When comparing today's Renko chart with the one from yesterday, I noticed that yesterday's red brick has turned into a green one because the trend indicator has changed course, while it hadn't done this yesterday. In fact, when looking back it turns out there are 7 differences on the chart today compared with yesterday's chart.
The reason must be that the brick size required for a change is calculated using the ATR value over the last 100 days and this is not a constant. So, first the ATR(100) is calculated - 493.24 - next, the chart is build with this value. As yesterday's ATR(100) value was 487.81 and tomorrow's ATR(100) value will again be different, you get a different chart every day.
Removing the trend indicator doen't seem to make much of a difference as there are still 7 differences on the chart and that just between yesterday and today.
Conclusion: the ATR can not be used to determine brick value. It must be either a constant value or a percentage.
The problem with a constant value is that it either too large when prices are low, or too small when prices are high. A percentage value is not a possibility with Tradingview. It is however with Prorealtime. But there I cannot add additional indicators to the Renko chart.
Renko brick setting at 2.33%
Renko brick setting at 1%
Renko brick setting at 0.5%
All of a sudden, the trends on the chart look a lot less clear than with the ATR. In addition, multiple bricks are painted per day, meaning you have to get in, or get out, when the new trend is already well on its way.
Maybe I can think of an improvement but I fear it was all too good to begin with. Most likely: exit Renko charts.