OPEN-SOURCE SCRIPT
Renko Status
The indicator tracks dual-timeframe momentum and structural boundaries by requesting real-time traditional Renko data directly from the underlying asset's ticker via ticker.renko.
Dual-Box Engine: Calculates simultaneous data streams for both a Primary Renko Box (default 10.0 points) and a Secondary Renko Box (default 20.0 points) without requiring manual chart context switches.
Live Target Projections: Computes forward expansion targets (upTarget, downTarget) for both brick sizes. It projects live horizontal continuation/flip levels into future chart space (+2 to +8 offset for primary; +10 to +16 offset for secondary) to visually map higher-timeframe breakout boundaries before price hits them.
Recently Closed Range ("Zero Zone"): Generates shaded zero-zone fill areas between the previous brick's open and close levels, locking in confirmed structural support and resistance ranges directly on your execution chart.
Brick Change & Streak Tracking: Evaluates brick completion logic (ta.change(rkClose) != 0) and maintains a persistent counter (streak) to tally consecutive directional brick closes, measuring directional momentum intensity.
How to Use It in Trading:
Macro Filter & Bias Confirmation: Use the Secondary (20-box) target projections on lower-timeframe execution charts (like the 1m) as a trend-bias check. If the 20-box targets are expanding upward, avoid taking low-probability counter-trend short scalps.
Execution Timing: Use the Primary (10-box) projections to identify immediate micro-expansion triggers and structural flips during active setups.
Pullback / Level Trading: Treat the shaded "Zero Zone" lines as institutional support/resistance shelves. When price retests these dynamic boxes during a pullback, look for price action rejections to confirm entries in the direction of the dominant Renko streak.
Other Indicator Features
Unified Dashboard Table: Real-time price tracking for index ETFs (QQQ, SPY, DIA) positioned cleanly in the bottom-right corner.
Adaptive Moving Averages: Multiple linear regression and SMA curves scaled dynamically to match chart minute settings.
Daily Anchored VWAP (AVWAP): Automated volume-weighted average price line that resets sum calculations at the start of every daily trading session.
Dual-Box Engine: Calculates simultaneous data streams for both a Primary Renko Box (default 10.0 points) and a Secondary Renko Box (default 20.0 points) without requiring manual chart context switches.
Live Target Projections: Computes forward expansion targets (upTarget, downTarget) for both brick sizes. It projects live horizontal continuation/flip levels into future chart space (+2 to +8 offset for primary; +10 to +16 offset for secondary) to visually map higher-timeframe breakout boundaries before price hits them.
Recently Closed Range ("Zero Zone"): Generates shaded zero-zone fill areas between the previous brick's open and close levels, locking in confirmed structural support and resistance ranges directly on your execution chart.
Brick Change & Streak Tracking: Evaluates brick completion logic (ta.change(rkClose) != 0) and maintains a persistent counter (streak) to tally consecutive directional brick closes, measuring directional momentum intensity.
How to Use It in Trading:
Macro Filter & Bias Confirmation: Use the Secondary (20-box) target projections on lower-timeframe execution charts (like the 1m) as a trend-bias check. If the 20-box targets are expanding upward, avoid taking low-probability counter-trend short scalps.
Execution Timing: Use the Primary (10-box) projections to identify immediate micro-expansion triggers and structural flips during active setups.
Pullback / Level Trading: Treat the shaded "Zero Zone" lines as institutional support/resistance shelves. When price retests these dynamic boxes during a pullback, look for price action rejections to confirm entries in the direction of the dominant Renko streak.
Other Indicator Features
Unified Dashboard Table: Real-time price tracking for index ETFs (QQQ, SPY, DIA) positioned cleanly in the bottom-right corner.
Adaptive Moving Averages: Multiple linear regression and SMA curves scaled dynamically to match chart minute settings.
Daily Anchored VWAP (AVWAP): Automated volume-weighted average price line that resets sum calculations at the start of every daily trading session.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.