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The indicator displays Renko bars, uses their data to calculate and display the Bollinger Bands, MACD indicators and provides buy/sell signals based on divergence/convergence of the price action and oscillator.
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.
The moments of the divergence are evaluated based on the points where the price exceeds the upper/lower Bollinger line and returns inside.
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; sparam – text message.
Parameters
- 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;
- MacdFast, MacdSlow, MacdSignal – MACD parameters of the same name;
- MacdColor, MacdSignalColor – MACD colors;
- BandPeriod, BandDev – Bollinger parameters of the same name;
- BandColor – color of the Bollinger lines;
- SignalBuyColor – color of buy signal arrows;
- SignalSellColor – color of sell signal arrows;
- useAlert – popup alerts;
- useMail – email alerts;
- useNotification – push notifications;
- CustomEventBuy – custom buy event identifier (0 – disabled);
- CustomEventSell – custom sell event identifier (0 – disabled).
