This is live and non-repainting Renko RSI tool. The tool has it’s own engine and not using integrated function of Trading View.
Renko charts ignore time and focus solely on price changes that meet a minimum requirement. Time is not a factor on Renko chart but as you can see with this script Renko RSI created on time chart.
Renko chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
As source Closing price or High/Low can be used.
Traditional or ATR can be used for scaling. If ATR is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and brick size (ATR/Percentage) is 0.00124 then box size becomes 0.001. And also while using dynamic brick size (ATR), box size changes only when Renko closing price changed.
Renko RSI is calculated by own Renko RSI algorithm.
Alerts added: Renko RSI moved below Overbought level Renko RSI moved above Overbought level Renko RSI moved below Oversold level Renko RSI moved above Oversold level
RSI length is 2 by default, you can set as you wish.
@saltyuk3, as if he'll tell us. He is not lonesome. Just trying to stir up things
a0533161912
⋅
Hello
I can build a robot for you for free
If the strategy works for Beck Test
TradingCanyon
⋅
Thank you! Great script!
btcusdtbybbit
⋅
Good morning,
Is it normal that from yesterday (03/17/2023 - 11:30 p.m.) to today (02/18/2023 - 12:46 p.m.) the indicator is in a straight line above 80 (RSi overbought level) with no further movement? I'm in U.T. 5 minutes. That's over 12 hours without any inversions???? Thanks for your help and answers
FXMentorOfficial
⋅
How to change colors of OB & OS levels?
sandeeptope
⋅
Can u proivde strategy for this study to buy with brick size 5.... overbought level 55 and oversold level 45
Robery91
⋅
Thanks for this great script. Could you add a colour change of the lines? I am using 2 Renko Rsi with different adjustments and they have to be overlayed for my strategy. It´s hard to differentiate them.