Settings

Inputs Tab - Indicator Settings

Source

  • Defines which price data the indicator will use.

  • Options may include Close, Open, High, or Low prices of the Renko bars.

  • Default: Close (recommended for most Renko-based strategies).

Rank Settings

  • Rank:

    • Determines the trend strength filter for identifying valid breakouts.

    • A higher rank value means stricter filtering, reducing false signals but potentially missing some opportunities.

    • Default: 2 (balanced setting for most trading styles).

Channel Settings

  • Duration:

    • Defines the length of historical data used to calculate consolidation zones and breakout levels.

    • Higher values make consolidation zones broader, while lower values react faster to price changes.

    • Default: 14 (suitable for capturing medium-term trends).

  • Filter Range:

    • Sets the sensitivity of the breakout filter.

    • A larger range requires a stronger price movement to confirm a breakout, reducing noise.

    • Lower values allow faster breakouts, which can be useful for scalping.

    • Default: 5 (balanced between breakout accuracy and speed).

  • Profit Taker Bars:

    • Defines the number of Renko bars after a breakout before automatically taking profits.

    • Default: 1 (scalping mode, exiting after 1 Renko bar prints).

    • Can be increased for trend-following trades to capture larger moves.

Style Tab - Customizing Visuals

The Style tab allows users to show, hide, and customize colors for various elements of the indicator.

Key Customization Options:

  • Bar Colors - Adjusts the appearance of Renko bars to differentiate trends visually.

  • Exit Long & Exit Short Signals - Enables/disables exit markers based on inverse Renko bricks.

  • Breakout & Breakdown Markers - Enables signals for Bullish and Bearish Channel Breakouts.

  • Profit Taker Markers - Highlights automatic exit points when profit-taking conditions are met.

  • Rank Buy & Rank Sell Signals - Displays trend validation signals based on the Rank Filter.

  • Upper & Lower Channels - Adjusts the visual representation of trend boundaries.

  • Purple Consolidation Zones - Shows or hides areas of consolidation to identify potential breakout regions.

How to Use Style Settings Efficiently

  • Hide unnecessary elements to keep the chart clean and focused on relevant signals.

  • Customize colors to distinguish between bullish and bearish setups.

  • Enable/disable breakout filters to match your trading strategy and market conditions.

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