The indicator calculates and displays Renko bars using Bollinger Bands and Parabolic SAR data as well as provides buy/sell signals.
Renko is a non-trivial price display method. Instead of displaying each bar within a time interval, only the bars where the price moved a certain number of points are shown. Renko bars do not depend on a time interval, therefore the indicator works on any timeframe without losing its efficiency.
- The buy signal is generated when the average line of Bands is directed upward, Renko bar crosses the upper line of Bands and PSAR is below the lower line of Bands.
- The buy signal is generated when the average line of Bands is directed downward, Renko bar crosses the lower line of Bands and PSAR is above the upper line of Bands.
The signals are displayed as arrows, messages in a pop-up window, e-mails and push notifications. The indicator also generates EventChartCustom custom event to use the signal for trading automation. The event generated by the indicator can be processed by the EA in the OnChartEvent function. The indicator passes the following parameters to the event handler: id - identifier; dparam - PSAR value for placing a stop loss; sparam - text message.
- RenkoBar - renko bar size in points (automatically re-calculated for five-digit quotes);
- CountBars - number of renko bars displayed on a chart;
- bearColor - bearish renko bar color;
- bullColor - bullish renko bar color;
- hideBars - flag of hiding standard bars on a chart;
- sar_step, sar_max - PSAR indicator parameters;
- sar_color - PSAR dot color;
- bands_period - Bollinger Bands period;
- bands_dv - Bollinger Bands indicator deviation;
- bands_color - Bollinger Bands indicator color;
- SignalBuyColor - color of buy signal arrows;
- SignalSellColor - color of sell signal arrows;
- useAlert - popup alerts;
- useMail - email alerts;
- useNotification - push notifications;
- CustomEventBuy - custom buy event identifier (0 - disabled);
- CustomEventSell - custom sell event identifier (0 - disabled).
- CustomEventStopLoss - identifier of custom event for moving Stop loss - passes the value of PSAR to the terminal (0 - disabled).