Disliked4-pips range bars gives the sense of the 5 minute TF without the distortion , thats whyIgnored
5 min. time-frame gives you 288 bars/candles within 24 hours and 4 pips range will create about 750 bars/candles at the same time [EUR/USD yesterday]
So, that means your view on the price is kind of magnified already more than twice and by the same token is closer to 2 min. time-frame not a 5 min.
On another hand if you do more research on trading the range bars then you should learn, that settings are better with not even pips like: 3 / 5 / 7 ... etc.
Darek