Sample Renko Arrows

//@version=3
study(title = "Sample Renko Arrows by JustUncleL", shorttitle="REN_ARROWS", overlay=true)

//
// When dealing directly with Renko Charts, there is no need to calculate the Renko bricks.
// Just use the candle Brick's "open" and "close" parameters like a standard candle.
//

hlen  = input(1,minval=1,title="How Many Bricks to Swing Confirm")

// Initialise up and down counters counters
up    = 0
down  = 0
// Check is this the 1st green after red? or is this already going up count up bars, otherwise zero count
up    := close[2]<open[2] and close[1]<open[1] and close>open? 1 : up[1]>0 and close>open? up[1]+1 : 0
// Check is this the 1st red after green? or is this already going down count down bars, otherwise zero count
down  := close[2]>open[2] and close[1]>open[1] and close<open? 1 : down[1]>0 and close<open? down[1]+1 : 0

// - Plot Alerts
plotarrow(up==hlen?1:na, title="BUY Arrow", colorup=lime, maxheight=60, minheight=50, transp=20,offset=0)
plotarrow(down==hlen?-1:na, title="SELL Arrow", colordown=red, maxheight=60, minheight=50, transp=20,offset=0)
//

alertcondition(up==hlen,message="BUY",title="BUY alert")
alertcondition(down==hlen,message="SELL",title="SELL alert")

//EOF