There is a new type of Renko bar in the elite download section called BetterRenko.
Why create yet another Renko bar type? Because they are all broken and have issues backtesting. There are lots of flavors: Renko, SbsRenko, MedianRenko, WickedRenko. All of these suffer in backtesting because they do not provide the strat/ind with real data. Some examples are different open values or phantom bars with no volume etc.
The BetterRenko tries to address those issues. First, the open of each bar is the real open tick of the bar, no going back to change the data when the bar closes. Second, when there are gaps no phantom data is inserted. This means that you may not get the nice Renko waterfalls, unless there is real data to back it up. On gaps, the brick alignment is maintained, so things still line up nicely.
Because the OHLCV of each bar is correct, it plays nicely with different bar styles (i.e. OHLC and CandleSticks). Attached is an example of what a BetterRenko looks like with CandleSticks. Notice you get wider bodies than when you use a brick style, but this is the real data.
For those that really want to see bricks, I also added a new chart style: BetterBrick
This style will work with the BetterRenko bar type, and show the bricks along with the wick data and the correct open. The second attached picture shows what the BetteBrick displays.
Finally, the third picture shows what can happen when the data starts gapping. This is a CL news event.
The BetterRenko should work with NT7 and NT65. The BarStyle only works with NT7.
BEST OF TRADING 2011 AWARD
Better Renko was nominated for the Best Indicator Of The Year for 2011, and won 3rd place (Bronze).