Mean Renko Bars

Mean Renko Bars 2016-10-17T15:23:22+00:00

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%.

  • Including precise, tick-based testing (aka 99% testing model quality). See Mean Renko FXT Builder for more details. Limits may apply.
  • Precise and Fast and Non-Repainting. Indicator is based on live price feed. Once the price tick arrives, it is recorded and used in all subsequent indicator sessions. Fine data is used only where reasonable, keeping performance at a high level and preserving the data used in previous calculations.
  • Wide Range of Parameter Values. Indicator uses multiple timeframes history, from a week level down to a tick level, ensuring high speed and accuracy for many different input settings.
  • Controlling Performance by a User. Limiting the initial chart length to a fixed number of bars enables user to control chart performance in a defined manner. Moreover, if necessary, indicator can reduce frequency of chart updates.
  • Graphical User Interface. Settings for deployed generators are accessible directly in the chart, both the feed chart and the generated chart. Accessing settings from the generated chart makes parameter handling comfortable.

Installation Guide and First Steps

Watch the video to learn how to install and use mean Renko.


Get OmniaBar License Key Bundled @

ElectroFX

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

28 Comments

  1. Art October 30, 2015 at 11:45 am - Reply

    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?

    • Milan October 30, 2015 at 12:49 pm - Reply

      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.

  2. Art October 30, 2015 at 4:32 pm - Reply

    Thanks Milan, does that mean the EA should use the previous bar close for the calculation?

    • Milan October 31, 2015 at 10:13 am - Reply

      Yes, that would be wise if your EA uses this chart type for entry at a new candle open.

  3. yugge November 9, 2015 at 8:23 am - Reply

    Hello. I’m trying to contact you by CONTACT FORM, but is experiencing failure. Is there another way to contact you?

  4. Bruce March 30, 2016 at 10:06 am - Reply

    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

    • Milan March 30, 2016 at 10:11 am - Reply

      Bruce,
      in case you mean a Renko with adjustable continuation and reversal conditions, it is included exclusively in the OmniaBar under name Flex Renko.

  5. Bruce April 2, 2016 at 4:47 am - Reply

    Thanks Milan,

    Does your Median Renko have an optional sound or alert popup on bar close feature?

  6. gdk May 17, 2016 at 2:52 am - Reply

    hi do you any EA on mean Renko that work well in forex ?

  7. Andy June 23, 2016 at 7:29 am - Reply

    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!

    • Milan June 23, 2016 at 8:40 am - Reply

      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.

  8. amoc June 23, 2016 at 9:57 am - Reply

    i downloaded your mean renko EA for a trial but nothing happens when i try adding it to my MT4 platform

    • Milan June 23, 2016 at 11:09 am - Reply

      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.

  9. nitta June 26, 2016 at 12:57 am - Reply

    hello ,how i can download trial ? thankyou very much

    • Milan June 26, 2016 at 5:41 am - Reply

      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.

  10. Adrian July 9, 2016 at 2:13 pm - Reply

    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

    • Milan July 15, 2016 at 10:43 am - Reply

      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/

  11. Edy July 15, 2016 at 10:29 am - Reply

    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!

    • Milan July 15, 2016 at 10:52 am - Reply

      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.

  12. tahir July 29, 2016 at 1:30 pm - Reply

    I have not received an email as I have bought the mean renko indicator also do I download the free version first

    • Milan July 29, 2016 at 2:20 pm - Reply

      Hello Tahir, please use the Contact for when requesting a user-related support.

  13. Rodney July 30, 2016 at 3:30 pm - Reply

    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!

  14. Prashant August 4, 2016 at 11:09 am - Reply

    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!

  15. Jack August 10, 2016 at 12:05 pm - Reply

    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

  16. Gary February 13, 2017 at 3:41 pm - Reply

    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

    • Milan February 13, 2017 at 4:10 pm - Reply

      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.

  17. billy cody March 9, 2017 at 2:19 pm - Reply

    is there a way to get 0.2 retracement mean renkos ?

    • Milan March 9, 2017 at 2:22 pm - Reply

      Hello Billy, could you point me to a definition, what the retracement mean Renko is?

Leave A Comment

Spam Blocking by WP-SpamShield