This is very old idea namely the following: PCCI_Renko Trading System.
It is related to one indicator only (attached) which combined pcci and renko indicators all together in separate window.
The rules are the folllowing:
if red line (pcci) is crossing the yellow line (upper renko line) to above - signal for buy;
if red line is crossing blue line to below - signal for sell.
We can play with Kv and Lenth settings of the indicator to reduce many false signals