When Price Level Matters

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 the Renko chart is expressing price movement in levels, called bricks.

  • Including precise, tick-based testing (aka 99% testing model quality). See 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 Renko.

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Unique Features

What are additionalĀ featuresĀ of OvoĀ offlineĀ generators?

  • the generatorĀ is an indicatorĀ rather than a script or EA, which makes it more comfortable for deployment
  • input setting is adjustableĀ from multiple places: from the input dialogue, or from the entry box of an indicator sub-window, or from the offline chart using additionalĀ indicators (Omnia Remote, Omnia Auto Range). Settings on the offline chart makes the range switching as flexibleĀ as switching between timeframes.
  • safe timeframe switching of the feedĀ chart Ā (no need forĀ 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 singleĀ selected timeframe
  • when starting up, the indicator selects the chart startingĀ anchorĀ from the user-defined chartĀ candles count
  • a single indicator can serveĀ multiple identical offline charts (a single chart ID in multiple windows)
  • detects significantĀ drop-outsĀ in feedĀ and rebuilds the offline chart after the feed updates
  • displays consistentĀ candle tick volume calibrated to regular timeframes, so you may rely on the tick volume in your analysis andĀ EAs
  • guardsĀ for a change of the feedĀ server, so it updates the chart if you switch between accounts
  • works properlyĀ with symbols having MQLĀ unfriendlyĀ names (like “EURUSD..”, i.e. trailingĀ doubleĀ dot in the name)
  • reports unexpected time gaps in the MT4Ā history, reports inconsistenciesĀ between symbol timeframes
  • excludes phantom (no volume) ticks
  • fixes incorrect input for a non-trivial instrument tick size
  • can decreaseĀ chart refresh rate on demand
  • indicator development is still open, you may expect fast fixes for newĀ Metatrader builds