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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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