Here is the screenshot and chart setup I'm currently working with...
https://tos.mx/uyNZ2hA
I switched over from Renko to Range Bars for the simple reason that Renko leaves out too much market noise (if that's possible) For example, when a ticker goes into consolidation, Renko charts stop moving altogether (sure the price fluctuates within the range, but seldom prints a new brick), this makes it difficult to determine what the overall market is doing. Range bars still eliminate the unnecessary market noise yet provide you with more information in the form of wicks while still removing the time element from the equation.
With Renko, if you set a 5 tick brick, once the first brick paints, the next brick has a 15 tick window of possible movement (a 10 tick brick gives the next brick a 30 tick window, etc.) With Range Bars you get to see more of the price action and can make better decisions. I've sat in trades on Renko charts for hours without a single new brick printing (this also causes any indicators to stop providing relevant info) only to have it eventually turn against me and stop me out, whereas with Range Bars I can see the price action during consolidation and the indicators often provide better info on which way the stock is headed which allows you to take profit earlier and move on, or wait it out.
I also don't like the fact that Renko doesn't encompass the entirety of price action. I've watched 10 tick Renko bricks rise/fall 9 ticks, before heading the other direction and there's NO history of that 9 tick movement (the trader never knows it happened). That means you never really know where true support and resistance are, or what the actual high and low of the session is. While I did have success with Renko, I've found that the Range Bars allow me to find slightly better entries and exits, as well as providing me with better info to determine divergence.
Good luck with whichever trading style you prefer to work with!
