A Renko Chart is a type of chart that is created by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. The bricks can be any predefined size, such as $5 or $10. Renko charts are used to identify trend direction and strength and can help traders to identify potential support and resistance levels.They are similar to candlestick charts, but the main difference is that Renko charts do not take time into consideration and only focus on price movement.