MTF Renko
Updated
Multi Time Frame Renko charts
cross over of the lower time frame (box size) is the signal for buy/sell.
Selection between the ATR and traditional box size is done by user. If you go by the traditional box size you have to select the box size manually. So change some based on the price of the Currency (you can begin by 1/10 of the currency price).
Tips:
It can be used for scalping or a confirmation along with your setup.
in case of selection of the traditional box size, set the chart's time frame less than 1D.
cross over of the lower time frame (box size) is the signal for buy/sell.
Selection between the ATR and traditional box size is done by user. If you go by the traditional box size you have to select the box size manually. So change some based on the price of the Currency (you can begin by 1/10 of the currency price).
Tips:
It can be used for scalping or a confirmation along with your setup.
in case of selection of the traditional box size, set the chart's time frame less than 1D.
Note
//Created By Gaspar Lemarcstudy(title="Renko MTF",overlay=true)
atrLen = input(10, minval=1, title="ATR Look Back Length")
isATR = input(true, title="Checked Box = ATR Renkos, If You Un Check Box Please Read Below")
def = input(false, title="Number Below is Multiplied by .001, So 1=10 Pips on EURUSD, 10=100 Pips, 1000 = 1 Point on Stocks/Furures")
tradLen1 = input(200, minval=0, title="Lower Input for Non-ATR Renkos, See Above for Calculations")
tradLen3 = input(600, minval=0, title="Higher Input for Non-ATR Renkos, See Above for Calculations")
res1 = input(defval="120", title="Lower Resolution", type=resolution)
res3 = input(defval="480",title="Higher Resolution ", type=resolution)
// show the signals
show_sig = input(true, title= "Show signals", type = bool)
tradLen = tradLen1 * .001
param = isATR ? renko(tickerid, "open", "ATR", atrLen) : renko(tickerid, "open", "Traditional", tradLen1)
param3 = isATR ? renko(tickerid, "open", "ATR", atrLen) : renko(tickerid, "open", "Traditional", tradLen3)
renko_close = security(param, res1, close)
renko_open = security(param, res1, open)
renko_close3 = security(param3, res3, close)
renko_open3 = security(param3, res3, open)
p1=plot(renko_close, style=line, linewidth=3, color=aqua)
p5=plot(renko_close3, style=line, linewidth=3, color=yellow)
plotarrow(crossover(renko_close,renko_close3) and show_sig?1:na, title ='buy', colorup=lime, transp=10)
plotarrow(crossunder(renko_close,renko_close3) and show_sig ?-1:na, title ='sell', colordown=red, transp=10)
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