Renko 'MTF"

thruline

Renko 'MTF"

1 by thruline

Hi all:

Thanks to everyone here who is sharing ideas and indicators.

I trade mainly renko and am wondering if it would be possible to create a renko version of an MTF
indicator (MACD, QQE, etc). As you know, renko bars are generated by movement, not by time. So what I'm looking for
are indies that give you the option to base their calcuations on PIP SIZE. So, if you're trading 4 pip
renkos, it would allow you to calculate an indicator based on 8 pip renko bars (or whatever other number
you want to plug in there). In this way, one would have the renko equivalent of an MTF indicator.

Can this be done? Do such indicators exist?

Thanks --

Pat

ionone

Re: Renko 'MTF"

2 by ionone

thruline wrote: Sun Dec 15, 2019 2:03 am Hi all:

Thanks to everyone here who is sharing ideas and indicators.

I trade mainly renko and am wondering if it would be possible to create a renko version of an MTF
indicator (MACD, QQE, etc). As you know, renko bars are generated by movement, not by time. So what I'm looking for
are indies that give you the option to base their calcuations on PIP SIZE. So, if you're trading 4 pip
renkos, it would allow you to calculate an indicator based on 8 pip renko bars (or whatever other number
you want to plug in there). In this way, one would have the renko equivalent of an MTF indicator.

Can this be done? Do such indicators exist?

Thanks --

Pat

good idea. i think there should be a whole thread dedicated to this

thruline

Re: Renko 'MTF"

3 by thruline

Thanks - I've tried before but haven't ever got any traction with the idea.

One setup I believe would be strong is using TDI in two sub windows. One current (calcs based on same
pip number as bars on chart), and the other using a double or triple value; 3 pip, 6 pip might be a very good combo.

The possibilities are limitless, IF it can be done with MT4-5 editor language.

Renko 'MTF"

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