Any good indicators for Renko charts?

[blackbeard12]

Anyone have a good Renko Strategy?
I typically throw up the ATR on a 5 min chart and take an average of the day before and use that as my tick range. I've been testing some indicators like DMI oscillator with a higher length that work really well. It works really decent with REX as well (in another thread) especially when coupled w moving averages of fast,5 and slow,7 and a 20 day sma as a trend follower. Just wondering what people who use these charts have tried that works well.

 

[Alex]

Interesting... Would you mind sharing your chart?

 

[camitos]

Bumping this as I'd also like to find some indicators I can use on renko charts

 

[stockfella]

Bumping this as I'd also like to find some indicators I can use on renko charts

https://twitter.com/i/web/status/1266346374196613121

- See if this helps - this is TSLA with 50 tick and 25 tick renko, HULL is set at 15 and the dark blue line is 50 EMA for trend, If you pull this up and look close there are a lot of trades and I have just started taking trades on the 25 tick chart, and I have found you could take every white brick, 2nd brick when you get 2 green dashes with a .50-1.00 stop and get 1-2 points generally, if blue line is going up on both charts, those moves are stronger, same to downside, blue bricks, red dashes, hope this helps - this set up can be changed to 5 tick and 2 tick for $CL_F and also 2 tick 1 tick for $NG and $UB

 

[camitos]

@stockfella Hey thanks but I've recently switched back to candles because I feel like I need to be able to read price action based on candle formations. I wish I could be okay with only Renkos as it really removes a lot of noise.

 

[stockfella]

@stockfella Hey thanks but I've recently switched back to candles because I feel like I need to be able to read price action based on candle formations. I wish I could be okay with only Renkos as it really removes a lot of noise.

No worries, each person has to find what works, good luck!

 

[bcnhill]

I am finding the Hull Moving Average - this as an example -
https://usethinkscript.com/threads/hull-moving-average-pack-for-thinkorswim.947/#post-12649

to be very useful.

Am also experimenting now with Supertrend -

https://usethinkscript.com/threads/supertrend-indicator-by-mobius-for-thinkorswim.7/
right now as well. I find the Renkos can be very useful if I am patient.

 

[bcnhill]

If anyone is actively trading these charts I would love to compare notes.

 

[WayneG]

I paper trade the mini S&P and do quite well. If I wasn't living on a fixed income, I would be doing quite well.

The best indicator is RSI with the length set to 2, that's right, two.

 

[rad14733]

Anyone interested can check out my Renko Bar Based Trading System for ThinkorSwim topic which covers the indicators I have come to prefer for scalp day trading...

 

[bcnhill]

I paper trade the mini S&P and do quite well. If I wasn't living on a fixed income, I would be doing quite well.

The best indicator is RSI with the length set to 2, that's right, two.

Wow, will try that. I paper traded for some time and and am trading live, starting slowly now. I started with just a few shares in ETFs, so no commission risk at all and the dollar risk, at least in the settings I use, are really quite small when starting out.

 

[bcnhill]

Anyone interested can check out my Renko Bar Based Trading System for ThinkorSwim topic which covers the indicators I have come to prefer for scalp day trading...

Thank you for posting. I tried an approach that had a low tick count but got chopped up. This set up has a lot more tools for analysis with it, so I am looking forward to testing this out. I find the ATR setting for Renko to be good for intraday movements, it would not be as good for scalping.

 

[rad14733]

Thank you for posting. I tried an approach that had a low tick count but got chopped up. This set up has a lot more tools for analysis with it, so I am looking forward to testing this out. I find the ATR setting for Renko to be good for intraday movements, it would not be as good for scalping.

You're welcome... Hope you have better luck in the future... The Waddah_Attar_Explosion indicator is good for identifying potential future chop by painting yellow Histogram bars... As for Renko Bar setting for scalping, I go with 2 ticks most of the time as 1 tick can be as bad as watching candlestick price action... There are times when I even hide Active Trader and Level II until I'm ready to enter or exit trades to avoid the knee jerk emotions that they sometimes create... Just have faith in the indicators and watch the Renko Bars...

 

[bcnhill]

You're welcome... Hope you have better luck in the future... The Waddah_Attar_Explosion indicator is good for identifying potential future chop by painting yellow Histogram bars... As for Renko Bar setting for scalping, I go with 2 ticks most of the time as 1 tick can be as bad as watching candlestick price action... There are times when I even hide Active Trader and Level II until I'm ready to enter or exit trades to avoid the knee jerk emotions that they sometimes create... Just have faith in the indicators and watch the Renko Bars...

Thanks for pointing that out, I will add that to my set up and watch it going forward. Overall I find Renkos to be consistently profitable so far, my approach at the lower tick counts tripped me up. Here's to improving that!

 

[Roho23]

Bumping this as I'd also like to find some indicators I can use on renko charts

you still trading? if so you should use both renko and regular bars and just use the candles for entry of whatever pattern you're looking for and use the renko to reduce the noise and stay in the trade