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.
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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