YY Line of Renko on the Chart

5

            This indicator is the basis for an Expert Advisor that can be categorized as "almost Grail". See details below.

            This indicator displays the projection of the Renko chart on the price chart. This projection is displayed as a stepped line, not as "bricks" (rectangles). See slides 1 and 2. Abbreviated name of the indicator: LRC – Line of Renko on the price Chart.

            The principle of its construction is very simple. First, a grid of horizontal lines (levels) is built with a given step and offset. Then a Renko Line is built using these levels: if the price touches a new neighboring level, then the Renko Line "jumps" to this level, forming a "step". If the price of this candle does not touch any of the neighboring levels, then the Line continues to the right.

            Despite its simplicity, on the basis of this indicator (as mentioned above) it is possible to build an Expert Advisor that has the characteristics of "almost Grail". An example of such an Expert Advisor called "Renko Random Robot" can be seen here [link]. But first things first. First, let's take a closer look at this indicator, and why it is the basis of the "almost Grail". Then (optionally) you can view the Expert Advisor built on the basis of this indicator using the link above.

 

         Parameters

 

  • Step of Levels in points – level grid step in points, on the basis of which the Renko Line is built;
  • Shift of Levels in points – shift of the entire grid of levels in points (a negative number means a shift down);
  • Show Level Lines – show the level grid;
  • Level Line Color – the color of the grid lines of the levels;
  • Level Line Style – the style of the grid lines of the levels;
  • Level Line Width – the width of the grid lines of the levels.

 

         Why is this indicator needed?

 

            Firstly, it shows the price movement in a more general (compressed) and simplified way. And this, in turn, simplifies the analysis of price movements. What is meant? As you know…

 

* * *

 

<For the continuation and full text of the description, see the attached file in the first post on the "Comments" tab>

 


Reviews 3
Moamin Aljaro
58
Moamin Aljaro 2025.03.16 16:59 
 

It is very easy and user friendly

Dest T
33
Dest T 2024.02.27 12:30 
 

best Indicator I've seen on this platform it doesn't look like much but this indicator is very very useful especially in no indirection of the trend I would recommend this indicator to anyone out there looking to make money in the market very Useful in the chaos especially with my strategy I'll give this indicator a 10 out of 10 and would recommend it to anyone One of the most underrated indicator on this platform good job for the creator

sunhuanhuana
106
sunhuanhuana 2022.10.08 07:19 
 

nice

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Trading Special – 30% OFF Best Solution for any Newbie or Expert Trader! This indicator is a unique, high quality and affordable trading tool because we have incorporated a number of proprietary features and a new formula. With this update, you will be able to show double timeframe zones. You will not only be able to show a higher TF but to show both, the chart TF, PLUS the higher TF: SHOWING NESTED ZONES. All Supply Demand traders will love it. :) Important Information Revealed Maximize the pot
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The Mono Waves indicator is designed to display the wave behavior of the market on a chart. Its appearance is presented on slide 1.   This indicator uses the PPPC (Point-Percent Price Channel) indicator, which can be downloaded for free from the  Market .              When the market moves up, the upper border of the price channel is built on High candlestick prices (for more details, see the description of the PPPC indicator at the link given above). The higher the High prices rise
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Moamin Aljaro
58
Moamin Aljaro 2025.03.16 16:59 
 

It is very easy and user friendly

Dest T
33
Dest T 2024.02.27 12:30 
 

best Indicator I've seen on this platform it doesn't look like much but this indicator is very very useful especially in no indirection of the trend I would recommend this indicator to anyone out there looking to make money in the market very Useful in the chaos especially with my strategy I'll give this indicator a 10 out of 10 and would recommend it to anyone One of the most underrated indicator on this platform good job for the creator

sunhuanhuana
106
sunhuanhuana 2022.10.08 07:19 
 

nice

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