cond[1] - RangeSize * ticksize()
                               else cond[1] , c);

  plot bar = cond;
   def barcond = if cond != cond[1]
                 then cond[1]
                 else barcond[1];

  plot tickcond = barcond;
     AddCloud( bar, tickcond, color1 = Color.GREEN);
assignpriceColor(if bar>tickcond then color.green else color.red);

# End Code Range Overlay

 

[somefool]

This set up may help. The image shows Mobius range overlay set to $1 for /ES (4 tickvalue (.25) range setting) and AAPL (100 tickvalue (.01) range setting) on 100 tick charts

Thank you! I will test it out. For the record I have since learned Trading View's Renko charts may not be reliable nor accurate due to the fact that the lowest timeframe TV uses is 1 minute. TV does not have tick data. In addition there seems to be a repainting issue and/or completely missing Renko bricks on Trading View charts.