Point Original Bars

Point Original Bars 2016-10-17T21:17:03+00:00

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.

  • 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 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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13 Comments

  1. Martin October 21, 2015 at 8:37 pm - Reply

    Hello,

    is this method basically identical to a renko chart with no gaps?

    Thanks.

    • Milan October 22, 2015 at 5:31 am - Reply

      Hello Martin, yes, the chart is very similar to Renko. The reversal brick placement is one brick earlier than Renko.

  2. Jero February 1, 2016 at 5:07 am - Reply

    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.

  3. Jero February 1, 2016 at 7:39 pm - Reply

    Hello Milan,
    Thanks for the quick answer.
    Good to know M2 is the smallest TF.
    Have a good day.

  4. Jero February 10, 2016 at 8:10 am - Reply

    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 ?

    • Milan February 10, 2016 at 8:27 am - Reply

      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.

  5. jero February 10, 2016 at 3:28 pm - Reply

    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.

    • Milan February 10, 2016 at 6:47 pm - Reply

      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.

  6. Alistair June 25, 2016 at 7:35 am - Reply

    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

    • Milan June 25, 2016 at 9:28 am - Reply

      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.

  7. Jas April 21, 2017 at 7:21 am - Reply

    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

    • Milan April 25, 2017 at 8:49 am - Reply

      Hello Jas, unfortunately I do not accept new MT4 coding tasks currently. Perhaps later.

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