A better kind of renko and possibly the best chart for day trading.
The median renko (a.k.a. mean renko or better renko) is a variation of the regular renko chart. This chart type features wicks and initial transposing of the new bar’s open value to the middle of the previous bar’s body (the median), thus smoothing the chart and eliminating noise, which would otherwise be present on indicators applied to the chart. Additionally the plug-in features a turbo renko style, adjustable retracement setting.
Standard Median Renko chart example
Trubo Renko mode (30% retracement factor) example
Smoother indicators and consistent values for the session…
In general, median renko charts are smoother looking, indicate the session’s exact highs an lows, plus they make indicators work a lot smoother. You may find this new chart to be the perfect balance between traditional renko an range charts.
The median renko plug-in for MT4 offers an optional feature, which ensures daily (or session) reference consistency. The trader can enable this by setting “resetOpenOnNewSession” to true (along with the session_start_MM and session_end_HH parameters).
The default settings of “0” keep the daily open, low, high and close values consistent with the actual values, which is very useful when you trade stocks, indexes or you want the weekend gap clearly visible on your charts.
See chart below for illustration of a 3 pip median renko chart with “resetOpenOnNewSession” enabled:
Backtesting Median Renko charts with 99% modeling quality
Backtesting is now possible using the plug-in with a modified version of the CSV2FXT script (available only on the MT4 version) originally created by Birt, who is also the author of the Tick Data Suite product.
Please check out the following blog entry: How to properly backtest RangeBars, MedianRenko, Renko and PointO using Tick Data with 99% modeling quality.
Features of the MT4 versions
- Highly optimized C++ engine for calculation of median bars. The plug-in remains stable even in fast moving markets (i.e. during news releases).
- Plug-in supplied as indicator compilation – this enables you to setup several range bar charts from a single 1M chart.
- Optional sound or alert popup on bar close.
- Bundled with MedianRenkoChart_info indicator, which displays the High and Low thresholds for the current bar plus bar size information.
- Compatible with all Metatrader4 brokers.
- Full documentation included.
- Lifetime updates (via online updater) included.
- One time low price payment.
- Instant download!
- Compatible with all MT4 builds 509, 574, 600, 700, 800 and higher
Available plug-in versions and pricing*
Metatrader4 MedianRenko versions:
*) All prices exclude VAT.
|Creates live MedianRenko charts on MT4 for manual trading or automated trading via EAs|
|Offers advanced tick data backtesting support (via Tick Data Suite)||–|
|Single license enables installation on||2 computers||2 computers|
|BUY NOW||BUY NOW|
Metatrader5 MedianRenko version is now available directly from MQL5 Market.
Click below for details:
Median and Turbo Renko plug-in for Metatrader 4 & Metatrader 5,