The indicator displays Renko bars, uses their data to calculate and display the Bollinger Bands, MA indicators and provides buy/sell signals based on divergence.
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 moments of the divergence are evaluated based on the points where the price exceeds the upper/lower Bollinger line and returns inside. If the next price peak exceeds the previous one, and the difference between the Moving average and the central line of Bands is smaller, a sell signal is generated. A buy 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; sparam - text message.
- RenkoBar - renko bar size in points (automatically re-calculated for three and 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;
- MaPeriod - moving average period;
- MaColor - moving average color;
- BandPeriod, BandDev - Bollinger parameters of the same name;
- BandColor - color of the Bollinger lines;
- SignalBuyColor - color of buy signal arrows;
- SignalSellColor - color of sell signal arrows;
- useAlert - enable pop-up notifications;
- useMail - enable email notifications;
- useNotification - enable push notifications;
- CustomEventBuy - custom buy event identifier (0 - disabled);
- CustomEventSell - custom sell event identifier (0 - disabled).