Do Not Ignore the Sideways Movement
Point-O (aka Point Original, renko-range) works with bricks similar way the Renko does. The definitions differ in reversals, causing the Point-O chart to detect consolidation areas, which remain hidden in Renko charts with similar brick sizes.
Installation Guide and First Steps
Watch the video to learn how to install and use the Point Original chart.
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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
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Hello,
is this method basically identical to a renko chart with no gaps?
Thanks.
Hello Martin, yes, the chart is very similar to Renko. The reversal brick placement is one brick earlier than Renko.
Hello,
I love pob charts but I will like to know what is the smallest timeframe you can pick in ” Output offline TF ” . Is it M2 ?
Also when you leave the ” Output offline TF ” box empty, it still generates a chart so my question is which timeframe is assigned to that chart ?
Thanks.
You may pick any positive number except the standard timeframes. So M2 is the smallest. The number also determines the daily and weekly separators: http://ovo.cz/explaining-the-period-separators-frequency/
Hello Milan,
Thanks for the quick answer.
Good to know M2 is the smallest TF.
Have a good day.
Hello,
If i want to see many pob charts, what is the maximum my mt4 can handle.
Let’s say if I want to open charts from 20 to 100 pts ( 80 charts) is it possible ?
If yes, do you have an idea of the maximum i can then open ?
Hard limit of open charts in MT4 is 99. I usually do performance load tests with 45 generators running, on 9 feed charts. You may stack the generator into a single chart (though every of them takes 20px, so you might run out of visual space).
On the other hand, you may run into performance problems. Indicators are memory hungry due to MT4 architecture. And when you start open the offline charts, the processor power starts to increase, due to different refresh mechanism of offline charts.
Thanks Milan,
one last question, when you leave the output offline TF empty, it generates charts with TF as M2345, what timeframe is this ? are there big difference between those TF and M2 ?
Thanks.
It is a pure random number, no logic involved. The behaviour was implemented for the out-of-the-box compliance. The number has effect on future-time axis and period delimiters.
It is very reasonable to enter a number explicitly, otherwise the indicator will choose other random number after any forced termination. If you won’t realize it, you would watch a dead offline chart until you do.
Hi Milan,
Just bought a licence for Omnia bar, fantastic software.
Can you suggest a trailing stop loss that will work on Renko and other non standard charts?
thanks
Al
Thank you for the compliment, I assume that any trailing-stop expert should work on the offline chart as well as on the standard chart. However, I do not have any third party product recommendation, as I am using a custom non-public expert myself.
Hi Milan
Can you design an ATR trailing stop loss for Renko bar?
Also, I would like to know if you can develop an EA based 2 Renko green for buy and exit on red Renko with EMA filter? If yes how much would it cost? Let me know.
Thsnks
Hello Jas, unfortunately I do not accept new MT4 coding tasks currently. Perhaps later.
Please, do you have Point Original Bars without wicks? Thanks
hi, when i refresh the chart after a time the bars change, there is any solution for that?
Hello Braian, they should not change, unless the broker updates the historical data.
Hello Milan,
Thank you for creating ovo mt4 offlinechart. I’m ovo rangenogapbar and pob user. And I loved using ovo POB for my live trading.
But recently I’ve similar issue, the bars changing :
1. after I closed the terminal and re open it.
2. after broker server change for better data… or my internet disconnect
( before: only pob wick, after: is fullbody close bar )
and if the broker updates the historical data ( which we don’t know when they updated it… ) then, Is there any solution for these? so the bar not repainted.
OR is there tools for saving our Own Terminal POB historical live data (like csv time base historical data) ?
so when restarting mt4, the pob Starting Drawing POB bar is from our Own Terminal POB historical last data/last bar.
Do you provide this kind tools so i can buy?
Please help with this issue. Thank you very much Milan.
If the data gets updated (i.e. missing data is added), it gets detected by the indicator and the entire chart refreshes. It can be even visible when starting the terminal, as the chart updates periodically when the missing data are still arriving. That is usual, and the chart should change only in the freshly added part.
However, if the broker tampers the candle in the history, there is a problem with the recorded ticks. As long as the indicator is alive, it records the ticks, and if the ticks do not fit into the particular M1 candle after such a tampering, the indicator throws the tick data away as inconsistent and uses M1 candle instead. It may change the offline chart shape.
It would be possible to save the last chart and continue it after a break, however the concept of these indicators is enabling frequent changes of any of its custom parameters. So the saved chart would be lost every time the parameter changes. And as mentioned above, any interruption of data feed would force the recalculation as well.
Thank you for the clear explaination… it really help me understand how the indicator works. Good Day Milan !
Hello Milan,
I need to REVISED my question on May 19,2018 6:59 am about “Is there any solution for these? so the bar not repainted.”
I realized now that my question is wrong in the market nature.
Actually now I’m worry if that question could give misunderstanding to other.
So Please allow me to REVISED it with this little observation below.
Before that,
I’d like to Thank You again for your explaination that “the concept of POB indicator is enabling frequent changes…”.
I’m very Grateful that you point out that to me… very agree ! Frequent Changes is needed…Realtime is very important !
Because it can give us/tell us more story of the market so we can join their flows.
With OVO POB chart I can read the story better and faster than i’m reading M1 Timebased Chart.
I Really Thank You for creating OVO POB MT4 Offline Chart.
Observation:
From that day until now August 2019 (1 year), I’ve been doing observation while live trading using POB.
-2 different broker (broker A & B) on 2 cpu for each broker (same pair (1 pair only) & same custom indicator buffers 30-60)
-2 internet connections (dedicated 3 Mbps and the other not dedicated 30 Mbps)
-Bars 3000-9000 bars (POB)
-Candles setting 14400 bars (MT4)
Result:
a. Tampers history data happened to all broker on every day basis, But on one broker is happening more OFTEN than the other.
b. Real time tick datafeed can be more faster also slower or same for each different broker.
c. Real time tick datafeed on 1 broker with different live server (account number), can be better (or more realtime) than other live server on same broker.
d. First time open terminal MT4, if the POB on blank chart is faster drawing the chart than there is custom indicator in it.
Also 1st time open terminal MT4, if the POB have Original MT4 Indicators is faster drawing the chart than there is custom indicator in it.
e. First time open terminal MT4,
on broker A after connect to terminal server ALWAYS reconnect to other terminal server with bigger ping ms.
on broker B after connect to terminal server almost NEVER reconnect to other terminal server and OFTEN get good ping ms.
f. Internet connection speed with higher Mbps is give more advantage/faster at First Time Reload History Timebased OHLC on NEW pair,
But on Real time tick datafeed, Internet speed doesn’t influenced much.
Do you think it’s normal if I’ve experiencing result a-f ?
and related to the POB, What’s more important aspect ?
Hardware : Memory or Processor or Other ?
Internet : Speed or Stability ?
Indicator: if custom indicator Max buffer or… ?
POB bar : Max Bar on chart ?
Broker : DMA ECN or ECN ?
Please kindly advice and give suggestion for my improvement.
Thank You… I Hope ALL the BEST and GREAT be with You.
Hi Milan,
I am a full member of your offline charts package and wish to know if it is true that source code is required to create an expert advisor that works on point original charts
This has come from a coder who offers his services on MLQ5 website and i requested him to code an EA for point O charts for me to work with one indicator
Appreciate your comments
Raj
Hello raj,
for the EA or indicator you do not need to know the source code, however the EA or indicator might like to know the chart parameters, especially the brick size. If the coder is afraid of reading the candle body size from the chart, then he may add an entry into the inputs. Optionally, he may get the values from the handshake with the OmniaBar indicator (in the live chart, it would not work in the tester).
Hai
My point O malfunction during trading, I am rapidly getting message “can’t set millisecond timer” and “indicator is too slow, 5078ms, rewrite the indicator, please”
how to fix the problem ?
thank you
“can’t set millisecond timer” does not originate in the indicator, it is an MT4 bug. It happens rarely and usually on VPS. I have no idea how to fix it or what it triggers, and there is no guide provided by Metaquotes for this feature. However, the indicators should run despite this message.
Regarding the ‘slow’ message, does it appear regularly? I have never seen it with this indicator.
Hi,
Do you have an indicator that can emit email alerts on direction change ?
Regards
Hi, did u have something like this but for MT5?
Hi, can u please explain why this difference exist between same data? both chart are generated with the same tick history, one with the FXT Point O builder, and the other with the Point O chart, as i say, with the same tick history, there is a huge difference between charts. thanks for ur time. https://i.imgur.com/QcBK0ES.png
Hello Milan,
I purchased the PointoBar and it is a great product. Thank you.
Do you know about Uni Renko? If yes, do you have plan to make the product available?
Thanks.