Renko Bar Based Trading System for ThinkorSwim

3AMBH

3AMBH

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2019 Donor
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@rad14733 Hi Rad, Why do you I primarily trade Call Options and very few Put Options...? Thank you
 
rad14733

rad14733

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Hi Rad, Why do you I primarily trade Call Options and very few Put Options...? Thank you
I do trade Puts at times but have found that they tend to trade less volume and are usually higher priced trades... I'm still recovering from the damage done by the market plummet a few months ago so I'm primarily focusing on Calls at this time... But, that being said, I made a lot of money on Puts right up until the market plummet while I has over-invested in Calls that all expired worthless because the market never rebounded before Expiration... So I went from my best couple of weeks to busted... I had to add funds to my trading account for the first time ever...!!! :mad:
 
3AMBH

3AMBH

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2019 Donor
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I do trade Puts at times but have found that they tend to trade less volume and are usually higher priced trades... I'm still recovering from the damage done by the market plummet a few months ago so I'm primarily focusing on Calls at this time... But, that being said, I made a lot of money on Puts right up until the market plummet while I has over-invested in Calls that all expired worthless because the market never rebounded before Expiration... So I went from my best couple of weeks to busted... I had to add funds to my trading account for the first time ever...!!! :mad:

Sorry to hear that. As you can tell I am inexperienced. I have your Trading system up for 1 full day live so not yet have a feel for it. But this morning I opened 2 Options Charts on SPY; Put 136 and Call 134; Market opened at 135. Looks like 2 trades on the Call chart and 1 trade on the Put chart. If I trade this System, I would never hold over night. And, I would always exit at the first hint of a reversal. Also, I took off the RSI upper. I added the RSI to the lower. My ADHD really scrambles my brain when too many things on the chart.

Looking at putting on 1 trade tomorrow (Tuesday) SPY. The lower Indicators are spectacular. When the "stars" align......BOOM! My trading plan includes Money Management and trading only SPY Weekly on expiration days only and scalping it. I am open to input and can take criticism. I sincerely thank you for posting this System.
 
rad14733

rad14733

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Sorry to hear that. As you can tell I am inexperienced. I have your Trading system up for 1 full day live so not yet have a feel for it. But this morning I opened 2 Options Charts on SPY; Put 136 and Call 134; Market opened at 135. Looks like 2 trades on the Call chart and 1 trade on the Put chart. If I trade this System, I would never hold over night. And, I would always exit at the first hint of a reversal. Also, I took off the RSI upper. I added the RSI to the lower. My ADHD really scrambles my brain when too many things on the chart.

Looking at putting on 1 trade tomorrow (Tuesday) SPY. The lower Indicators are spectacular. When the "stars" align......BOOM! My trading plan includes Money Management and trading only SPY Weekly on expiration days only and scalping it. I am open to input and can take criticism. I sincerely thank you for posting this System.
I jumped on SPY too early this morning, without paying attention to indicators, and ended up backing out with a small loss... But GLD and GDX were profitable early on... I have also been trading weekly's recently and they are a whole different animal but I like them... I rarely ever hold anything overnight after getting beat up so bad doing so...

I'm glad you're liking the system and look forward to hearing how live trades play out for you... Good luck...!!! (y)
 
3AMBH

3AMBH

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2019 Donor
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I jumped on SPY too early this morning, without paying attention to indicators, and ended up backing out with a small loss... But GLD and GDX were profitable early on... I have also been trading weekly's recently and they are a whole different animal but I like them... I rarely ever hold anything overnight after getting beat up so bad doing so...

I'm glad you're liking the system and look forward to hearing how live trades play out for you... Good luck...!!! (y)

Here is a list of Weekly's that I follow.
AAPL, AMZN, BA, BABA, BIDU, CAT, CMG, CRM, CVX, DIA, EBAY, FB, FCX, GDX, GLD, GOOGL, GS, HAL, HD, IBM, IWM, JPM, LVS, MA, NFLX, NVDA, QCOM, QQQ, SBUX, SLB, SLV, SPY, SPX, TLT, TSLA, TWTR, VLO, VXX, WYNN, X, XOM. Plus ACB, NIO. LIke I said though, I will stay with SPY for about 30 days to get a feel. In the TOS Watchlist you can add an ATR custom column and that helps me. Best of success.
 
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drbdanish

New member
@rad14733 this is an amazing strategy, If the rules are followed correctly. Thank you so much for sharing with us. I went live today with $AAPL and was quiet profitable in options day trading. I am using it with Ultimate RSI indicator and it works wonderful.



I'm using 15 days and 25 ticks. I place a trailing stop at $40. Either I breakeven or make profit. Very little chance of loss, if rules are being followed.
I also added pivot point indicator to get a better understanding of support and resistance, it helps in locking in profits.

If the trade is profitable at least 75 ticks I move the trailing stop to 25 ticks below from current mark.

If anyone wants to try paper trading this combination give it go. This works well with $AAPL.

Mostly I only take long on 4 comfirmations, first the reversal signal, second wadda must be green, third RBP must be green and fourth the RSI must be touching or above the white line.
 
3AMBH

3AMBH

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@drbdanish Thanks for posting. What is the name of the Pivot Point indicator and the RSI indicator you are using? If you have links it would help. Thank you
 
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Let the Bulls Run

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@drbdanish looks good. Would you mind sharing a link to your chart layout.
 
3AMBH

3AMBH

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Thank you all very much! drbdanish How did you select the Strike Price you show in the Options Chart/trade above? AAPL opened at $463 and you are trading 470? Would you mind sharing your philosophy?
 
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drbdanish

New member
Thank you all very much!
drbdanish
How did you select the Strike Price you show in the Options Chart/trade above? AAPL opened at $463 and you are trading 470? Would you mind sharing your philosophy?

My only criteria is more than 10K volume on that option and price must be within 3 strike OTM not more than that.
 
rad14733

rad14733

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@drbdanish, glad you are like the system and having success... I've used several different indicators for confirmations and at the end of the day it comes down to using the ones that work best for your personal preferences and trading style...

I alternate between using BalanceOfMarketPower and TMOWithFisher along with RayBullPower and Waddah_Attar_Explosion... And sometimes I use BalanceOfMarketPower instead of RayBullPower... I think it depends on overall volatility but can't say for sure...

Good luck, and keep us posted on your trading progress with this system... (y)

Edited to add: One criteria I try to adhere to for strike price selection is a Delta of .30 or greater and .25 at the very minimum... If I can't afford an option within that Delta range or better, due to recent upward price movement, I don't trade options for that stock on that day... It sucks trying to build an account balance back up after having a pandemic blow up your account...!!!
 
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3AMBH

3AMBH

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@rad14733 I think you have put up a very good system! Thank you for sharing details as you just did today. Every little bit helps. Best of Success!
 
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drbdanish

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And if you are beginner, never trade in the first hour. It's very volatile. Learned the hard way...
 
rad14733

rad14733

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And if you are beginner, never trade in the first hour. It's very volatile. Learned the hard way...
Yes, and that goes for any strategy/indicator/system... While I do like playing early session breakouts, it can be very risky... You definitely don't want to try juggling too many trades immediately after the open... You can get beat up pretty bad if you do... Been there, done that...!!!
 
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Let the Bulls Run

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Yes, and that goes for any strategy/indicator/system... While I do like playing early session breakouts, it can be very risky... You definitely don't want to try juggling too many trades immediately after the open... You can get beat up pretty bad if you do... Been there, done that...!!!
@rad14733 Been working with this system since we first communicated regarding my original scalping strategy, are you in the discord group so we can chat?
 
rad14733

rad14733

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@rad14733 Been working with this system since we first communicated regarding my original scalping strategy, are you in the discord group so we can chat?
No, but may join later... Just checking inn before the market perks back up after the mid-day lull...
 
C

Chris77

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Thank you for all this work, it's appreciated. I incorporated WAE and RBP in my futures strategy and I'm happy with it.

Here are a few I noticed:
  • I switched RBP which is kind of working for bullish trend (there is one very similar for bear strategy too) with one that covers both trends (bull bear power, it's here on the website)
  • is there a way to change the light green color to something more obvious? I'm using dark theme in TOS and sometimes I dont notice a change from dark green)
  • I'm not using renko bars as I get more triggers that aren't right
Again, good job of sharing all of these!! Have a great weekend.
 
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D_Tramp

New member
HI! Help me with WAE study, please.
I'm trying to add an arrow when the explosion line crosses dead zone, but arrows appear everywhere, and it's wrong.

Here is the screen of problem:


And here is the code I pasted at the end of the original WAE study:
Code:
plot exABOVE = ex crosses above xLine;
exABOVE.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

What's wrong?
Thanks.
 
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