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 open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.