The indicator displays renko bars on a chart, uses them to plot the fast and slow moving average and Stochastic, as well as it provides buy/sell signals:
- a buy signal is generated when the fast moving is above the slow one, and the signal line of Stochastic crosses the lower level from bottom up;
- a sell signal is generated when the fast moving is below the slow one, and the signal line of Stochastic crosses the upper level from top to bottom;
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 and sell signals appear on the chart as corresponding arrows, as well as are displayed as a pop-up alert, in an e-mail and push notifications.
Parameters
- RenkoBar – renko bar size (specified for 4-digit quotes, automatically re-calculated for 5- and 3-digit quotes);
- CountBars – number of renko bars displayed on a chart;
- bearColor – bearish bar color;
- bullColor – bullish bar color;
- hideBars – flag of hiding standard bars on a chart;
- MaFastPeriod – the period of the fast moving average;
- MaFastMethod – method of calculation of the fast moving average;
- MaFastColor – the color of the fast moving average;
- MaSlowPeriod – the period of the slow moving average;
- MaSlowMethod – method of calculation of the slow moving average;
- MaSlowColor – the color of the slow moving average;
- StochK – Stochastic K period;
- StochD – Stochastic D period;
- StochSlow – Stochastic slowing;
- StochUpLevel – the upper level of Stochastic;
- StochDownLevel – the lower level of Stochastic;
- StochMainColor – the color of the main line of Stochastic;
- StochSignalColor – the color of the signal line of Stochastic;
- BuyColor – the color of the Buy signal arrow;
- SellColor – the color of the Sell signal arrow;
- useAlert – enable notifications in a popup window;
- useMail – enable email notifications;
- useNotification – enable push notifications;
- messageText – the text of the notification.
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