Here is another version of my Flex Renko script. It is uses percentage-based brick sizes to draw the Renkos instead of ATR or static brick sizes. What makes the percentage-based drawing style great is that one doesn't need to adjust stops so many times like they would with a ATR based Renko. It also makes moving between tickers smooth as well as one doesn't have to adjust the brick-size for each name.
to use: By default the setting is ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points and so-forth. This style is perfect for those traders who make trades on a percentage basis over a price-level basis. It's also good for percentage-based stops.
The yellow lines represent where the price needs to go to draw another Renko brick.
to use: By default the setting is ".001" or 10 basis points. So ".01" is 1 percent or 100 basis points and so-forth. This style is perfect for those traders who make trades on a percentage basis over a price-level basis. It's also good for percentage-based stops.
The yellow lines represent where the price needs to go to draw another Renko brick.
//Zack_the_Lego study("ZTLs % Renko Emulator", overlay = true) res = input(.001, minval = .0001, maxval = .30, title = "Resolution of ATR") BrickSize = close[1] * res Brick1 = high > nz(Brick1[1],close) + BrickSize ? nz(Brick1[1],close) + BrickSize : low < nz(Brick1[1],close) - BrickSize ? nz(Brick1[1],close) - BrickSize : nz(Brick1[1],close) Brick2 = Brick1 != Brick1[1] ? Brick1[1] : nz(Brick2[1],close) projected = Brick1> Brick2 ? BrickSize + Brick1: Brick1 - BrickSize projected2 = Brick1 > Brick2 ? Brick2 - BrickSize : Brick2 + BrickSize colorer = Brick1 > Brick1[2] ? aqua: Brick1 < Brick1[2] ? red : gray plot(projected, color = yellow) plot(projected2, color = yellow) p1=plot(Brick1, color = colorer, linewidth= 4, title = "Renko") p2=plot(Brick2, color = colorer, linewidth= 4, title = "Renko") fill(p1,p2, color = purple, transp= 50)