The indicator displays Renko bars on the chart, plots two moving averages by them and generates buy/sell signals based on the conditions displayed in the screenshots and described below:
- the buy signal is formed if the fast moving average is above the slow moving average, from 4 to 10 consecutive bullish Renko bars are displayed, followed by no more than 2 bearish and one bullish Renko bars;
- the sell signal is formed if the fast moving average is below the slow moving average, from 4 to 10 consecutive bearish Renko bars are displayed, followed by no more than 2 bullish and one bearish Renko bars;
Renko - specialized display of the price action, in which the graph is displayed not every bar of the time frame, but only under the condition that the price had passed more than the specified number of points. Renko-bars are not bound to a time frame, so the indicator can work on any time frame with the same efficiency.
The buy/sell signals are output to the indicator buffers and can be used for automated trading. The arrows on the chart represent buy/sell signals, rhombus of the same color - stop loss at the level of the slow moving average and specified offset.
In parallel with the signals on the chart, the indicator is able to generate notifications in a pop-up window, send e-mails and push-notifications.
Description of the indicator parameters:
- RenkoBar - size of a Renko bar in points (automatically recalculated for 5-digit quotes);
- CountBars - the number of Renko bars displayed on the chart;
- bearColor - color of a bearish Renko bar;
- bullColor - color of a bullish Renko bar;
- hideBars - flag to hide the usual bars on the chart;
- MaFastPeriod - period of the fast moving average;
- MaFastMethod - method of the fast moving average;
- MaFastColor - color of the fast moving average;
- MaSlowPeriod - period of the slow moving average;
- MaSlowMethod - method of the slow moving average;
- MaSlowColor - color of the slow moving average;
- stopShift - stop loss offset in points (automatically recalculated for 5-digit quotes);
- minTrendBars - the minimum number of consecutive bars in the signal direction;
- maxTrendBars - the maximum number of consecutive bars in the signal direction;
- maxBackBars - the maximum number of bars in a rollback;
- useAlert - enable pop-up alerts;
- useMail - enable e-mail notifications;
- useNotification - enable push-notifications;
- messageText - notification text;
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