Brief: Renko Candles & Trend System (RCTS) allows traders to have a renko chart alongside their main chart. This is an off-chart version of my previous indicator called "Renko Dots" with an extra component (SMA). A true masterpiece, I'm very proud of it. I put a lot of work into it 😝
RCTS has 3 parameters: Renko Method - Traditional or ATR. These are 2 different ways to calculate Renko. Renko Length - Length controls traditional Renko bar's fixed price range or controls the ATR period. SMA Length - Simple moving average of all Renko values.
Signals: Renko can be either green candle (bullish), red candle (bearish), or dots (neutral). When Renko is above sma, go long. When Renko is below sma, go short.
Fire icon (🔥) indicates that Renko crossed sma. You may change this icon to pretty much any icon you like by copying & pasting any emoji/icon off the internet into the emoji parameter. Here's a link to save you time: getemoji.com/
Or here's a quick list of some icons to copy & paste into the emoji parameter: Smileys 😄️ 😉 🥰 😝 😎 Gestures 👌 ✌️ 🤟 👍 👊 🙏 Animals 🐱 🦊 🐻 🐼 🐮 🐷 Other 😈 👺 🤡 💀 👽 🤖 🎃 ❤️ 💛 💙 ***(This is a hand-picked list I made including only my favorites)
What is a Renko chart? A Renko chart is a special chart that modifies a regular price chart's information about the close price and transforms it into Renko values that are plotted as Renko boxes on a chart. These boxes typically have a fixed range, say 10 pips for example. Or 1 ATR. For more information on Renko charts : investopedia.com/terms/r/renkochart.asp
Just for fun, I've included the following features: - A heart emoji in the short title (💙) - A heart made out of @s in the script's code - A nice quote in the script's code
Have fun. Hit the like button! Stay safe. Enjoy and happy halloween guys & girls 😉