I am going to test the Renko charts in the next week. For a small clarification, it is necessary for you to understand that range bar charts are not time based charts but price based charts. You need to change your mind and you will know that it does not work based of TIME. It works in terms of PRICE MOVEMENT. You need to remember that each bar is formed only if the price moves of a definite amount of pips.
There is key difference between renko bar chart and constant range bar. In a renko bar chart, the present bar will be closed only if the price moved up or down from the high of the last finished bar from the low of the last finished bar. The quantity of pips is the base of the chart, as a result you’ll cover the typical step ladder sequence going up or going down. The open cost of a new bar is the close cost of the last bar at all times.
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