The Smart Renko was designed to work well with the Smart Patterns Trading System, and is an excellent bar for general purpose with many tradable patterns off the bars themselves.
Two bars are generated. 1) A reversal bar. and 2) a continuation bar. A reversal bar is twice the continuation bar. The setting in the screenshot for the bar settings below is for the height of a continuation bar so, with it set to 5 for example, a reversal bar will be 10 ticks.
A lot of technology has been developed around this bar and its structure. The Oil Trading Room for example has identified many tradable patterns for use with this bar and is an excellent educational resource.
In addition to being a great all around Renko bar, we have also developed these Renko bars specifically to track Mega Bars with a fairly high degree of accuracy. These bars are also a great add-on to the Smart Patterns Trading System. These bars work in to the custom7 slot on NinjaTrader. Ask about them in the Oil Trading Room if you are a member, if you have questions and also see the Smart Patterns Ultimate System for Crude Oil to learn more.
Also look at the Smart Renko Package
All purchases of the components of the Smart Patterns Trading System can later be applied to the overall system price. Many traders have gotten the system by first getting a few components and then later getting the whole system the old fashioned way; they earned it.