If the Trend is a Friend
Mean Renko charts are used for alternate price charting. Unlike the usual time framed chart – where every candle represents a fixed time interval – the goal of Renko chart is to display price movement in increments, called bricks. Neighbouring Mean Renko bricks overlay by 50%.
Installation Guide and First Steps
Watch the video to learn how to install and use mean Renko.
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Get OmniaBar License Key Bundled @
Unique Features
What are additional features of Ovo offline generators?
- the generator is an indicator rather than a script or EA, which makes it more comfortable for deployment
- input setting is adjustable from multiple places: from the input dialogue, or from the entry box of an indicator sub-window, or from the offline chart using additional indicators (Omnia Remote, Omnia Auto Range). Settings on the offline chart makes the range switching as flexible as switching between timeframes.
- safe timeframe switching of the feed chart (no need for sacrificing the feed chart for a single timeframe)
- generator can detect and optionally break chart into trading sessions
- generator uses all available timeframes for the initial model, and it is not bound to a single selected timeframe
- when starting up, the indicator selects the chart starting anchor from the user-defined chart candles count
- a single indicator can serve multiple identical offline charts (a single chart ID in multiple windows)
- detects significant drop-outs in feed and rebuilds the offline chart after the feed updates
- displays consistent candle tick volume calibrated to regular timeframes, so you may rely on the tick volume in your analysis and EAs
- guards for a change of the feed server, so it updates the chart if you switch between accounts
- works properly with symbols having MQL unfriendly names (like “EURUSD..”, i.e. trailing double dot in the name)
- reports unexpected time gaps in the MT4 history, reports inconsistencies between symbol timeframes
- excludes phantom (no volume) ticks
- fixes incorrect input for a non-trivial instrument tick size
- can decrease chart refresh rate on demand
- indicator development is still open, you may expect fast fixes for new Metatrader builds
Hi, observing the way the bars work. It seems that, when a new bar open’s, the open is instantly moved back to the middle of the previous bar, is this correct? If so, is there any modification needed to EA’s that open trades at the open of a new bar?
Hello Art, the candle open is by definition artificial, offset by more than a half the candle body. If you plan to use EA on artificial charts, you must know their construction. For this chart type the EA should not use the open price in calculations for entering a position.
Thanks Milan, does that mean the EA should use the previous bar close for the calculation?
Yes, that would be wise if your EA uses this chart type for entry at a new candle open.
Hello. I’m trying to contact you by CONTACT FORM, but is experiencing failure. Is there another way to contact you?
Hi Milan,
Dopes your Median Renko have an optional sound or alert popup on bar close feature?
Another MT4 Renko developer has a interesting feature he calls “turbo Renko style”, with an adjustable retracement setting. So the user can experiment with different retracement settings, 20%, 30%, 40% etcetera.
Have you ever thought of including a retracement settings function?
Thanks,
Thai_FX
Bruce,
in case you mean a Renko with adjustable continuation and reversal conditions, it is included exclusively in the OmniaBar under name Flex Renko.
Thanks Milan,
Does your Median Renko have an optional sound or alert popup on bar close feature?
hi do you any EA on mean Renko that work well in forex ?
Hi Fellas,
I am very new to renko bars … There are so many renko bar generators
Ovo Mean Renko
Ovo Pro Renko
to name few.
What is the best renko bar builder out there? I want to be able to backtest and memorize renko patterns without repaint.
What are pros and cons of non repaint renko bars?
Thx!
If you are not yet decided which one is the best, you may consider the OmniaBar indicator – then you have all the types lifetime, and you may swap charts on-the-fly with two mouse clicks, and to compare, which one suits you best.
The non-repainting feature means, that you get the same chart shape if you restore the previous chart parameters. Re-opening the chart, restarting the terminal, or swapping parameters back and forth would draw the identical chart shape.
i downloaded your mean renko EA for a trial but nothing happens when i try adding it to my MT4 platform
Hello amoc, there is no EA in this site. Please try to follow the video guide on the Renko page to properly set the chart.
hello ,how i can download trial ? thankyou very much
Hello nitta, click the Download button in the upper right corner of this page. For more details, please watch the video guide on this page.
Hello, I would like to know if you can accurately backtest using the mean renko bars? Or do they repaint depending on how many bars back you choose to show? E. g. if you put 1000 bars it shows you the past 1000 bars, and after you put 500 bars, are these 500 bars the same as the last 500 bars shown when you selected 1000 ? Thank you
Hello Adrian,
regarding the 500/1000, in most cases the answer is yes, though the first bar in the chart might be skewed.
For the precise backtesting please look at page https://ovo.cz/products/fxt-builder/
Hello Milan,
I’m just wondering what does the wick in Mean Renko mean? I mean, why does the wick appear in some candle and not in the others? I believe understanding this will help me using Mean Renko even better. Thanks!
The wick takes advantage from the Japanese candle, which is used for simulation of the Renko brick, and displays where (and how much) the price exceeded the brick boundary before it closed the brick body. As the Open price of the mean Renko brick is offset by half of the preceding brick body, some wicks are overlaid. If you prefer to disable the Open price offset, use rather Flex Renko chart 50/50 (OmniaBar) and disable open price relocation.
I have not received an email as I have bought the mean renko indicator also do I download the free version first
Hello Tahir, please use the Contact for when requesting a user-related support.
Hello Milan! Thank you for putting together a fantastic set of Renko tools. I’m very interested in trying to put together a simple EA to run using Mean Renko (buying on the 2nd consecutive positive Renko bar and selling on the negative) . I’ve seen other EAs that utilize this on other Renko chart types (none of which are anywhere near as good as your charts). Eventually I’d like to build in some other filters as well but that’s a good start. Do you have anything like that for ovo charts or perhaps someone you know that builds EAs utilizing your Renko charts? Thanks again for all your hard work!
Hi Milan,
Have been using your Mean Renko bars for a year now. Works fantastic. Would be even better if you provide a turbo upgrade i.e. include a retarcement factor which would make it even more flexible to use. Eagerly awaiting your opinion on the same.
Thank You!
What product is for the turbo upgrade?
The post is over 3 years old, I doubt you¨ll get any answer soon.
Hello, would it be possible to implement some alerts in the indicator? Namely, when a candle of a different color than the one behind it closes. Thanks for your time
Hi,
First of all I’m really keen on the idea of a median renko chart that doesn’t repaint past bars. My current MR indicator will repaint bars from last week if I refresh the chart.
My personal experience of Median Renko builders has found that they tend to be quite CPU intensive.
Can this indicator handle multiple offline charts for multiple pairs without causing CPU issues?
Do you have a recommended system requirements?
Thanks
Hello Gary, I do not have experience with the other third party offline charts, so I cannot confirm whether they are lighter or heavier on the CPU. I often test the performance with about 50 naked offline charts open, on a cheap notebook (by cheap I do not mean obsolete).
If you face performance issues with offline charts loaded by indicators, you might try to reduce the chart refresh frequency, as described in this post.
is there a way to get 0.2 retracement mean renkos ?
Hello Billy, could you point me to a definition, what the retracement mean Renko is?
why wont my key register on my laptop? I bought the Omni and everytime I enter it on my mt4 platform its says next free period 45 days or so forth……
Hi admin ,
I really like the renko bar that u guys design , just want to ask your opinion which is renko bar that u like the most. Because there are lot of different renko design that u have here
I m the student from spartan academy, so I can get discount from that
Hello Milan! I am extremely pleased with the ease of creating renko charts. Just to be absolutely sure that I correctly understand the proper setting for the size parameter, if I enter “50” , that represents 50 points = 5 pips and creates a 10 pip renko brick chart, y/n?
I have the H1 chart for USD/JPY open. I put the MeanrenkoBar on that chart and have the following setup:
Step size- 100
Session-Keep Continuous
OFFLINE CHART- blank
Set offline chart- 20
Number of candles- 1000
Paste activation code- my code pasted
Avoid TF- WEEKLY
Data Consistency Warnings-Muted
It loads on the chart just fine. I change the 100 to 200, press enter, and click on the M20 to pull up the offline chart and get a screen that says “Waiting for Update.”
What am I doing incorrectly in my setup?
Not sure, try to purge the history files and load new with LoadAllHistory script.
Hello, How can I can download and install the Mean Renko Chart on a MacBook Air? Thanks in advance
Installing the MT4 addons on Mac is not in my experience scope, in general it must be uniform for all indicators, no exception for MeanRenko.
Hello sir
Can i use H1 chart insted of m1
You may use any timeframe, the output is not affected by the source timeframe. You may also change the timeframe without any harm to the output offline chart.
is there a way to get a push notification for a renko bar close and a renko bar color change? thanks
Yes, you may use some indicator signalling the candle close with the push message. I prefer TalkToMe.
Hello there.. How do get medianrenkochart_b574??
So that I can adjust the retracement factor etc.
No idea what the name means, probably google helps better.
I asked a qn last month ..kept checking and it wasn’t answered for weeks.
Now I can’t even find it.
Do unanswered qns expire?
@Millan
___
If i may ask again.
Intermittently, the offline chart keeps freezing. I have to refresh the settings of the OmniaBar indicator of the feeder chart (M1).
Only then does the offline chart (4) start to respond to price movement. FYI, I only have 2 charts open on the entire MT4 platform.
Any way to fix this?
Hello Kay,
I cannot tell you why it the offline chart if freezing in your particular case. I understand that the MT4 still remains responsive, so the problem is probably in viewing the incorrect offline chart. Try to add the OmniaRemote if it connects to the feed.
I just downloaded and the charts are saying offline and not responding
Hello Li, you seem you are posting at time when the market is closed.
Should there be an offline sloth. The video shows differently
Looks like it’s moving now 😀
I would like to make an offset of 25 instead of 50%, is that doable?
Hello Marian, the custom offsets are available only in OmniaBar – the Flex Renko chart.
I followed the video to set the mean renko chart up, but when I clicked the template button, I didn’t have a ovo option to click to show the renko chart. Can you assist me with this issue please?
Not sure if i understand the query properly. Can you be more detailed? What is meant “clicking the template button”? The offline chart or the feed chart? You may also apply the template automatically – see https://ovo.cz/using-chart-templates-with-the-offline-generator/
It’s the offline chart. In the video, you clicked the template button and the last option was ovo chart to show the renko chart. The ovo template doesn’t appear in my template, so the renko chart isn’t showing. I can’t upload the white chart with the red and blue renkos on it. My screen still appears black with green bar graph. I see the website you suggested, but I’m having trouble just adding a simply template to my charts.
I’m interested in purchasing the renko is it possible to add push notification alerts for when the bar changes color
It is possible, but it needs to get implemented in an independent indicator. I cannot add more features to the generator itself, it would become over-complicated for the occasional user.
its possible to get period based renko? where renko is calculeated based on close of m1 m5 or m15 candle?
similar to investing.com renko charts.?
You do not need to purchase this tool if you want the Renko chart, which depends on a particular timeframe. I guess that most Renko generators would work like this, but this is independent on the timeframe.
Is it possible to offset by 25% instead of 50% using this?
Unfortunately no, you would need OmniaBar for setting the custom size.
Is there a renko without wicks?
How can i get to use the software
How much is the software
Hello I am new to renko. I want to put the mean renko on my mt4. I have jafx as my broker. I only want to trade US30. Is that possible?
Hello,
Is it possible to contact each other outside this forum
Thanks
Hello, i’ve just bought MeanRenko and I wonder how can I disable wicks ? (I’ve previouly bought “traditionnal” Renko bar, and there are 2 versions of it, one with wicks, the other one without wicks). As I am using Ichimoku, high and low of each brick has realy its importance. So how can I disable wicks ? and if it’s not possible, why are there 2 versions for Renko, and just one for MeanRenko ? Best regards
i been trying to download them on my mac and it goes to a textme doc everytime =(
Usually “Save As” option helps. Unfortunately I have no experience with Mac in the past 20 years.
I downloaded the mean renkos in my laptop. But after while it slows down my MT4 almost like if there’s a lag. Does this happen to anyone as well, and how can I solve this?
Could you do it again with latest versions as its not the same thanks
Hi i am on the trial and when I drop it on the chart no renkos comes up? I have loaded a template, still does not work. Please help…
Hello Alan, please follow the video in the end of this page to learn the handling.
Hi,
I have the mean renko . A couple of questions.
If I want to follow , say 20 pairs then do I need 40 charts open ? One for the feed and one for the renko? e.g.EURUSD candles, then renko . AUDUSD candles, then renko.
My omni remote doesn’t have “unreliable chart part” on it. it has:
1. enable server clock display.
2. Display candle close predictor.
What is number 2?
Hello Riccardo, the first answer is yes, you have to open one feed chart foe every symbol. It is designed for simplicity, every additional option makes the indicator less intuitive and generates failures by incorrect understanding.
The second part – OmniaRemote does not have this option any longer, for the same reason as above.
The close predictor is a price mark at levels, where the current candle would close if the current price moves beyond this mark.
I cant download it,when I open or save, its blank,can you help?
Hello richle, I am not sure what ‘blank’ means. If there is a problem with the file download, it is out of my scope, but you still may try a different browser.
Hi
How to use Meanrenko with MT5?
If you ask, if this indicator can be used with MT5, then the answer no, it cannot. I have no MT5 indicators right now.
hi i purchased a renko license key august 26 of this year and now that the trial is over now for some reason my key does not work it says expired new free period 89 days i cannot wait that long do i have to purchase another key
Hello,
I cannot seem to find a reason/benefit for the renko bars overlapping, which would in turn help me decide between mean renko and renko. Would you mind elaborating?
Thank you for your time.
Hello Georgios, they are just different graphics for the same price movement. It is up to you which one you understand better.
Is there a way to put the mean renko on mt4 on the phone ?
Hi Team,
I did buy renko key long time ago, and i stop using it because it was not what i needed, but i really want to have the Mean renko key instead of the renko key, is that possible to switch as it’s at the same price value ?
Thanks very much in advance
It is not a rule to count on, but I usually allow one license swap. Send your request with your license by an email or a form.
Many thanks Milan, i will do the form under support tab now.
BR
Mo
Thanks a lot.
Mo
Hi Milan,
I need to use Mean Renko Bars with MT5 as I trade the futures market. MT4 is just for FX. How long do you think it will take you to get a MT5 version out.
Thank you for your time.
Although I entered a 100 point value, a color chart of 20 pips is formed. I wonder why?
A step is used in the inputs rather than size.
I got your renko expert from mql5. which renko do I need to use
I am afraid I do not understand your message, as I do not offer expert advisors anywhere. The renko chart gets built with a help of RenkoBar indicator.
Hi, I’m testing the indicator and it always appears offline
Hi Milan,
How can I back test Mean Renko bars in Amibroker software?
It is an addition for MT4 terminal only, I am sorry.
Hi
I am using the trail mean renko indicator. However, if i set the box to 300 as an example the bricks end up being 60 pips per brick not 30.
Not sure why its doubling the setting. Any help appreciated as im keen to purchase this item.
You are setting the step between candles rather than the brick size. The reason is avoiding odd numbers in the brick size.
I want to buy mean renko but I also need a version for mt5. Will this version be made?
Is this still supported by the developer?
I would like to test the renko candles in the strategy tester but it doesn’t work for me. So what am I doing wrong? I use Mean renko
A big problem when backtest with MRK candle, OPEN Price is not exactly, Open price = (High price + Low price)/2
How to fix it, Admin?
No idea, Prime Capital. The indicator is not intended for the strategy tester.
Haiz. I use your script to backtest. So sad to hear that
does anyone know why the offline chart does not open with i click the the grey m61 button on the omni remote. i am using a mackbook air and i have already installed the mean renko and omni remote.
Hello I was able to install the mean renkos, but when I click to open the offline chart, it does not open. I am using a MacBook Air. Please help
Hi.
Great product. Congratulations!
Can I use this for stocks trading or do this work well only for Forex?
Look forward to your reply.
It is just a chart generator, use it with any other chart within MT4.
Have Meanrenko for Ctrader ? Thanks
I want to buy this but the mt5 one
I have problem that my MT4 becomes unresponsive and I have to kill it in Task Bar.
It has only four charts, it does happened on different computers. I used to run like 15-20 charts no problem.
Can this be loaded on Tradersway? I have tried multiple computers and I don’t know what’s wrong, and nobody can help.
I have used these on tradersway for a few years now. They work
How do you explain data gaps? I have a gap of nearly an entire day, but my 1 minute chart has all the candles for that missed time.
Set the verbose option on, to learn where the inconsistency comes from.
Thanks. It ended up being on the broker’s end. Would you happen to have mean renkos for MT5?
Not sure, I am recently not very active with Metatrader. But it may happen.
Hi,
i am trying meanrenko but after two weeks it stopped working. I read on the site that it can be extended for another 3 months.
it’s possible?
Thank you
Hi Milan,
Just wondering – Is there any way to fix renko chart initial start dates (apart from increasing the initial bars figure in omnia bar input properties and making it subject to the max bars/history bars setting in MT4)?
For example – say I can begin a chart with 3 or 6 months start time (before the current day) or can add a date from which to calculate the chart from (e.g. 01.02.2021 – calculate from February to August (now))
Is this possible?
Best regards,
Richard
Is there any possible way you can come up with something for metatrader5 because all of these other renkos are horrible…Honestly, they suck.
purchased mean renkos 2 moths ago…MT4 crashed 2 wks ago and I had to download a new MT4…now it does not recognize my key..treats as if it is a trial. pls help
Open the Selfcare page and follow instructions to reset your license.
Having used your products for some years, might have asked you before do you have affiliate program as a great believer of your software and believe i can get people to buy-your call thanks John
Hi there!! Thanks for choices of goods products. I am from India. I would like to buy your Mean Renko with wicks indicator. Advise me how can I buy the indicator, provided that I don’t have account with Mt4 and there is no link with broker also. I buy data from third party supplier. How this license key will work. Have a good day!! Thanks!!
i am going to try this indicator indicator on my MT4 and see if it delays or paralyze the MT4 .how do i purchase the meanrenkobar indicator if the test is success ?
Hello Milan – I purchased your Renko bar suite and am impressed! Do you know of a Renko bar that adapts in real time to market activity; i.e., increases bar size when market activity is high and vice versa? Thanks.
With all that is going on woth nt4 are you or would you be willing tk create your mean renko bars for tradingview?
Are you going to update the mean Renko to work on MT5?
I would like to know as well. Mt4 is going to be soon pulled out.
Hello, I’m just started to try out Renko Chart, I got the Renko Generator from the internet, and found that the offline renko chart will be re-structure after if you restart the terminal (became different chart pattern), I would like to know if all type of Renko Chart / Generator is the same please? Thank you!
No, generators differ, depending on the way the coder produced it.
Thanks for the replied. I would like to know if the renko chart generate by your generator (in this website), will the renko restructure everytime after the terminal restart ? (mean it become like redraw and the renko will be inaccurate)
I’m back with the same question Milan…. Will you code the renko for mt5?
Probably I will, just worried about the MT5 charts. It cannot work as good as MT4.
Thanks for replying Milan. 🙂
Can you please suggest some strategy to trade Renko Charts