[4xteam]

The Renko charts are constructed as follows: the close price of the current period compared with minimal and maximal prices of the previous "brick" (white or black).
If it grows above the high of the previous "brick" at least the size of the "brick", then the graph is drawn in new columns, one or more white "brick".

If it falls below the minimum of the previous "brick", not less than the size of the "brick", the chart is drawn with one or more of the black "brick".

If the price moves below the minimum or maximum of the previous "brick" by more than one "brick", but not enough to form two "bricks", is drawn with only one "brick".

As Renko Charts was created to determine the main trend, the Renko chart itself gives many false alarms, especially on flat or short trends, but it almost always allows you to catch the main part of a larger trend.

The Renko Charts are always built on the basis of closing prices for the period to which they are, so when you create them from other types of chart with different periods, the result may be different. The larger scale of the Renko Charts leads to the larger probablity to show its main disadvantage - so its better to draw it using tick or minute data.

You can apply the conventional technical analysis methods to the Renko Charts, but it is necessary to bear in mind the following thing: The minimal and maximal values of the white "brick" on the Renko Charts are always the same as the open and close prices correspondingly. And contrary - the minmial and the maximal values of the black brick, are the same as the close and open prices of that "brick". So that's why the results will be incorrect if you will use it in the technical indicators, which compares the open, close, high and low price values inside the one brick.
The Renko chart has no volumes, the volume indicators will not work at all.

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[trade_forx]

I tried this Renko Chart EA and it didn't do anything. No trades taken at all.