MedianRenko is a very popular alternative to time based charts. The ultimate renko indicator includes all of the median renko style variations such as mean renko, median renko, turbo renko, better renko, etc. All charting types display wicks and contain reference points (MedianRenko Open, Low, High, Close) for use by other indicators as well as cAlgo robots. Using the available set of inputs listed below, you’ll be able to setup various chart types, such as the ones shown on the screenshot below.
- Bar Size (number of pips)
- Retracement factor (0.01 to 1.00)
- Symmetrical reversals (Yes / No)
- Maximum Bars
- Bullish Bar Color
- Bearish Bar Color
Examples below show some of the chart types that can be created using the indicator