Nowshad: Consider Renko bars as an indicator. Renko bars do not show real prices.
Some properties of Renko bars:
-> when price continues to move in the prior direction the open of a Renko bar is close to where the first tick actually plotted
-> when price reverses direction compared to the prior bar, the open of a Renko bar is far away from the first tick that plotted because the reversal is not shown on the chart
-> in most cases a Renko bar will not show the correct high
-> in most cases a Renko bar will not show the correct low
-> only the close of a Renko bar will always be near the last tick of the time period covered by that Renko bar
Implications:
-> you cannot apply any indicators to Renko bars that use open, high or low as input
-> for example an indicator that shows daily high and low values will always show false values
-> a Fibonacci indicator will always use false swing highs and swing lows
-> you cannot do a proper backtest with Renko bars, because the strategy typically enters a position at the open, and the open shown by the Renko bar is false
Displaying real open, high, low and close of a Renko bar:
If you wish to display the real open, high and low of each Renko bar, this is pretty easy. aslan has done the work for you and coded a bar type, which is called BetterRenko. Make sure that you install the BetterBrick chart style along with the bar type. With Better Renko you will be able
-> to show the real open, high, low and close that was made during the bar period
-> to apply indicators that use open, high or low as input
-> to apply an indicator that shows correct daily high and low values
-> to apply a Fibonacci indicator which will use correct swing highs and low
-> do proper backtesting
Superimposing bars:
If you throw different bar types on your chart that do not use linear time, then it cannot be avoided that one of the bar series has unevenly spaced bars. As the bar series need to be synchronized, you can either
-> use equidistant spacing for the first bar series (second will be distorted)
-> use equidistant spacing for the second bar series (first will be distorted)
-> use linear time for displaying the chart (minute and second bars will be evenly spaced, all bars built-from ticks will be distorted)
Logically, whichever solution you adopt, something will be distorted. NinjaTrader only allows you to use linear time for multi bar series charts. In Ninjaspeak this is called non-equidistant bar spacing.