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RenkoGurus-PowerMeter

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Last updated 18 days ago

RenkoGurus-PowerMeter – Overview

The RenkoGurus-PowerMeter is a momentum-based strength and direction indicator built to assist traders with high-probability long and short entries, exits, and trade filtering. It's particularly effective when paired with Renko or Heiken Ashi charts to simplify trend confirmation and signal precision.

Core Functions

1. Strength & Direction Engine

  • Calculates Directional Movement Index (DMI) based values:

    • +DI (Positive Directional Index)

    • –DI (Negative Directional Index)

    • ADX-like strength (sig) to measure the trend strength.

  • Defines entry and exit conditions based on:

    • Strength crossing thresholds (Base and Ceiling)

    • DMI crossovers

    • Rising or falling momentum

2. Entry Signals

  • Long Entry: When bullish conditions are met and strength (sig) exceeds the base range and breaks above key levels.

  • Short Entry: When bearish direction is dominant and strength confirms with a breakout above threshold.

  • Strong Long/Short Entries: Triggered when +DI or –DI exceeds the ceiling threshold.

  • Visualized using green/red circle markers on the chart.

3. Exit Conditions

  • Standard Exit: Triggered by DMI crossovers or when the market returns to the base range.

  • Profit Taker Exit: Option to automatically exit after a user-defined number of bars following entry.

  • Candle-Based Reversal Exit: Based on price action behavior using open/close comparisons.

4. Dynamic Rank Filter

  • A built-in volatility filter smooths signals using a custom range-based band:

    • Shows filtered strength (Rank) in an area plot.

    • Highlights trend continuation (green for long, red for short).

  • Helps reduce false signals by confirming consistent directional flow.

🕯️ Heiken Ashi Candle Overlay

  • Reconstructs the signal into Heiken Ashi candles using the sig values.

  • Allows a smoother view of market structure and helps spot clear trends and reversals.

🛎️ Alerts

  • Provides buy, sell, exit, and profit-taker alerts for automation or manual use.

  • Allows traders to capture trend shifts early and exit efficiently.

📌 Use Cases

  • Scalping or Trend Trades: Works well with Renko and Heiken Ashi charts.

  • Signal Confirmation: Pair with Premium/Discount zones or Smart Money Concepts.

  • Automated Bots: Built-in alerts enable easy integration with webhook-based bots like Tradovate or TopstepX bots.