The indicator displays renko bars on the chart, builds two moving averages on them and gives buy/sell signals according to the conditions shown in the screenshots and described below:
- a buy signal is formed if the fast moving average is above the slow one, 4 to 10 consecutive bullish renko bars are displayed, followed by no more than 2 bearish renko bars and 1 bullish one;
- a sell signal is formed if the fast moving average is below the slow one, 4 to 10 consecutive bearish renko bars are displayed, then no more than 2 bullish renko bars and 1 bearish one.
Renko is a specialized display of price movement, in which not every bar of the time interval is displayed on the chart, but 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 time frame.
Buy/sell signals are output to indicator buffers and can be used for automatic trading. An arrow on the chart shows a buy/sell signal, and a diamond of the same color shows a stop loss at the level of the slow moving average and the specified offset.
In parallel with the signals on the chart, the indicator can issue alerts in a pop-up window, to email and to a mobile device.
[spoiler title=”Read More…”]
- RenkoBar – the size of the renko bar in points (automatically recalculated for 5-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-indicates whether the display of regular bars on the chart is hidden;
- MaFastPeriod – the period of the fast moving average;
- MaFastMethod-fast moving average method;
- MaFastColor – color of the fast moving average;
- MaSlowPeriod – the period of the slow moving average;
- MaSlowMethod-slow moving average method;
- MaSlowColor – color of the slow moving average;
- stopShift-offset for the stop loss in points (automatically recalculated for 5-digit quotes);
- minTrendBars – minimum number of consecutive bars in the signal direction;
- maxTrendBars – maximum number of consecutive bars in the signal direction;
- maxBackBars – the maximum number of bars of the rollback movement;
- UseAlert-allowing notifications in the popup window;
- useMail-allowing email alerts;
- useNotification-allowing notifications to be sent to a mobile device;
- messageText-notification text;