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Mean Renko Chart Generator
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.
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.
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.