Renko Bar Based Trading System for ThinkorSwim

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D_Tramp

New member
The price bubbles are generated by the Trend_Reversal_Indicator_with_Signals study... They "help" with conformations but are not outright buy and sell signals, unless you want them to be - but they do repaint... There are no true buy and sell signals, just indicators for you to interpret based on what you see and what you learn about how the suite functions on specific instruments... It should be noted that I have everything optimized for scalp day trading options... This setup has worked the best for me out of the many dozens of indicator combinations I have used - but only once I had a good feel for how everything ties together... And they only work if you stick to what they offer up rather than going rogue... I used the setup to make some decent profit early this morning and then proceeded to lose it all and a lot more by not following what the indicators were telling me... That's two days in a row...!!! And I know better than to second guess what the market is telling me... I may be dealing with some traders anxiety or burnout which I need to evaluate and deal with... :confused:

One aspect of those trend reversal bubbles is that if you are trend trading you can hold a trade until the closing bubble paints, regardless of where in the bubble pair you entered the trade... But for a quick scalp I'm usually out as soon as the indicators switch from green to red... The RayBullPower indicator seems to work best for me for entering and exiting scalps... The entire suite combined comes into play for managing a day trade trend... And remember, I primarily trade Call Options and very few Put Options... But I do use the same chart layout for monitoring the underlying stocks because sometimes that will help keep me from getting into a bad option trade where I'd be chewed up by chop... Not to mention that option action sometimes lags behind stock action considerably...
Thank.
One more question. What settings need to be made to trade volatile stocks, for example $TSLA
 
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kalivibe

New member
VIP
This is great stuff. What ATR settings can you use to swing trade stocks?
 
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rad14733

Member
This is great stuff. What ATR settings can you use to swing trade stocks?
TOS really doesn't have much for ATR settings when it comes to Renko Bars... At least not that I am aware of... When I mentioned ATR that was what I was referring to... I am, however, toying around with an ATR related indicator...
 
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kalivibe

New member
VIP
Nice. I really enjoy your posts and insight! What indicators/chart settings do you recommend for swing trading stocks/options?
 
technicallydreaming

technicallydreaming

Member
Great strategy here @rad14733 . I am using this for the Micro S & P futures. Never tried ATR renko. Lets see how it goes on Sunday. (Paper trade of course). Using TMO Oscillator instead of RSI and its looking good. Also using the derivative RSI oscillator as a "bonus" indicator.
 
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rad14733

Member
I really enjoy your posts and insight! What indicators/chart settings do you recommend for swing trading stocks/options?
The settings described in the first post are my basic option trading settings and I use the same settings for monitoring the underlying stocks... I'll see if there are more optimal settings for longer swing trades and report my findings...
 
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