Repaints Renko Matrix Chart Setups & Strategies For ThinkOrSwim

[Renko_Ranger]

Thanks for the update and explanation ! as a new user I def appreciate all the info/ updates you leave on here! I seen a few times where the Renko has just stopped I thought it was my end that needed to change the ticks count. So my question ,are you going to change your name from Renko to Range Raider lol

Not a bad suggestion; I've put in the request for a name change; we'll see if it gets approved lol

 

[rlove1221]

Not a bad suggestion; I've put in the request for a name change; we'll see if it gets approved lol

You got the name ! lol Congrats ! I just checked you setup its good notification with mov averages crossing over. I changed it to 8 ticks with SPY , was moving to too quick with 5 for me , and I notice a floating arrow that pops up I haven't figured out that out. I have to look in on how to read the range bar. Im wondering if pivot indicators can be used with this.

 

[Renko_Ranger]

You got the name ! lol Congrats ! I just checked you setup its good notification with mov averages crossing over. I changed it to 8 ticks with SPY , was moving to too quick with 5 for me , and I notice a floating arrow that pops up I haven't figured out that out. I have to look in on how to read the range bar. Im wondering if pivot indicators can be used with this.

Thanks on the name change! Yeah, I use a 5 tick and 10 tick chart depending on the instrument and the speed of price action. Not sure what the floating arrow would be, haven't seen that on mine as yet and I haven't tried using pivot indicators on Range Bar charts...yet, but it's not a bad idea and I may just toy around with that next week to see what it does.

 

[rlove1221]

Thanks on the name change! Yeah, I use a 5 tick and 10 tick chart depending on the instrument and the speed of price action. Not sure what the floating arrow would be, haven't seen that on mine as yet and I haven't tried using pivot indicators on Range Bar charts...yet, but it's not a bad idea and I may just toy around with that next week to see what it does.

Im going to attempt to try also next week on paper trading and I'll send a screen shot next time I see the arrow again !

 

[rlove1221]

Im going to attempt to try also next week on paper trading and I'll send a screen shot next time I see the arrow again !

https://imgur.com/a/zM0n8v4

Morning @Range_Raider , this is the red arrow.

 

[Renko_Ranger]

https://imgur.com/a/zM0n8v4

Morning @Range_Raider , this is the red arrow.

Apologies for the delayed reply, I had trouble getting usethinkscript to cooperate with me today. That's the first I've seen that floating red arrow, not sure where that would be coming from...odd to say the least.

 

[rlove1221]

Apologies for the delayed reply, I had trouble getting usethinkscript to cooperate with me today. That's the first I've seen that floating red arrow, not sure where that would be coming from...odd to say the least.

No apology necessary ! I Wish it was a magical buy signal lol at first I thought the red arrow followed the previous price . I also tried putting on Camarilla or any pivots unfortunately doesn’t plot with Range bar or i couldn’t get it to work.

 

[Renko_Ranger]

Apologies for the delayed reply, I had trouble getting usethinkscript to cooperate with me today. That's the first I've seen that floating red arrow, not sure where that would be coming from...odd to say the least.

Yeah, it's almost as if ToS doesn't want you to be able to compete on a level playing field with the algos and institutions; there's a ton of stuff that's unavailable with range charts on that platform. I've actually been toying around with the idea of linking it up with a 3rd party provider like TradingView as they seem to have indicators built specifically for range charts and price action.

 

[rlove1221]

Yeah, it's almost as if ToS doesn't want you to be able to compete on a level playing field with the algos and institutions; there's a ton of stuff that's unavailable with range charts on that platform. I've actually been toying around with the idea of linking it up with a 3rd party provider like TradingView as they seem to have indicators built specifically for range charts and price action.

https://usethinkscript.com/threads/...marilla-pts-on-renko-chart.12504/#post-113625 @Range_Raider , the Renko Camarilla plots on the Range , price off by a bit but not much. its the same on Renko.

 

[MagicQuotes]

I am intrigued by this thread, the original script posted by Range Raider. I have a few questions and comments that might help me clarify what I am seeing on my personal monitor today. I downloaded the original version of the script as posted, which was https://tos.mx/8VoXfUH. Thankyou. It is very interesting. Much appreciation. Especially, let me quote you:
FOREWORD: I have been told by a vast number of people that these indicators will NOT work with Renko because the indicators are "time-based," whereas Renko is based solely on Price Action. I would like to dispel that myth. If these indicators were "time-based," they would continue to print new information regardless of what the Renko brick does. In other words, even if a Renko chart didn't print a single brick all day, "time-based" indicators should be printing the information that corresponds with a given time frame. As you'll notice in the image shared, the "time-based" indicators remain aligned with the position of the "price action only" Renko bricks. What this means, to me anyway, is that logic dictates these indicators are providing relevant information that can be used to make a decision/confirmation on proof of concept. I took 2 different trades this morning based on my interpretation of Renko and these "time-based" indicators so that I could demonstrate what I mean.
_______ This is unique, as well as your subsequent demonstration.. My "nerdy" mind starts to go into a brain storm when I observe such electronic signals printed on my monitor: Here is my rap:
the notion of time in a time chart (when in fact we share a a digital signal processed environment ) there is no time stamp or set up that is anything but arbitrary- as the HFT and the hedge fund crowd has proved spending millions of dollars with faster internet speed feeds than the lagging public and retail brokers- their 1 minute is a heck of a lot faster than yours or mine, never mind the "nervous system" of the bids and asks for sale, no commission system, so that on almost any time based system is wrought with layers and layers of quandaries: Please see the following if interested: https://scitechdaily.com/time-might-not-exist-according-to-physicists/ in order to "warm you up"
Please,Let this be an open forum for mutual learning and more profitable price discovery in action . Great work to everyone on this thread especially @Range_Raider - as to where this leads I do not know , but my neural network is flashing with the the possibilities of loop string theories and no one time exists , where a matrix of intentional individual-collective price activity is unfolding in the form of digital energy with some participants looking in one or another dimension- seeing and acting on it- while other participants are in other dimensions and seeing and acting on it. All those Monitors!! All that Energy Each of us shares a unique threshold for attention: see How to Create a Mind: The Secret of Human Thought Revealed by Ray Kurzweil.. Good luck Navigating and Thank you!

 

[MagicQuotes]

Yeah, it's almost as if ToS doesn't want you to be able to compete on a level playing field with the algos and institutions; there's a ton of stuff that's unavailable with range charts on that platform. I've actually been toying around with the idea of linking it up with a 3rd party provider like TradingView as they seem to have indicators built specifically for range charts and price action.

I saw them as well. Best wishes,

 

[MagicQuotes]

In addition the way I am using @Range_Raider's script does not always print renko bars if the script is not working in real time . it seems to go back to candles on occassion. need to always have on extended hours for to be price continuity..over longer periods / Rock&Roll guys

 

[Renko_Ranger]

I am intrigued by this thread, the original script posted by Range Raider. I have a few questions and comments that might help me clarify what I am seeing on my personal monitor today. I downloaded the original version of the script as posted, which was https://tos.mx/8VoXfUH. Thankyou. It is very interesting. Much appreciation. Especially, let me quote you:
FOREWORD: I have been told by a vast number of people that these indicators will NOT work with Renko because the indicators are "time-based," whereas Renko is based solely on Price Action. I would like to dispel that myth. If these indicators were "time-based," they would continue to print new information regardless of what the Renko brick does. In other words, even if a Renko chart didn't print a single brick all day, "time-based" indicators should be printing the information that corresponds with a given time frame. As you'll notice in the image shared, the "time-based" indicators remain aligned with the position of the "price action only" Renko bricks. What this means, to me anyway, is that logic dictates these indicators are providing relevant information that can be used to make a decision/confirmation on proof of concept. I took 2 different trades this morning based on my interpretation of Renko and these "time-based" indicators so that I could demonstrate what I mean.
_______ This is unique, as well as your subsequent demonstration.. My "nerdy" mind starts to go into a brain storm when I observe such electronic signals printed on my monitor: Here is my rap:
the notion of time in a time chart (when in fact we share a a digital signal processed environment ) there is no time stamp or set up that is anything but arbitrary- as the HFT and the hedge fund crowd has proved spending millions of dollars with faster internet speed feeds than the lagging public and retail brokers- their 1 minute is a heck of a lot faster than yours or mine, never mind the "nervous system" of the bids and asks for sale, no commission system, so that on almost any time based system is wrought with layers and layers of quandaries: Please see the following if interested: https://scitechdaily.com/time-might-not-exist-according-to-physicists/ in order to "warm you up"
Please,Let this be an open forum for mutual learning and more profitable price discovery in action . Great work to everyone on this thread especially @Range_Raider - as to where this leads I do not know , but my neural network is flashing with the the possibilities of loop string theories and no one time exists , where a matrix of intentional individual-collective price activity is unfolding in the form of digital energy with some participants looking in one or another dimension- seeing and acting on it- while other participants are in other dimensions and seeing and acting on it. All those Monitors!! All that Energy Each of us shares a unique threshold for attention: see How to Create a Mind: The Secret of Human Thought Revealed by Ray Kurzweil.. Good luck Navigating and Thank you!

Thank you for the compliments and for sharing the article regarding the non-existence of time...very interesting read to be sure. I'll check out the book mentioned as well. Good luck!

 

[gn5150]

This is a scalping strategy I'm testing with Renko, Heiken Ashi overlay, TMO, Matrix & MACD

RENKO MATRIX MAGIK
Shared chart: https://tos.mx/92bckrT

SETTINGS:
RENKO BRICK SIZE (ATR, 5-10 TICK DEPENDING ON SYMBOL & ATTITUDE OF INSTRUMENT)
MY MATRIX (5, 50, 100, 16, 200, -200, NO, NO, YES)
MY TRUE MOMENTUM OSCILLATOR (13, 5, 3)
MY MACD (13, 21, 8, EXPONENTIAL, NO)
INSTRUMENT (STOCKS BTWN $3-$7)

ENTRY SIGNALS:
WHITE RENKO ATOP GREEN HEIKEN ASHI CANDLE
MY TMO GREEN MOVING ABOVE ZERO LINE
MY MATRIX GREEN MOVING ABOVE ZERO LINE
MY MACD GREEN MOVING ABOVE ZERO LINE
(I TAKE ENTRY WITH A SCALPER'S BRACKET; -.15 CENT S/L WITH .30-.50 PROFIT TARGET, NO LESS THAN 100 SHARES)
NOTE: MY PROFIT TARGET IS DETERMINED BY THE OVERALL MARKET .30 CENTS ON MIXED/BEARISH DAYS, .50 CENTS ON FULL BULL DAYS

EXIT SIGNALS:
MY TMO TURNS FROM GREEN TO RED
MY MATRIX TURNS FROM GREEN TO RED
MY MACD GREEN CROSSES BELOW RED

CURIOUS TO SEE WHAT OTHERS THINK...?

View attachment 16314

Just hide price plot altogether, HA color change by itself is enough

 

[gn5150]

UPPER INDICATORS & SETTINGS:

• Price Channel (0, 3) standard ToS study
• As Good As It Gets (2.0, yes) found on this forum
• TTM_Alert_Pivot_Point_Mobius (8, yes, yes) found on this forum

LOWER INDICATORS & SETTINGS:

• Matrix (5, 50, 100, 16, 200, -200, no, no, yes) found on this forum
• MACD (13, 21, 8, Exponential, no) modified from one found on this forum

FOREWORD: I have been told by a vast number of people that these indicators will NOT work with Renko because the indicators are "time-based," whereas Renko is based solely on Price Action. I would like to dispel that myth. If these indicators were "time-based," they would continue to print new information regardless of what the Renko brick does. In other words, even if a Renko chart didn't print a single brick all day, "time-based" indicators should be printing the information that corresponds with a given time frame. As you'll notice in the image shared, the "time-based" indicators remain aligned with the position of the "price action only" Renko bricks. What this means, to me anyway, is that logic dictates these indicators are providing relevant information that can be used to make a decision/confirmation on proof of concept. I took 2 different trades this morning based on my interpretation of Renko and these "time-based" indicators so that I could demonstrate what I mean.

STRATEGY:
ENTRY SIGNALS:

1. LONG Alert Signal Fires
2. Price Action Breaks Upper Price Channel (the Green Line)
3. Corresponding Matrix Bar Is Green
4. MACD White MA Crossing/Above Magenta MA
5. Take A Position With A .10 Cent Stop Loss & Either A .30 or .50 Cent Profit Target (this is determined by the pivot lines)

EXIT on Stop Out or Profit Target (as mentioned previously, I'm scalping; I'm looking for the quick in and out with PROFIT. That said, once the profit window reaches .15 cents, I bring the S/L up to break even, when it reaches .25 cents, I lock in the .15 cent move by raising my S/L; at this point, it's either going to run up and cash me out at my .30 cent limit order or it's going to fall and I'm going to take the .15 cents a share move and look for a re-entry or a different instrument. I do the same with a .50 cent profit target). I'm using this to build a small account, but it can also be used to increase large accounts simply by buying more shares.

View attachment 16363

IMAGE EXPLANATION:
Just prior to Market Open we had a LONG Alert Signal @ approximately $4.95 that aligned with a Red Matrix Bar & an upside down MACD, as well as a pivot point at around the $5.30 in the pre-market. As Price Action moved above the $5.30 mark, you notice that the Matrix is Green and near overbought (without this "time-based" indicator in place, all you'd have to go on is a pre-market high of $5.55 that was achieved without volume; that's what the dull grey Renkos indicate). I took a small position of 50 shares to prove my concept (my indicators told me this was a BAD entry, but without these indicators I would've been left guessing or waiting to see if Price Action blew through the pre-market high before taking a position and even then, I would've been rolling blank dice and hoping for the best). As we can see, Price Action fell just short of the $5.55 mark before dropping like a falling knife to a new low.

Once the instrument bottoms out, we get another LONG Alert Signal, which immediately aligns with a corresponding Green Matrix brick, it's followed by a break of the upper Price Channel; the 2nd Renko brick above the Price Channel is where the MACD begins it's crossover. I took a larger position based on the indicators and entered with a .30/.10 bracket (I chose the .30/.10 bracket because the pre-market pivot point at $4.85 told me there was a better shot at grabbing .30 than there was of grabbing .50) that said, it did run up to .50, but as you can see, when it triggered my .30 limit profit target, the Matrix and the MACD were both nearing their respective overbought zones and shortly after eclipsing the .50 mark it retreated. Again, I'm using this as a scalping strategy to build a small account, but I also intend to use it once the account has grown; instead of 100 share lots, I'll start taking 200/250 share lots, then 500 share lots, etc.

An alternate exit strategy for this setup would be to ENTER based on the criteria above, yet only using a .10 S/L with no profit target set and then adjusting the S/L based on personal risk assessment until Price Action breaks back through the lower Price Channel Red Line. Give it a go and let me know what you think! Good Luck!

DISCLAIMER: This is not financial advice, perform your own due diligence and use at your discretion!

Can you code this into TOS Strategy?

The Buy/Sell indicator I'm running is called AGAIG (As Good As It Gets)...you can begin reading through the thread here to see if this helps, not sure if this indicator will work on mobile or not... https://usethinkscript.com/threads/asgoodasitgets-for-thinkorswim.11672/

Thread taken down.. any idea where to source AGAIG?

 

[MerryDay]

Can you code this into TOS Strategy?

Repainting studies are permitted on the forum.

Repainting strategies are not permissible within the forum guidelines.
Repainting strategies provide misleading profit and loss (P/L) results, misleading members into viewing them as infallible.
The P/L outcomes are manipulated to reflect solely positive trades, providing an inaccurate portrayal of their effectiveness.

There are no repainting strategies posts on the forum.

Thread taken down.. any idea where to source AGAIG?

Nope, it is still there.
Here ya go:
https://usethinkscript.com/threads/asgoodasitgets-day-trading-chart-set-up-for-thinkorswim.13902/

 

[gn5150]

I don't trade the SPX; however, when I added it to the chart and adjusted the Renko Brick size settings to $1 this is what I got, so it looks as if it would work, you might need to tweak a few settings to fit your style of scalping/trading, but otherwise it should be GTG as is. I would recommend paper trading it on the SPX first to get a feel for it and see if it works for you. I also recently modified a thinkscript code for the Moxie Indicator which you can view here: https://usethinkscript.com/threads/moxie-indicator-for-renko.13242/

View attachment 16371

Hi, where does one toggle on/off red/green bubble alerts? I deleted all the upper studies trying to isolate the alert bubbles, yet they remain - which parameter/study do they pertain to?

UPPER INDICATORS & SETTINGS:

• Price Channel (0, 3) standard ToS study
• As Good As It Gets (2.0, yes) found on this forum
• TTM_Alert_Pivot_Point_Mobius (8, yes, yes) found on this forum

LOWER INDICATORS & SETTINGS:

• Matrix (5, 50, 100, 16, 200, -200, no, no, yes) found on this forum
• MACD (13, 21, 8, Exponential, no) modified from one found on this forum

FOREWORD: I have been told by a vast number of people that these indicators will NOT work with Renko because the indicators are "time-based," whereas Renko is based solely on Price Action. I would like to dispel that myth. If these indicators were "time-based," they would continue to print new information regardless of what the Renko brick does. In other words, even if a Renko chart didn't print a single brick all day, "time-based" indicators should be printing the information that corresponds with a given time frame. As you'll notice in the image shared, the "time-based" indicators remain aligned with the position of the "price action only" Renko bricks. What this means, to me anyway, is that logic dictates these indicators are providing relevant information that can be used to make a decision/confirmation on proof of concept. I took 2 different trades this morning based on my interpretation of Renko and these "time-based" indicators so that I could demonstrate what I mean.

STRATEGY:
ENTRY SIGNALS:

1. LONG Alert Signal Fires
2. Price Action Breaks Upper Price Channel (the Green Line)
3. Corresponding Matrix Bar Is Green
4. MACD White MA Crossing/Above Magenta MA
5. Take A Position With A .10 Cent Stop Loss & Either A .30 or .50 Cent Profit Target (this is determined by the pivot lines)

EXIT on Stop Out or Profit Target (as mentioned previously, I'm scalping; I'm looking for the quick in and out with PROFIT. That said, once the profit window reaches .15 cents, I bring the S/L up to break even, when it reaches .25 cents, I lock in the .15 cent move by raising my S/L; at this point, it's either going to run up and cash me out at my .30 cent limit order or it's going to fall and I'm going to take the .15 cents a share move and look for a re-entry or a different instrument. I do the same with a .50 cent profit target). I'm using this to build a small account, but it can also be used to increase large accounts simply by buying more shares.

View attachment 16363

IMAGE EXPLANATION:
Just prior to Market Open we had a LONG Alert Signal @ approximately $4.95 that aligned with a Red Matrix Bar & an upside down MACD, as well as a pivot point at around the $5.30 in the pre-market. As Price Action moved above the $5.30 mark, you notice that the Matrix is Green and near overbought (without this "time-based" indicator in place, all you'd have to go on is a pre-market high of $5.55 that was achieved without volume; that's what the dull grey Renkos indicate). I took a small position of 50 shares to prove my concept (my indicators told me this was a BAD entry, but without these indicators I would've been left guessing or waiting to see if Price Action blew through the pre-market high before taking a position and even then, I would've been rolling blank dice and hoping for the best). As we can see, Price Action fell just short of the $5.55 mark before dropping like a falling knife to a new low.

Once the instrument bottoms out, we get another LONG Alert Signal, which immediately aligns with a corresponding Green Matrix brick, it's followed by a break of the upper Price Channel; the 2nd Renko brick above the Price Channel is where the MACD begins it's crossover. I took a larger position based on the indicators and entered with a .30/.10 bracket (I chose the .30/.10 bracket because the pre-market pivot point at $4.85 told me there was a better shot at grabbing .30 than there was of grabbing .50) that said, it did run up to .50, but as you can see, when it triggered my .30 limit profit target, the Matrix and the MACD were both nearing their respective overbought zones and shortly after eclipsing the .50 mark it retreated. Again, I'm using this as a scalping strategy to build a small account, but I also intend to use it once the account has grown; instead of 100 share lots, I'll start taking 200/250 share lots, then 500 share lots, etc.

An alternate exit strategy for this setup would be to ENTER based on the criteria above, yet only using a .10 S/L with no profit target set and then adjusting the S/L based on personal risk assessment until Price Action breaks back through the lower Price Channel Red Line. Give it a go and let me know what you think! Good Luck!

DISCLAIMER: This is not financial advice, perform your own due diligence and use at your discretion!

Hi, where does one toggle on/off red/green alert bubbles? Trying to isolate them, I unchecked all upper studies and bubbles remain, which parameter/study do they pertain to?