MedianRenko Ultimate for cTrader & cAlgo

UltimateRenko is a popular alternative to time-based charts, as well as the built-in cTrader vanilla renko charts. The ultimate renko indicator includes all of the popular renko style variations, such as mean renko, median renko, turbo renko, better renko, etc. All charting types can display wicks, and all contain reference points (UltimateRenko Open, Low, High, Close) for use by other indicators as well as cAlgo robots. The available set of presets and inputs make it possible to set up various chart types, such as the ones shown on the screenshots below.

Available Inputs

  • Bar Size (denoted in the number of pips)
  • Renko mode preset (None, Renko, MedianRenko, PointO, Turbo Renko, HybridRenko)
  • Open offset % (0 to …)*
  • Reversal Open offset % (0 to …)*
  • Reversal bar size % (0 to …)*
  • Show wicks (Yes / No)
  • Maximum Bars
  • Reset Open on the new trading day (Yes / No)
  • Truncate trailing digits on the first renko (Yes / No)
  • The number of digits to truncate
  • Bullish Bar Color (the color of all bullish renkos)
  • Bearish Bar Color (the color of all bearish renkos)

*) The offset values, as well as the reversal bar size percentages, are calculated relative to the previous bar’s closing price, as presented in the figure below. These values are ignored if a renko mode preset is selected.

Building your personalized renko chart for cTrader

List of settings for constructing some of the most popular renko chart variations:

  • Full Reversal Renko with wicks (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 200%, Show wicks = Yes)
  • Mean Renko (Open offset = 50%, Reversal Open offset = 50%, Reversal bar size = 150%, Show wicks = Yes)
  • Standard Renko without wicks (Open offset = 0%, Reversal Open offset = 100%, Reversal bar size = 200%, Show wicks = No)
  • Turbo Renko (Open offset = 75%, Reversal Open offset = 25%, Reversal bar size = 125%, Show wicks = Yes)
  • 3 Line Break Renko (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 300%, Show wicks = No)
  • Hybrid Renko (Open offset = 75%, Reversal Open offset = 75%, Reversal bar size = 175%, Show wicks = Yes)
  • PointO (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 100%, Show wicks = Yes)

The following inputs offer the most commonly used chart synchronization methods:

Reset Open on a new trading day – This is an optional feature, which ensures daily (or session) reference consistency. It reflects the correct daily (or session) open, high, low, and close values. To use this function, set this parameter to Yes. As a result, in some cases, you will see a gap between the previous session’s close and open of the current one.

Truncate trailing digits on the first renko & Number of digits to truncate – These parameters create an anchor point for the first renko bar’s opening price using the “number of digits to truncate” parameter. Please see the example below:

A 10 pip renko bar chart will be used with a 5 digit broker where truncate trailing digits on the first renko will be set to “Yes” and the number of digits to truncate will be set to 2.

The chart will open at the 00 levels, and all consecutive bars will follow as presented below:

EURUSD 10 pip renko chart:
1st bar -> open 1.40100, close 1.40200
2nd bar -> open 1.40200, close 1.40300
3rd bar -> open 1.40300, close 1.40400
4th bar -> open 1.40500, close 1.40600

How it works…

The indicator is displayed as an overlay and should be attached to 1-minute charts for the best historical candle accuracy. All live candles are plotted tick by tick. Referencing the indicator from a cAlgo robot is as simple as referencing other standard cTrader indicators:

//
//  UltimateRenko indicator settings
//

public double BarSize = 50;
public double RetracementFactor = 0.5;
public int ShowNumberOfBars = 25;
public bool SymmetricalReversals = true;

//
//  Declare and create an instance of MedianRenko indicator
//

private MedianRenko mr_indi;

protected override void OnStart()
{
    object[] parameterValues = 
    {
       10,         // Bar Size (Pips)
       0.5,        // Retracement factor (0.01 - 1.00)
       300,        // Maximum Bars
       true,       // Symmetrical Reversals
       false,      // Reset Open on new trading day
       false,      // Apply offset to first renko bar
       0,          // Tick offset value
       "SeaGreen", // Bullish Bar Color
       "Tomato"    // Bearish Bar Color
    };

    mr_indi = Indicators.GetIndicator<MedianRenko>(parameterValues);
}
//
//  Start processing...
//
 
protected override void OnTick()
{
    //
    // Example: check if last 2 completed bars are bullish
    //

    bool lastTwoBarsBullish = (mr_indi.Open.Last(1) < mr_indi.Close.Last(1)) && (mr_indi.Open.Last(2) < mr_indi.Close.Last(2));
 
    //
    // Trading logic goes here...
    //
}

The available reference points (OpenLowHighClose) of each UltimateRenko candle also enable you to attach technical studies to your chart. For example, you can attach Moving Averages for any of the reference points. In the example below a 21 period EMA of MedianRenko Close is attached to the chart:

MeadianRenko_MA

As mentioned before, the indicator is displayed as an overlay on the M1 chart, so you may want to change the chart type to “line chart” and the “Bear Outline” color to black for better clarity.

Please leave me feedback below if any questions or suggestions for further development.

Median Renko Ultimate for cTrader

$32

One time payment only!

  • License for 1 computer
  • Free support
  • Free updates
  • Zero ongoing charges!

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  • Free 14-day trial
  • Renko Ultimate and RangeBars
  • See readme file for
  • installation guide…

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MedianRenko Ultimate for cTrader & cAlgo, 8.6 out of 10 based on 10 ratings
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Comments

  1. Nazirul  November 10, 2016

    I’m using Parallel Desktop Windows on my Mac. Every 6 months, I always re-install my Windows. Will I get new license number? If I purchased this indicator license?

    reply
    • admin  November 11, 2016

      You will not need a new license for this. The first one you purchase will continue to work just fine.

      reply
  2. F  December 21, 2016

    Hi

    trying to put in a working cbot template (works with http://ctdn.com/algos/indicators/show/1086)
    received error :
    Crashed in Calculate with NullReferenceException: Object reference not set to an instance of an object.

    reply
    • admin  December 21, 2016

      You need to provide full access rights in your robot (AccessRights = AccessRights.FullAccess), because the indicator requires them to access functions of the .NET framework.
      Failing to do so will block the indicator from initializing and you will have a NULL reference instead of a reference to the median renko indicator.

      reply
  3. Gauer  February 22, 2017

    Hi. I’m interested in purchasing this and the range bars indicator too.

    My concern is that, what if I sell my computer, buy another one, anything can happen, computer burn, I would have to pay again for a product I already had?

    Thanks

    reply
    • admin  February 22, 2017

      Hi, I can guarantee that you will not need to re-purchase the product. You just need to make sure that you retain your original license file(s) and send them to our helpdesk with a replacement request when needed. The procedure is free of charge.

      reply
  4. Oscar  March 1, 2017

    Hi, I can’t see the tail with the MedianRanko bars like in the above example. May I change anything?

    reply
    • Oscar  March 1, 2017

      Update: I can see the tail in IcMarkets cTrader and cAlgo, but not in PepperStone cTrader, ¿?

      reply
      • admin  March 1, 2017

        Please send the settings you are using along with a screenshot of the chart to support at http://azinvest.freshdesk.com

        reply
      • Oscar  March 1, 2017

        Ok, problem solved. You can’t change the Font Size. You must leave it by default.

        reply
  5. Alex hellor  April 12, 2018

    Can you add a feature like Logikultimate renko bar reversal system. which have a % based reversal feature 200% 300% 400% reversal.. I think you will get that If you see this video https://www.youtube.com/watch?v=2ggww8bF-h8&t=487s

    reply
    • admin  July 29, 2018

      This is kind of functionality is implemented in the latest preview version of Ultimate Renko (1.14). You will find it in the “New versions” folder

      reply
    • admin  October 14, 2020

      Version 1.3 of Ultimate Renko for cTrader also includes percentage-based reversals. The update is free for all licensed users of cTrader MedianRenko. The two indicators (MedianRenko 1.2 & UltimateRenko 1.3) can be used side-by-side.
       Logikultimate renko chart for cTrader

      reply

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