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 in the screenshot below.
- Bar Size (number of pips)
- Retracement factor (0.01 to 1.00)
- Maximum Bars
- Symmetrical reversals (Yes / No)
- Reset Open on new trading day (Yes / No)
- Apply offset to first renko bar (Yes / No)
- Tick offset value (0 to …)
- Bullish Bar Color
- Bearish Bar Color
Here are some example settings for various renko chart variations:
- Median Renko (Settings: Retracement factor = 0.5 , Symmetrical reversals = Yes)
- Standard Renko with wicks (Settings: Retracement factor = 1.00 , Symmetrical reversals = Yes)
- Turbo Renko (Settings: Retracement factor = 0.25 , Symmetrical reversals = Yes)
- Hybrid Renko (Settings: Retracement factor = 0.25 , Symmetrical reversals = No)
- PointO (Settings: Retracement factor = 1.00 , Symmetrical reversals = No)
The following inputs offer the most commonly used chart synchronization features:
Reset Open on new trading day – This is an optional feature, which ensures daily (or session) reference consistency. This is used to reflect the true 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.
Apply offset to first renko bar & Tick offset value – These parameters enable (when Apply offset to first renko bar set to Yes) or disable (when Apply offset to first renko bar set to No) the normalization of the first renko bar’s opening price using the Tick offset value.
In practice, this pair of parameters is used to define the opening price of the first bar on the renko chart.
For example, if we have 10 pip renko bar and we set:
Appy offset to first renko bar = Yes
Tick offset value = 0
The chart will open at the 00 level and 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