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Intoduction

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.
Mean Renko bricks overlay by 50%.

My mean Renko implementation displays wicks on their candles, which is actually not part of the original Renko definition. Just more traders requested this mod.

I have currently 2 versions to download, the first one intended for the MT4 build 509, while the other is native for the 600+ builds. They both run on the MT 4 build 600 (and higher), though the original 509 version needs the MT4 to be started in portable mode.

Features

What are main advantages of this generator in comparison to similar generators?

• it is an indicator rather than a script or EA, which makes it comfortable
• input setting is accessible from multiple places: input dialogue, entry on a feed chart, entry on the offline chart. Settings on the offline chart makes the range switching as simple as switching a timeframe.
• possible feed chart on-the-fly timeframe switching (no need to dedicate this chart for a feed)
• generator can break chart into sessions
• generator uses all available timeframes for the initial model, it is not bound to the selected timeframe
• estimates the offline chart starting point from the desired candle count
• a single indicator drives multiple identical offline charts, so you can run multiple EAs with a single generator
• detects interrupts in feed and rebuilds the offline chart after the feed reconnects
• displays correct candle tick volume, you may rely on the tick volume in your analysis or EA
• watches for a change of the feed server (lacking feature in MT4)
• works correctly with symbols having conflicting names (i.e. "EURUSD.." trailing double dot in name with a few brokers)
• reports unexpected time gaps in the MT4 history
• 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 not closed, it has continuing support. You do not need to search Internet and pray volunteers for a fix.

Guide

For detailed instructions about the build 509 version, open online User Guide (unified for all offline charts).

For the 600+ version the User Guide will be supplied soon.

Download

Download indicator from the Metatrader MQL4 Downloads section.

Screen Capture Clips

Demonstration video for using the offline charts with a remote control indicator

For watching the in natural resolution click here.

The 509 version mean Renko video.

For watching the in natural resolution click here.

4 Comments

Posted on 2013 Oct 13

by quinn @ 20 Jun 2014 05:05 pm

Please send me the mean renko mq4 file for download
Thank you

by ovo @ 20 Jun 2014 05:20 pm

@quinn
I do not send files. Whatever is intended for download, you can find in the "Metatrader MQL4 Downloads" section.

by dr b s prasad @ 19 Nov 2014 04:59 pm

see

by Sanjay @ 04 Aug 2015 06:27 pm

I have tried mean renko. It is highly repainting. The bar formed once suddenly vanishes. Today volatility is more in the market. I was having alarm for each candle trigger and found some of bars that formed and disappeared. Looks like its recalculating.

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