Settings

RenkoGurus-SmartTrend Indicator ā€“ Detailed Settings Guide

1ļøāƒ£ Rank Settings

These settings control how the Rank Filter calculates trend strength and direction.

šŸ”¹ Rank Multiplier

  • Default: 2

  • Purpose: Adjusts the sensitivity of the rank calculation.

  • Usage:

    • A higher value reduces false signals but may delay trend changes.

    • A lower value makes rank changes more responsive but can increase noise.

šŸ“Œ Best for: Traders who want trend confirmation based on rank shifts.

2ļøāƒ£ AICloud Settings (Trend Clouds)

These settings define how the Short-Term, Medium-Term, and Long-Term Trend Clouds behave.

šŸ”¹ Noise Filtering

  • Default: 3

  • Purpose: Filters out noisy renko bricks, You can Hide the Renko Bricks

  • Usage:

    • Higher values smoothen clouds but may cause late entries.

    • Lower values make clouds react faster but could increase noise.

šŸ”¹ Display Cloud?

  • Checkbox (On/Off)

  • Purpose: Allows traders to enable or disable cloud visualization.

šŸ”¹ Length (Multiple Length Settings)

  • Purpose: Determines the calculation period for each cloud.

  • Usage:

    • Shorter lengths = Faster reaction (good for scalping).

    • Longer lengths = More stable trend detection (better for swing traders).

šŸ”¹ Barrier Lengths (Multiple Barrier Lengths)

  • Purpose: Acts as a buffer zone to prevent whipsaws by ensuring a confirmed move before a trend shift occurs.

  • Usage:

    • Higher values create stronger confirmation but delay entries.

    • Lower values make the indicator react faster, but might generate more false signals.

šŸ”¹ Outer & Inner Cloud Thresholds

  • Default: 0.2

  • Purpose: By adjusting this, you will be able to Filter choppiness in the Short term Cloud, When it is choppy, the clouds turn white

  • Usage:

    • Lower values = More sensitive clouds.

    • Higher values = Stronger confirmation, less noise.

šŸ”¹ Gap Distance Threshold between Medium and Long-Term Cloud

  • Default: 1

  • Purpose: Defines the minimum distance between the Medium-Term and Long-Term Trend Clouds.

  • Usage:

    • Lower values mean clouds can overlap more frequently.

    • Higher values prevent cloud overlaps, making trends more distinct.

šŸ”¹ Gap Distance Threshold between Short and Medium Cloud

  • Default: 1

  • Purpose: Defines the minimum distance between the Short-Term and Medium-Term Trend Clouds.

  • Usage:

    • Lower values allow more frequent trend cloud crossovers.

    • Higher values ensure that trend cloud shifts are more significant.

šŸ“Œ Best for: Traders who want clearer cloud separation for trend confirmation.

šŸ”¹ Include Trend 1 (Short-Term), Trend 2 (Medium-Term), Trend 3 (Long-Term)

  • Checkbox options to select which trend clouds to use.

  • Purpose: Allows traders to customize which clouds influence trade signals.

  • Usage:

    • Only Short-Term: Best for scalping.

    • Only Medium & Long-Term: Best for swing trading.

    • All clouds enabled: Best for confluence trading.

šŸ“Œ Best for: Traders who want to fine-tune their trend-following strategies.

3ļøāƒ£ Dashboard Settings

These settings control the on-screen trend direction summary.

šŸ”¹ Dashboard Position

  • Options: Bottom Right, Bottom Left, Top Right, Top Left

  • Purpose: Choose where to place the trend dashboard on your chart.

šŸ”¹ Dashboard Size

  • Options: Small, Medium, Large

  • Purpose: Adjust the visibility of the trend status dashboard.

šŸ”¹ Up Cell Color / Down Cell Color / No Change Cell Color

  • Purpose: Customize colors for trend indicators in the dashboard.

  • Usage:

    • Green = Bullish Trend

    • Red = Bearish Trend

    • Gray = No Trend Change

šŸ”¹ Show Trend Directions Table?

  • Checkbox (On/Off)

  • Purpose: Toggles visibility of the trend status dashboard.

šŸ“Œ Best for: Traders who want a quick visual summary of all trend signals.

4ļøāƒ£ VWAP Settings

VWAP (Volume-Weighted Average Price) is a key level used by institutional traders to determine fair value.

šŸ”¹ Hide VWAP on 1D or Above

  • Checkbox (On/Off)

  • Purpose: Disables VWAP when switching to daily or higher timeframes.

šŸ”¹ Anchor Period

  • Options: Session, Weekly

  • Purpose:

    • Session VWAP: Calculates VWAP based on intraday price movement.

    • Weekly VWAP: Uses data from the full week.

šŸ”¹ Source

  • Options: Close, HLC3, OHLC4, etc.

  • Purpose: Defines which price input is used for VWAP calculations.

  • Usage:

    • HLC3 (High + Low + Close / 3) is a common setting that smooths volatility.

šŸ”¹ Offset

  • Default: 0

  • Purpose: Allows shifting the VWAP line forward or backward on the chart.

šŸ”¹ Show Weekly VWAP

  • Checkbox (On/Off)

  • Purpose: Enables the weekly VWAP, a strong institutional price level.

šŸ”¹ Bands Calculation Mode

  • Options: Standard Deviation, ATR, Custom

  • Purpose: Defines how VWAP bands are calculated for support/resistance.

šŸ”¹ Bands Multiplier #1 & #2

  • Purpose: Adjusts the width of VWAP bands (like Bollinger Bands).

šŸ”¹ Band Distance Threshold (%)

  • Purpose: Controls how far price must deviate from VWAP before the bands adjust.

šŸ”¹ Include Session VWAP in Confluence

  • Checkbox (On/Off)

  • Purpose: Adds Session VWAP as a factor in the Confluence Dashboard.

šŸ”¹ Include Weekly VWAP in Confluence

  • Checkbox (On/Off)

  • Purpose: Adds Weekly VWAP as a factor in the Confluence Dashboard.

šŸ“Œ Best for: Traders who want to trade with institutional price levels.

Final Thoughts ā€“ Why These Settings Matter

The RenkoGurus-SmartTrend indicator provides an extremely flexible system for trend traders, scalpers, and swing traders. By customizing these settings, users can: āœ… Filter false signals with rank and cloud adjustments. āœ… Optimize VWAP usage to follow smart money positioning. āœ… Adjust dashboard visibility to keep the chart clean and focused. āœ… Fine-tune trend confirmations using the Trend Clouds & Rank System.

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