Live Dynamic Renko
- Indicators
- Version: 1.1
- Updated: 2 December 2022
- Activations: 5
This Renko is:
- Live : constantly updated on the market prices
- Dynamic : updating on each new ATR value
- Backtestable : Generating the chart during backtest, allowing Real Ticks Accuracy and Time Period Accuracy
- Guppy Built-in: GMMA with 12 EMA built-in
This is what you are looking for!
RENKO
A Renko chart is a type of chart, developed by the Japanese, that is built using price movement rather than both price and standardized time intervals like most charts are. It is thought to be named after the Japanese word for bricks, "renga," since the chart looks like a series of bricks. A new brick is created when the price moves a specified price amount, and each block is positioned at a 45-degree angle (up or down) to the prior brick.
Why Renko?
- Renko charts filter out noise and help traders to more clearly see the trend, since all movements that are smaller than the box size are filtered out.
How does Dynamic Brick Size works?
- Brick size can be based on the Average True Range (ATR), by setting a % of it's value of a determined Time Frame. It will be updating on each candle of the new ATR value, WITHOUT CHANGING THE PREVIOUS BRICK SIZES!
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GUPPY
The Guppy Multiple Moving Average (GMMA) is a technical indicator that aims to anticipate a potential breakout in the price of an asset. The term gets its name from Daryl Guppy, an Australian financial columnist and book author who developed the concept in his book, "Trading Tactics." The GMMA consists of a short-term group of EMAs and a long-term group of EMAs, both containing six MAs, for a total of 12, and is overlaid on the price chart of an asset.
Why Guppy?
- Guppy identifies changing trends, breakouts, and trading opportunities in the price of an asset by combining two groups of moving averages (EMA) with different time periods.
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INPUTS
- Brick Size : calculated as a Tick Amount or a % of the ATR value.
- Dynamic Size Based on ATR : Must be turned on if calculating brick size on ATR.
- ATR Timeframe : Must be turned onif calculating brick size on ATR. The timeframe define the value of the ATR taken in consideration. This will determine the interval of time fro brick size to be updated.
- ATR Period : Must be turned on if calculating brick size on ATR.
- Show Wicks : On or Off.
- Use Full History : Use all the available history data to calculate the past Renko Chart. That may take more time than when its off.
- Guppy EMA : Show the Guppy indicator.
