The indicator displays Renko bars, uses their data to calculate and display the Ichimoku Kinko Hyo indicator and 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.
Indicator generates two signals:
- When the Tenkan-Sen line is above the Kijun-Sen and the Кumo cloud, while the price crosses it upward - the first buy signal (sell signal is the opposite);
- When the Tenkan-Sen and Kijun-Sen are above the Кumo cloud, while the Tenkan-Sen crosses the Kijun-Sen upward - the second buy signal (sell signal is the opposite);
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 - 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;
- tenkan_sen, kijun_sen, senkou_span_b - appropriate Ichimoku parameters;
- tenkan_sen_color, kijun_sen_color, chikou_span_color, up_kumo_color, down_kumo_color - colors of the Ichimoku lines;
- SignalBuyColor - color of buy signal arrows;
- SignalSellColor - color of sell signal arrows;
- useSignal_1 - allow signal 1;
- useSignal_2 - allow signal 2;
- useAlert - popup alerts;
- useMail - email alerts;
- useNotification - push notifications;
- CustomEventBuy - custom buy event identifier (0 - disabled);
- CustomEventSell - custom sell event identifier (0 - disabled).