Renko bars aren't really suitable for indicators for a couple of reasons.
The volume is probably one sided (at least it is for Tradestation) which only reports upvolume for up bars and down volume for down bars.
The renko bricks don't show the true high and true low for each bar, giving a "noise free" view of the overall trend, so you're not going to be able to get anything associated with true range or any range bound indicators.
Additionally, in backtesting, the bricks will not reflect the desired open values for each brick. In reversals, the open for a new down brick (after a previous up brick) will be reported as the open for the previous brick (or the low where it started).
Renko charts are designed/intended to remove a lot of the extraneous information in order to filter out noise. The bricks themselves are really only intended to gain general trend and resistance/support areas.
Many traders use a modified version of the bricks, which show the true high/low and construct the full volume data.
"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
I don't know about other software, but NinjaTrader gives the ability to the user to create new bar types, so many modified Renko bar types have been created by users, most show the true high and low of bars, and some can be back tested. I personaly have used BetterRenko (free), RenkoHybrid (commercial), and t4tMagicBars (commercial). A search on the forum should give more info on these.
The reason I use these renko bars is because, just as they reduce noise in the price bars themselves, they also reduce noise in the indicators applied to them as well. I trade indicator patterns, so these renko bars make my indicator patterns cleaner, smoother, sharper.
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