This tutorial will cover how to use the 'MultiRenko' indicator.
Add the 'MultiRenko' indicator to your chart.
'MultiRenko' displays 8 RENKO charts into a single panel.
• When everything ligns up, the background paints in blue or red.
• When flat, white dots appear.
Use M1, M5 or M15 charts for frequent and more precise data feed.
When no content appears, your renko box sizes are 100 times too small or too large for the chosen instrument or timeframe. A message then appears informing you of the ATR (Average True Range) suggesting the average box size to set. Example: Adjust Renko Box Sizes. ATR is: 0.00025 while Box Sizes are currently set from 1 to 8
Access the settings of the 'MultiRenko' indicator.
For most Forex charts, set the Box Sizes 1 to 8 from 0.0001 to 0.0008 or slightly higher. Try different box sizes and choose your preferred ones. Setting bigger box sizes compares to choosing slower time frames. Stock and crypto charts greatly vary in prices, so adjust your Renko box sizes accordingly. *Note that the ATR always appears at the top right of the 'MultiRenko' indicator. This helps to estimate the average box size range to set.
Hint: Combine 'MultiRenko' with 'MultiTimeFrame'. Try to find the box sizes that make both of them match.
Have Fun! ;-)