Renko Bar Based Trading System for ThinkorSwim

[Robster021]

Hello. I'm new to usethinkscript forums. I have been paper trading your Renko system along with a few other bells and whistles. So far, I'm a paper bajillionaire trading BTO call and put options on SPY. Per your basic instructions, I spend most of my time looking at the charts and saying nope, not good enough, need more confirmations. Thanks for sharing this trading approach.

I am wondering if you have posted about the momentum based approach for scalping options you mentioned above. I really like your Renko system so I'll wager whatever else you find that works is really good too. I don't know how to search this site for forum threads that you may have started.

Could you share your setup - would be great to see how you have tweaked it unless its the stock version. Thanks

 

[michalg95]

Can you share your setup?

Hey bro are you using the Swingarm still?I have been using it for a long time and would love to discuss it!

 

[guyonabuffalo]

Hey bro are you using the Swingarm still?I have been using it for a long time and would love to discuss it!

No, not anymore. I went through a steep drawdown period with it and abandoned it. Every now and then I check in on it but it still doesn't seem to viable for the timeframe and markets that I watch.

 

[gn5150]

Good morning all, I was very excited to find this site and better yet find this thread talking about using Renko bars. I started using Renko bars a few months ago to scalp /ES, /YM, /CL, and /NQ (in slower time periods) and feel like I am honing a system that truly works. I'd appreciate any feedback as I feel that there may be a better way to confirm an entry than using Waddah, Awesome Osciallator, and the LBR 3/10. Below are my settings and rules:

Lets see if this chart share will work:
https://tos.mx/cYHAXu7
Indicators & Settings

• Renko Bars set at 3 Ticks
• Ichimoku Cloud with Lagging Span
• Bill Williams Alligator (or Bollinger Bands)
• 200 EMA
• Daily Pivot Points
• Waddah Attar – dead zone set at 25
• Williams Awesome Oscillator – dead zone set at 2.5
• LBR 3/10 – Dead Zone set at 1.5

Explanation

• Ichimoku and EMA Identify Trend
• Only take longs when price is above Ichimoku and EMA
• Only take shorts when price is below Ichimoku and EMA
• Lagging span must be out of the cloud
• Do not trade if price is between cloud and EMA
• Alligator Identifies entries
• Only take longs when price is above Alligator Green Line
• Only take shorts when price is below Alligator Green Line
• Confirmation
• Take Longsonly if:
  • Waddah is Green and touching/above dead zone
  • AO is Green and touching/above dead zone
  • LBR is Green and touching/above dead zone
• Take Shortsonly if:
  • Waddah is Red and touching/above dead zone
  • AO is Red and touching/Below dead zone
  • LBR is Red and touching/below dead zone

thought it was supposed to simplify, not complexify.. that is one busy chart

 

[Desrex]

thought it was supposed to simplify, not complexify.. that is one busy chart

How has then been working out for you ? Also what are the horizontal lines on the chart, deviation lines?

 

[majidg]

Here is the link to my shared workspace, complete with my customized Studies... Comments welcomed... If you have questions, I'll do my best to answer them...

https://tos.mx/DHOcwrT

Why when I import it, it does not show any thing on the sreen, is it something to do with the ATR that I need to adjust ?

 

[MerryDay]

Why when I import it, it does not show any thing on the sreen, is it something to do with the ATR that I need to adjust ?

Shared Workspace function 'was' broken. Not sure if it has been fixed.

 

[gn5150]

I can not fine the Waddah ATTAR indicator for NT8 do you happen to have a copy?

I don't even use it in TOS, thus no need for it

 

[prancelot]

Hello. I'm new to usethinkscript forums. I have been paper trading your Renko system along with a few other bells and whistles. So far, I'm a paper bajillionaire trading BTO call and put options on SPY. Per your basic instructions, I spend most of my time looking at the charts and saying nope, not good enough, need more confirmations. Thanks for sharing this trading approach.

I am wondering if you have posted about the momentum based approach for scalping options you mentioned above. I really like your Renko system so I'll wager whatever else you find that works is really good too. I don't know how to search this site for forum threads that you may have started.

Hi @bluendet , is your set-up similar to the one posted here?

 

[tucotrader]

insanely overly complicated

 

[prancelot]

insanely overly complicated

do you use renko

 

[Quantum33]

loving the strategy, I was wondering if anyone could assist me with my renko bars not moving in real time. they seem to be stationary before new bar is made.

 

[MerryDay]

loving the strategy, I was wondering if anyone could assist me with my renko bars not moving in real time. they seem to be stationary before new bar is made.

Script does not always print renko bars. Indicator is time-based and Renko is price action based.
PS: members have suggested having extended hours turned on.

 

[majidg]

Thanks, Yes I Followed. Somehow when I click on the shared item it keeps running and does not import the charts

@majidg The link seems to work just fine:
View attachment 949
Did you try this method? Click here for --> Easiest way to load shared links

but when I import it the charts disappear.it does not allow me to rename it.
it asks, " open shared item when I press import" and when I do, nothing will be shown.

 

[Chris77]

Could anyone explain when a bar is completed? how this ATR works? I just cannot find any good link online or in help menu. I know it's price based but dont understand what does it need to have to end a bar and start a new one. It really works for me.
Thank you for your help.

 

[Spesh]

Could anyone explain when a bar is completed? how this ATR works? I just cannot find any good link online or in help menu. I know it's price based but dont understand what does it need to have to end a bar and start a new one. It really works for me.
Thank you for your help.

Time-based charts complete when the clock has moved a certain amount of time. Renko bars complete when the asset has moved a certain price increment (which you can change).

https://www.investopedia.com/terms/r/renkochart.asp