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I'm looking for something that can tell me the average time the renko bars are taking to complete for the last 60 minutes to help decide if I should be trading or not. For example if the renko bars are taking more than 5 minutes to complete than I'm not trading if taking less than that's when I want to be trading.
Thanks.
Can you help answer these questions from other members on NexusFi?
Have a look at the Bar Time Duration study. You could apply a MA to this, but it would not be based on elapsed time if used on a renko chart.
If you really need a 60 min average of renko bar time durations, it could be done with the Spreadsheet Study study. If you are interested in this solution, post here again and I'll share how to do it.
I try to overlay a 12 period simple moving average but somehow it goes flat ( horizontal) I tried with different optional settings to no avail. The 12 period would tell me if the bars are completing under 5 minutes! I also tried to draw a horizontal line at exactly 5 minutes and that would work also but somehow the horizontal bar it will not stay in place either.
