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Looks similar to Pure Logik Ultimate, in that it allows the user to play with how the Renko gets formed when trending or reversing. The examples given show how to mimic RJay's Hybrid and Trend Channel (though I think the trend channel is a little different, but pretty close).
It is a built in bar type, so things like cumulative delta just work (assuming your feed supports it). The other part I like is that the bars are maintaining the real underlying data, so should be pretty good for back testing, similar to BetterRenko.
I did as you suggested and came up with a range bar chart covering the same approximate real estate as the Renko-Flex chart and did an Overlay (non-sync) with the attached results.
Is this the most accurate I can expect? Was this the best way to do this?