This is live and non-repainting Renko Weis Wave Volume 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.
This tool is based on the Weis Wave described by David H. Weis (a Wyckoff specialist). The Weis Waves Indicator sums up volumes in each wave. This is how we receive a bar chart of cumulative volumes of alternating waves and The cumulative volume makes the Weis wave charts unique.
If there is no volume information for the security then this tool has an option to use “True Range” instead of volume .
Hi, on your script sometimes short dotted line is drawn. Could you tell me what it is and is there any way to display it alone?
kfilip
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@londonbutique, I think you mean the dots in the renko chart right? Its' the threshold needed to be broken for the bigger trend line to change direction. Go back in time and check. You can tamper with its setting. Took me a long time to figure out :)
MDijcks
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Good work! This indi gives good entry signals :D
Rhydo
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Wow ! that's cool !
sohaibalmahsere
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hello
This script - Renko Weis Wave Volume-
Very good work
Can I combine 3 time periods?
For example, frame 10 minutes + 30 minutes + 90 minutes
LitzoBeach
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this is great.. thanks :)
FxFortuna
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im checking your indicator so far so good on backtesting I'm looking forward to see the results on live
ahmetk072
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Teşekkürler. Harikasın
kfilip
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Could by any chance WWV be combined with OBV for better detection of trend change?