Unlike Renko overlays that draw the latest bricks as a small chart at the right edge, Renko Overlay places every brick on the bars it took to form and adds a larger Renko for the bigger trend.

How it works

• Bricks are built from the closes of confirmed bars, the traditional way: a new brick when the close moves one brick beyond the last brick in the same direction, a reversal when it moves two bricks the other way.
• Bricks start on a multiple of the brick size, so they sit on round levels.
• Auto brick size: the average true range of the last 500 bars, rounded to 1, 2, 2.5 or 5 times a power of ten (pips on forex). It is decided bar by bar from past bars only, so history and real time match. When the rounded size changes, new bricks continue from the last brick at the new size. A fixed size can be set instead.
• Large Renko: bricks 4 times the brick size (setting). A middle Renko can be turned on as a third one.
• Each brick spans the bars from the previous brick to the bar whose close completed it. Bricks completed on the same bar are stacked on that bar.

On the chart

• Top right: the direction, bricks in a row, whether the Renko charts agree, the price where it turns, and each Renko's size and bricks.
• Brick-size Renko: filled boxes. Large Renko: thick outlines. Middle Renko (optional): dotted outlines.
• Dashed lines at the next brick and reversal prices.
• Small rows at the bottom, one per Renko, in the color of its direction at each bar.
• Optional: a Renko step line, and candles colored by the Renko direction.
• Green is up and red is down. Every part can be turned off.

Alerts

Use the "Any alert() function call" condition. Reversal: the brick-size Renko changes direction. All agree: all Renko charts shown turn the same direction. Every new brick: off by default. Sent at bar close.

Notes

• Bricks use closes only, so a wick can pass a level without making a brick.
• The first bricks depend on where the chart's history starts.