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Stabilizer

pseudorenko█  CALCULATE PSEUDO-RENKO VALUE Calculates and returns the Pseudo-Renko Stabilized value (or close price) based on a given input value, along with the direction of the current Renko brick. This function adapts the traditional Renko brick size dynamically based on the volatility of the input value using a combination of SMA and EMA calculations. The calculated price represents the closing price of the most recent Pseudo-Renko brick, while the direction indicates the trend ( 1 for uptrend, -1 for downtrend). Parameters: * `val` : * Type: ` float ` * Description: The input value upon which the Pseudo-Renko calculations are performed. You can use any price series or custom value as input. * `sensitivity` : * Type: ` float ` * Default Value: ` 1.0 ` * Description: Controls the sensitivity of the brick size to the volatility of the `val`. Higher values lead to larger bricks, resulting in a smoother Renko chart. Lower values produce smaller bricks, leading to a more reactive chart. * Possible Values: Any positive float. * `length` : * Type: ` int ` * Default Value: ` 7 ` * Description: The length used for calculating the EMA and SMA in the dynamic brick size calculation. It influences how quickly the brick size adapts to changing volatility of the `val`. * Possible Values: Any positive integer. Return Values: * `lastRenkoClose` : * Type: ` float ` * Description: The closing price of the last completed Pseudo-Renko brick based on the `val`. * `renkoDirection` : * Type: ` int ` * Description: The direction of the current Pseudo-Renko brick based on the `val`: * ` 1 `: Uptrend * ` -1 `: Downtrend * ` 0 `: No change (initially, or no brick change since the previous bar) Example Usage: //@version=5 indicator("Pseudo-Renko Stabilized (Val)", overlay=true) // Get user inputs sensitivityInput = input.float(0.1, "Sensitivity",0.01,step=0.01) lengthInput = input.int(5, "Length",2) // Example usage with the 'close' price as the input value = pseudo_renko(math.avg(close,open), sensitivityInput, lengthInput) // Plot the Renko close price plot(renkoClose, "Renko Close", renkoDirection>0?color.aqua:color.orange,2) // You can also use other values as input, such as: // = pseudo_renko(high, sensitivityInput, lengthInput) // = pseudo_renko(low, sensitivityInput, lengthInput) This example demonstrates how to use the `pseudo_renko` function within an indicator. It takes user inputs for `sensitivity` and `length`, then calculates the Pseudo-Renko values using the average of the `close` and `open` prices as the `val`. The resulting `renkoClose` price is plotted on the chart, with a color change based on the `renkoDirection`. It also illustrates how you can use other values, like `high` and `low`, as input to the function. Note: The Pseudo-Renko algorithm is based on adapting the Renko brick size dynamically based on the input `val`. This provides more flexibility compared to the normal, but is experimental. The `sensitivity` and `length` parameters, along with the choice of the `val`, offer further customization to tune the algorithm's behavior to your preference and trading style.
Pine Script® library
by kaigouthro
Pseudo-Renko Stabilized (Val)█  CALCULATE PSEUDO-RENKO VALUE Calculates and returns the Pseudo-Renko Stabilized value (or close price) based on a given input value, along with the direction of the current Renko brick. This function adapts the traditional Renko brick size dynamically based on the volatility of the input value using a combination of SMA and EMA calculations. The calculated price represents the closing price of the most recent Pseudo-Renko brick, while the direction indicates the trend ( 1 for uptrend, -1 for downtrend). Parameters: * `val` : * Type: ` float ` * Description: The input value upon which the Pseudo-Renko calculations are performed. You can use any price series or custom value as input. * `sensitivity` : * Type: ` float ` * Default Value: ` 1.0 ` * Description: Controls the sensitivity of the brick size to the volatility of the `val`. Higher values lead to larger bricks, resulting in a smoother Renko chart. Lower values produce smaller bricks, leading to a more reactive chart. * Possible Values: Any positive float. * `length` : * Type: ` int ` * Default Value: ` 7 ` * Description: The length used for calculating the EMA and SMA in the dynamic brick size calculation. It influences how quickly the brick size adapts to changing volatility of the `val`. * Possible Values: Any positive integer. Return Values: * `lastRenkoClose` : * Type: ` float ` * Description: The closing price of the last completed Pseudo-Renko brick based on the `val`. * `renkoDirection` : * Type: ` int ` * Description: The direction of the current Pseudo-Renko brick based on the `val`: * ` 1 `: Uptrend * ` -1 `: Downtrend * ` 0 `: No change (initially, or no brick change since the previous bar) Example Usage: //@version=5 indicator("Pseudo-Renko Stabilized (Val)", overlay=true) // Get user inputs sensitivityInput = input.float(0.1, "Sensitivity",0.01,step=0.01) lengthInput = input.int(5, "Length",2) // Example usage with the 'close' price as the input value = pseudo_renko(math.avg(close,open), sensitivityInput, lengthInput) // Plot the Renko close price plot(renkoClose, "Renko Close", renkoDirection>0?color.aqua:color.orange,2) // You can also use other values as input, such as: // = pseudo_renko(high, sensitivityInput, lengthInput) // = pseudo_renko(low, sensitivityInput, lengthInput) This example demonstrates how to use the `pseudo_renko` function within an indicator. It takes user inputs for `sensitivity` and `length`, then calculates the Pseudo-Renko values using the average of the `close` and `open` prices as the `val`. The resulting `renkoClose` price is plotted on the chart, with a color change based on the `renkoDirection`. It also illustrates how you can use other values, like `high` and `low`, as input to the function. Note: The Pseudo-Renko algorithm is based on adapting the Renko brick size dynamically based on the input `val`. This provides more flexibility compared to the normal, but is experimental. The `sensitivity` and `length` parameters, along with the choice of the `val`, offer further customization to tune the algorithm's behavior to your preference and trading style.
Pine Script® indicator
by kaigouthro