Triple Brick Indicator

Creator: Definedge

The Brick Count indicator is a Renko chart specific indicator developed by Prashant Shah.

The indicator is designed using the bricks and diagonal plotting properties of the Renko chart.

The Brick Zone Indicator provides a measure of bullish and bearish momentum. However, no statistical calculations are applied such as summation, average, or multiplication. It calculates it by looking at the bullish and bearish points in the price pattern.

The indicator is designed using the bricks and diagonal plotting properties of the Renko chart.

By using the indicator, the number of bullish and bearish bricks in the pattern is calculated, and their difference is displayed below the chart.

In the brick Zone indicator, the black zone indicates that bullish prints outnumber bearish prints, suggesting a bullish trend. Red zones indicate that bearish prints are greater than bullish prints in the Brick Zone indicator, suggesting a bearish trend.

Prashant Shah introduced this indicator in his Renko chart book. Click here to learn more about this indicator.

The Brick Zone of three different periods is plotted below the price chart in this indicator. Period 1 represents a short-term indicator, period 2 represents a medium-term indicator, and period 3 represents a long-term indicator.

Bullish momentum is shown when the short-term Brick zone indicator is above the medium-term and long-term Brick zone lines. The short-term Brick zone indicator indicates strong bearish momentum when it is below the medium-term and long-term Brick zone lines.

The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.

This indicator is also available in the System Builder of RZone & TradePoint. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.