Here is a video explaining the main functionality: [login to view URL]
a) 1 Second Renko Bar charts give us the most accurate Renko brick prints as they happen.
So we need to build an Ability to use Multi Timeframe Average True Range From Bar Charts that can be used on 1 second Renko Bar Charts.. (For example if I am using Renko on 1 second charts for greatest brick print accuracy, we can get ATR value from hourly bar charts to display the traditional brick size on our 1 second charts.
b) A Multiplier in the UI that can use a % of the value received from the ATR above. (For example if we get 0.0008 traditional Renko brick size for EURUSD value, If I want to use 200%, our Renko brick size would now be 0.0016
c) Ability to use a % of last bars closed price for Renko Brick Size (built into UI)
d) Ability to enter longs only, shorts only, or both. The logic for entering trades would be on a Renko Bar color change. After the new color closes, we enter the trade.
e) It may be idea to have the indicator do the alert on next bar open after the close that triggers the alert. Otherwise there can be repaint issues.
General Video example:
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I know the renko in details I can show you the samples Some one screen. I also trade using the renko bricks And I understood the concepts you described above Need more details that can be discussed in chat