Quote Originally Posted by Leof
I think it is Yo when Ё (in the beginning of the word) and after the vovel and io when it stands after a consonants. Чё can be transliterated like cho.
Am I wrong?
Academic standard transliteration of ё is e (Gorbachev, Khrushchev, Potemkin.... Alla Pugacheva).

In more everyday transliteration I'd just stick to "yo" in all cases. But obviously you can do the whole "io" after a consonant thing, if you want.

Чё as Cho is more a phonetic rendering (transcription) rather than a transliteration, as you are not preserving the original spelling and instead focusing on pronunciation.