Renko Span MT & Pseudo Renko-Linie (TradingFrog)

Renko Span MT & Pseudo Renko Line (TradingFrog) – Detailed Description
Overview
This indicator combines the Chikou Span from Ichimoku theory with a modern, customizable pseudo-Renko logic. It provides a clear and flexible way to visualize trends, filter market noise, and generate early trend-change signals on any asset and timeframe.

1. Pseudo-Renko Line
What it does:

The indicator transforms price action into a Renko-style line, where only significant price moves (greater than the chosen box size) create a new "block." This filters out small, insignificant price movements and makes trends and reversals visually clear.

How it works (Code snippet):

if close >= renko + boxsize
renko := renko + boxsize
dir := 1
else if close <= renko - boxsize
renko := renko - boxsize
dir := -1
Green blocks appear for uptrends, red blocks for downtrends.
The line color and background highlight strong trends.
A label at the latest bar displays the current trend direction.
2. Renko Chikou Span
What is the Chikou Span?

In Ichimoku, the Chikou Span is a lagging line that plots the current price shifted backwards. Here, the Chikou Span is calculated using Renko logic, making it more robust and responsive to real price action.

How it works (Code snippet):

plot(show_chikou_span ? chikou_span1_to_plot : na, offset=-displacement1, color=chikou_color1, linewidth=chikou1_width)
Two independent Chikou Spans can be plotted, each with its own timeframe, Renko box size, and displacement (offset).
The lines change color based on the Renko trend (e.g., green/blue for long, red/orange for short, gray for neutral).
This helps to visualize higher timeframe trends and adds an extra filter for signals.
3. Signal Generation & Visualization
How are signals generated?

Whenever the Renko trend of a Chikou Span changes (from short/neutral to long, or vice versa), a signal is triggered and marked in the chart.

How it works (Code snippet):

if renko_bullish_change1
current_signal1 := label.new(x=bar_index + signal_offset, y=renko_close1, text="LONG 1", ...)
if renko_bearish_change1
current_signal1 := label.new(x=bar_index + signal_offset, y=renko_close1, text="SHORT 1", ...)
Labels ("LONG" or "SHORT") appear on the chart at the signal point.
Optionally, a horizontal line is drawn from the Chikou Span to the signal label for clarity.
4. Customization & Important Notes
Fully customizable:
Box sizes, colors, transparency, line widths, and timeframes can be set for each component.
Market-specific tuning:
Renko box sizes must be individually adjusted for each market and timeframe. There is no universal setting; always test and optimize for your asset.

Tip:

Every market is different. Test the settings and adjust them as needed. (Renko boxes must be individually customized.)

Summary
This indicator offers a clear, trend-following visual system, combining the strengths of Renko and Ichimoku logic. It is ideal for traders seeking to filter noise, identify trends early, and use multi-timeframe confirmation.