what is a renko chart 
a renko chart is a type of chart developed by the japanese that is built using price movement rather than both price and standardized time intervals like most charts are it is thought to be named after the japanese word for bricks renga since the chart looks like a series of bricks a new brick is created when the price moves a specified price amount and each block is positioned at a 45 degree angle up or down to the right of the prior brick an up brick is typically colored white or green while a down brick is typically colored black or red 