# RenkoGurus-PowerMeter

### **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.



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#### **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.

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#### 🕯️ **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.

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#### 🛎️ **Alerts**

* Provides **buy**, **sell**, **exit**, and **profit-taker** alerts for automation or manual use.
* Allows traders to capture trend shifts early and exit efficiently.

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#### 📌 **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.
