The indicator calculates and displays renko bars using MA and PSAR 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.
- Buy signal forms when PSAR readings are moving down, MA is moving up, the price is closing above MA, while PSAR is closing below it;
- sell signal forms when PSAR readings are moving up, MA is moving down, the price is closing below MA, while PSAR is closing above it.
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. Only the last formed bullish and bearish patterns are displayed.
- 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;
- MA_Period - MA period;
- MA_Color - MA color;
- SAR_Step, SAR_Max - PSAR indicator parameters;
- SAR_Color - PSAR dot color;
- SignalColor - signal arrow color;
- useAlert - popup alerts;
- useMail - email alerts;
- useNotification - push notifications;
- CustomEventBuy - custom buy event indicator (0 - disabled);
- CustomEventSell - custom sell event indicator (0 - disabled).
2) Low/High quotes from the archive are used for the initial indicator plotting.
3) In case of insufficient archive data, the indicator is not unloaded but joins a queue instead.
4) Changed signal forming conditions. For a buy signal, the value of the upper SAR point should be farther from the moving average than the value of the lower one. For a sell signal, the value of the lower point should be farther from the moving average than the value of the upper one.
5) RenkoBar parameter value is multiplied by 100 for two-digit quotes.