This script idea is designed to be used with 10pip brick (recommended) Renko charts. It combines the Renko price action with a directional coloured EMA (default length 6) and a RMI (instead of the usual RSI) indicator to provide entry and exit signals. RMI is bit like RSI with a built-in momentum factor and works well with Renko.
Signals can optionally be filtered by Daily or Weekly Open, where by only trade long above open and short below open (this option is enabled by default). Exit occur when EMA or RMI reverses direction, or optionally (disabled by default) when the Renko prints a brick in the reverse direction. Each Entry and Exit signal creates an Alertcondition that can be picked up by the TradingView Alarm system.
TIP: To get 10pip Bricks set Renko to "Traditional" type bricks and 0.001 for non-JPY currency pairs, and 0.1 for JPY currency pairs. Also set chart Time frame to 5min or 15mins.
References:
TheLark Relative Momentum Index (RMI)
Notas de Lançamento
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By request, added option to use the more familiar RSI instead of RMI.
How do I get this to run as a strategy with performance info? Do you think this could be modified to work well with BTCUSDT?
FilyaIO
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When 'Exit Trade on 1st Opposite Renko Brick' is selected will it trigger an alert right away when new opposite brick closes or when the interval is over?
UnknownUnicorn1726778
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Is this comment section still active?
I was curious on how to set brick size for crypto and what timeframes.
Thanks
LGhustle
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Thx for the indicator unc. Can u briefly explain the candle colors. I’m trying to understand how they effect entries. Ps. What are your thoughts on using this indicator to scalp crypto? If so what time frame and what adjustments should be made.
Doesn't matter mate. You can clearly see green is up/bulls. Red is down/short
Mnbrass549
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@JustUncleL I personally love all your ideas that you have made for the community. I trade Stocks, I find ones that follow/mirror the S&P 500 on a regular basis. I do trade on the 5 min chart and a 1 min chart for additional opportunities that allow me to add size to the market.
Akin_S
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Alert strings not working with this indicator, {{ticker}} {{close}} {{time}} etc