Overlays Renko Bars on Regular Price Bars.
***Color of Renko Open and Close Lines Change Based on Direction.
Default Renko plot is based on . Look Back period adjustable in Inputs Tab.
If you Choose to use "Traditional" Renko bars and pick the Size of the Renko Bars the please read below.
Value in Input Tab is multiplied by .001 (To work on Forex)
1 = 10 pips on EURUSD - 1 X .001 = .001 or 10 Pips
10 = .01 or 100 Pips
1000 = 1 point to the left of decimal. 1 Point in Stocks etc.
10000 = 10 Points on Stocks etc.
***V2 will fix this issue.
I found a cool use for the Renko Overlays...Since Traditional Renkos are not time based...but the Renko Overlays are...the Renko Overlays give a great visual of consolidation periods...which are typically followed by Breakouts.
Apply the Renko Overlays to a chart...either use the ATR or Points method...and turn off the candlesticks. Note on the chart below whenever you see a long consolidation period. Taking the trade in the direction of the next Renko Plot gets you in to a Big Move.
Just thought I would share...NOTE...every time you change a chart symbol or timeframe you have to turn the candles back on then off again.