Renko charts, although invented by the Japanese long before the Forex market, are still superior over time-based charts offered in many charting packages such as Metatrader4 and Metatrader5.
Traders often neglect to utilize this wonderful presentation of price to their advantage, simply because hoards of frustrated holy grail seekers tend to abuse renko chart types, which they don’t understand, and often claim that this charting type cannot be traded. I’ve decided to bust some of the myths about renko, which are often published all over respectable forex forums.
Custom Chating in Metatrader4 