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Renko Charts: A Focused Approach to Price Movement

Definition:
Renko charts are a unique chart type that exclusively tracks price movement. The name “Renko” comes from the Japanese word “Renga,” which translates to “bricks.” This is fitting, as Renko charts are built using a series of “bricks” that represent price fluctuations.

These charts are specifically designed to filter out small, insignificant price movements, helping traders focus on the larger, more important trends. A Renko chart is created by adding a new brick to the next column once the price moves beyond the top or bottom of the previous brick by a predefined amount, known as the “box size.”