Renko RSI

The goal of this indicator is to plot the RSI values "as if" the chart is a true price action based Renko chart. It can be used on a time series chart or Renko series chart. The RSI is derived from the raw price action of a time-based chart, where the historic and live price is clustered into Renko bricks. The Renko brick production algorithm is entirely backed by Renko Price Bars Overlay and thoroughly tested.

The algorithm takes into account rapid brick production within a single time candle and adjusts accordingly. The output may vary slightly between different chart time frames for the same indicator settings, but this is due to the lack of price fluctuation visibility that can occur in higher chart time frames. If the brick tick size is low, an appropriate chart interval should be selected that maximizes the amount of price volatility visible to the indicator. A bad setting would be something like a 1 tick EURUSD Renko setting on an H4 chart, there simply is no way to derive the exact and ordered price fluctuations in a single H4 candle, 1 pip at a time. A more appropriate chart time frame would be 1-3 minutes for this selected Renko brick size.

Plots user specified RSI based on Renko bricks. This would be the same (or very close to) the RSI viewed on a normal Renko chart based on price action alone.
Works well with Renko Price Bars Overlay script.
See also: Renko Trend Momentum

リリースノート

Please see the following 3 videos to understand the purpose of this indicator and why it is useful. These videos outline the RSI-RENKO Strategy.

リリースノート

Updated volatile brick algorithm. The strategy should perform better when switching to higher timeframes for low tick brick sizes. It is difficult to garner information from a single time candle that can blast through both the upper and lower next brick thresholds. It takes careful design to maximize the accuracy in these cases.
Renko RSI and Renko Trend Momentum indicators also updated with some neat additions.
Added color themes to match other Divine family indicators.