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The indicator displays renko bars on the chart, calculates and displays the Bollinger Bands, MACD indicator based on their data and highlights buy/sell signals based on divergence – the divergence of the price movement and the oscillator.
Renko is a specialized display of price movement, in which a time interval bar is displayed on the chart only if the price has passed more than a specified number of points. Renko bars are not tied to a time interval, so the indicator can work with the same efficiency on any timeframe.
The moments of divergence are estimated by the points at which the price goes beyond the boundaries of the upper/lower Bollinger lines and returns inside.
The signals are displayed on the chart in the form of arrows of the corresponding direction, a message in a pop-up window, to an email, a mobile device. The indicator also generates a custom EventChartCustom event for using the signal in trade automation. The event generated by the indicator can be processed by the Expert Advisor in the OnChartEvent function. The indicator passes the following parameters to the event handler: id-id; sparam-text message.
- RenkoBar – the size of the renko bar in points (automatically recalculated for five-digit quotes);
- CountBars – the number of renko bars displayed on the chart;
- bearColor – the color of the bearish renko bar;
- bullColor – the color of the bullish renko bar;
- hideBars-a sign of hiding the display of ordinary bars on the chart;
- MacdFast, MacdSlow, MacdSignal – parameters of the same name for the MACD;
- MacdColor, MacdSignalColor – the colors of the MACD;
- BandPeriod, BandDev – parameters of the same name for Bollinger;
- BandColor – the color of the Bollinger lines;
- SignalBuyColor – the color of the signal arrows for the purchase;
- SignalSellColor – the color of the signal arrows for sale;
- UseAlert-notifications in a pop-up window;
- useMail-Email notifications;
- useNotification-notifications to a mobile device;
- CustomEventBuy-ID of the custom purchase event (0 – ban);
- CustomEventSell-ID of the custom event for sale (0 – ban);
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