renko or tick chart for trading oil/futures

[JOSHTHEBANKER]

Does anyone use renko or tick chart for trading oil/futures? If so can you share your set up and how you trade it?

 

[rad14733]

Does anyone use renko or tick chart for trading oil/futures? If so can you share your set up and how you trade it?

You would trade most all symbols the same when using Renko Bars... I am right now putting some polishing touches on a Renko Bar Chart for SPY but it could be used for any symbol although it may need minor adjustments to fine tune to whichever equity you choose... You should be able to duplicate most of the Chart depicted below... It's mainly Support and Resistance, SuperTrend, and VWAP... The rest is just personal customizations...

 

[SHJ]

You would trade most all symbols the same when using Renko Bars... I am right now putting some polishing touches on a Renko Bar Chart for SPY but it could be used for any symbol although it may need minor adjustments to fine tune to whichever equity you choose... You should be able to duplicate most of the Chart depicted below... It's mainly Support and Resistance, SuperTrend, and VWAP... The rest is just personal customizations...

View attachment 27363

You have an interesting histogram on the representation above, @rad14733! It seems that the geometrical concept of cycloid can be applied there. The histogram shows some interruptions on the cycloid format but, for instance, a full bullish format seems to trace from around the 19:35 to the 2:36 mark and, then, a full bearish format seems to trace from around 7:25 to the 10:32 mark. I understand that Renko charts are not time based; however, have you tried coding anything along the lines of cycloids?

 

[rad14733]

You have an interesting histogram on the representation above, @rad14733! It seems that the geometrical concept of cycloid can be applied there. The histogram shows some interruptions on the cycloid format but, for instance, a full bullish format seems to trace from around the 19:35 to the 2:36 mark and, then, a full bearish format seems to trace from around 7:25 to the 10:32 mark. I understand that Renko charts are not time based; however, have you tried coding anything along the lines of cycloids?

Thanks for thee reply... No, I have not done any cycloid research to date but have seen discussions over the years...

With this Renko Bar Chart any of a wide array of Momentum indicators mates well for confluence... I've also used PPO and MACD both with and without customized settings...

 

[antwerks]

You have an interesting histogram on the representation above, @rad14733! It seems that the geometrical concept of cycloid can be applied there. The histogram shows some interruptions on the cycloid format but, for instance, a full bullish format seems to trace from around the 19:35 to the 2:36 mark and, then, a full bearish format seems to trace from around 7:25 to the 10:32 mark. I understand that Renko charts are not time based; however, have you tried coding anything along the lines of cycloids?

I have built a "Cyclic_Phase_Oscillator"
https://usethinkscript.com/threads/cyclic-phase-oscillator.22350/
that gives you:

• Phase detection (Compression / Expansion / Exhaustion / Chop)
• Early expansion triggers
• Momentum strength (histogram)
• Clean labels
• Minimal lag (no heavy recursion / no long lookbacks)

You cannot directly plot a geometric cycloid on price and expect it to work. Markets are non-uniform in time, volatility-adjusted and influenced by external shocks. You can translate geometry into behaviors.

Cycloid-Like Market Mapping

Cycloid Phase	Market Equivalent
Rising arc	Expansion (trend move)
Peak	Exhaustion / liquidity grab
Falling arc	Pullback / retracement
Bottom	Accumulation / compression

https://imgur.com/iHbhFtP

 

[whoDAT]

Your question allowed me to post a study I've found worthwhile trading futures. That CMO-Blended MAs study is here:
https://usethinkscript.com/threads/...r-with-blended-moving-averages-signals.22351/

I hadn't looked at Renko charts before, but have good luck with tick charts. After tweaking the Renko, this yields about 10X profit (without subtracting contract costs) over a 3 year, 10 tick Renko chart. The setup averages about 1 trade per day.

Settings:

 

[antwerks]

Be careful. SHOULD YOU USE RENKO? Mixed — depends on goal

Pros:

• Very clean trends
• Removes chop
• Makes crossover systems look amazing

Cons (important for YOU):

• CMO becomes distorted (no true price flow)
• Volatility structure disappears
• Signals can become “too perfect” (dangerous illusion)

Renko is Not ideal for signal generation, OK for visual confirmation only.

SHOULD YOU USE TICK CHARTS? YES — big improvement
Why you might ask?

Tick charts:

• reduce time noise
• show real transaction flow
• speed up momentum shifts

Effect on your indicator:

• Crossovers happen earlier
• Signals feel more responsive
• Better for execution timing

Renko has multi-layer smoothing stack, which makes it LAGGY, but by design. I would use Renko for visual and tick for entries. Plus, Renko gives late signals due to CMO smoothing (ExpAverage), Fast MA smoothing (2 layers) and Slow MA smoothing (2 layers). Signals come AFTER move confirmation, not early.

 

[SHJ]

Thanks for thee reply... No, I have not done any cycloid research to date but have seen discussions over the years...

With this Renko Bar Chart any of a wide array of Momentum indicators mates well for confluence... I've also used PPO and MACD both with and without customized settings...

Thank you for your insights/comments, @rad14733! Very interesting concept with the application of momentum studies.

​

 

[SHJ]

I have built a "Cyclic_Phase_Oscillator" that gives you:

• Phase detection (Compression / Expansion / Exhaustion / Chop)
• Early expansion triggers
• Momentum strength (histogram)
• Clean labels
• Minimal lag (no heavy recursion / no long lookbacks)

You cannot directly plot a geometric cycloid on price and expect it to work. Markets are non-uniform in time, volatility-adjusted and influenced by external shocks. You can translate geometry into behaviors.

Cycloid-Like Market Mapping

Cycloid Phase	Market Equivalent
Rising arc	Expansion (trend move)
Peak	Exhaustion / liquidity grab
Falling arc	Pullback / retracement
Bottom	Accumulation / compression

https://imgur.com/iHbhFtP

@antwerks, I also appreciate your insights and I understand your point! Also, thank you for sharing your work.

 

[antwerks]

@antwerks, I also appreciate your insights and I understand your point! Also, thank you for sharing your work.

this is what your Cyclic or Wheel looks like

https://imgur.com/6WQds9l

https://imgur.com/KGETFf9

 

[Ricky_005]

Looks like its going to stick to the fib to me.

 

[VANCE]

I have built a "Cyclic_Phase_Oscillator" that gives you:

• Phase detection (Compression / Expansion / Exhaustion / Chop)
• Early expansion triggers
• Momentum strength (histogram)
• Clean labels
• Minimal lag (no heavy recursion / no long lookbacks)

You cannot directly plot a geometric cycloid on price and expect it to work. Markets are non-uniform in time, volatility-adjusted and influenced by external shocks. You can translate geometry into behaviors.

Cycloid-Like Market Mapping

Cycloid Phase	Market Equivalent
Rising arc	Expansion (trend move)
Peak	Exhaustion / liquidity grab
Falling arc	Pullback / retracement
Bottom	Accumulation / compression

https://imgur.com/iHbhFtP

please post the scrip for "Cyclic oil osc" indicator as shown here

 

[useThinkScript]

please post the scrip for "Cyclic oil osc" indicator as shown here

Here is where VIP members can find @antwerks Cyclic Phase Oscillator:
https://usethinkscript.com/threads/cyclic-phase-oscillator.22350/

 

[Justus Agenstem]

You would trade most all symbols the same when using Renko Bars... I am right now putting some polishing touches on a Renko Bar Chart for SPY but it could be used for any symbol although it may need minor adjustments to fine tune to whichever equity you choose... You should be able to duplicate most of the Chart depicted below... It's mainly Support and Resistance, SuperTrend, and VWAP... The rest is just personal customizations...

View attachment 27363

Where might I find the histogram from this image? I can't seem to locate it with a search of the site

 

[rad14733]

Where might I find the histogram from this image? I can't seem to locate it with a search of the site

Which, the CODH_Close_Open_Diff_Histogram...??? I've never posted it that I'm aware of...

Here you go: http://tos.mx/!9Q9sT3CZ

# CODH_Close_Open_Diff_Histogram
# Paints a Histogram  and Average based on the difference between Close and Open
# Created by rad14733 for personal use
# v1.0 : 2025-06-09 : Initial release
# v1.1 : 2026-03-21 : Added optional vertival lines on crossovers

declare lower;

input avgLen = 8;
input avgType = AverageType.SIMPLE;
input avgTrend = no;
input showLabels = yes;
input showVertLines = yes;
input lineweight = 3;
input histoweight = 5;

def val = MovingAverage(avgType, close - open, avgLen);

DefineGlobalColor("MomoPosUp", Color.GREEN);
DefineGlobalColor("MomoPosDn", Color.DARK_GREEN);
DefineGlobalColor("MomoNegDn", Color.RED);
DefineGlobalColor("MomoNegUp", Color.DARK_RED);

plot ZeroLine = 0;
ZeroLine.SetLineWeight(1);
ZeroLine.SetDefaultColor(Color.WHITE);
ZeroLine.SetPaintingStrategy(PaintingStrategy.LINE);

plot avg = MovingAverage(avgType, val, avgLen);
avg.DefineColor("avgUp", Color.UPTICK);
avg.DefineColor("avgDn", Color.DOWNTICK);
avg.SetLineWeight(lineweight);
avg.SetDefaultColor(Color.ORANGE);
avg.AssignValueColor(if avg > val then avg.Color("avgDn") else avg.Color("avgUp"));

plot Momo = val;
Momo.AssignValueColor(
  if avgTrend and avg > val then Color.RED else if avgTrend and avg < val then Color.GREEN
    else if Momo > Momo[1] and Momo > 0
    then GlobalColor("MomoPosUp")
    else if Momo > 0 and Momo < Momo[1]
    then GlobalColor("MomoPosDn")
    else if Momo < 0 and Momo < Momo[1]
    then GlobalColor("MomoNegDn")
    else GlobalColor("MomoNegUp")
);
Momo.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Momo.SetLineWeight(histoweight);

AddLabel(showLabels, " CloseOpenDiff ",
    if avgTrend and avg > val
    then Color.RED
    else if avgTrend and avg < val
    then Color.GREEN
    else if Momo > Momo[1] and Momo > 0
    then GlobalColor("MomoPosUp")
    else if Momo > 0 and Momo < Momo[1]
    then GlobalColor("MomoPosDn")
    else if Momo < 0 and Momo < Momo[1]
    then GlobalColor("MomoNegDn")
    else GlobalColor("MomoNegUp")
);

AddLabel(showLabels, " COD Avg ", if avg > val then avg.Color("avgDn") else avg.Color("avgUp"));

AddVerticalLine(showVertLines and Momo crosses above 0, "xUp", Color.GREEN, Curve.FIRM);
AddVerticalLine(showVertLines and Momo crosses below 0, "xDn", Color.RED, Curve.FIRM);

# END - CODH_Close_Open_Diff_Histogram

 

[Justus Agenstem]

Which, the CODH_Close_Open_Diff_Histogram...??? I've never posted it that I'm aware of...

Here you go: http://tos.mx/!9Q9sT3CZ

# CODH_Close_Open_Diff_Histogram
# Paints a Histogram  and Average based on the difference between Close and Open
# Created by rad14733 for personal use
# v1.0 : 2025-06-09 : Initial release
# v1.1 : 2026-03-21 : Added optional vertival lines on crossovers

declare lower;

input avgLen = 8;
input avgType = AverageType.SIMPLE;
input avgTrend = no;
input showLabels = yes;
input showVertLines = yes;
input lineweight = 3;
input histoweight = 5;

def val = MovingAverage(avgType, close - open, avgLen);

DefineGlobalColor("MomoPosUp", Color.GREEN);
DefineGlobalColor("MomoPosDn", Color.DARK_GREEN);
DefineGlobalColor("MomoNegDn", Color.RED);
DefineGlobalColor("MomoNegUp", Color.DARK_RED);

plot ZeroLine = 0;
ZeroLine.SetLineWeight(1);
ZeroLine.SetDefaultColor(Color.WHITE);
ZeroLine.SetPaintingStrategy(PaintingStrategy.LINE);

plot avg = MovingAverage(avgType, val, avgLen);
avg.DefineColor("avgUp", Color.UPTICK);
avg.DefineColor("avgDn", Color.DOWNTICK);
avg.SetLineWeight(lineweight);
avg.SetDefaultColor(Color.ORANGE);
avg.AssignValueColor(if avg > val then avg.Color("avgDn") else avg.Color("avgUp"));

plot Momo = val;
Momo.AssignValueColor(
  if avgTrend and avg > val then Color.RED else if avgTrend and avg < val then Color.GREEN
    else if Momo > Momo[1] and Momo > 0
    then GlobalColor("MomoPosUp")
    else if Momo > 0 and Momo < Momo[1]
    then GlobalColor("MomoPosDn")
    else if Momo < 0 and Momo < Momo[1]
    then GlobalColor("MomoNegDn")
    else GlobalColor("MomoNegUp")
);
Momo.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Momo.SetLineWeight(histoweight);

AddLabel(showLabels, " CloseOpenDiff ",
    if avgTrend and avg > val
    then Color.RED
    else if avgTrend and avg < val
    then Color.GREEN
    else if Momo > Momo[1] and Momo > 0
    then GlobalColor("MomoPosUp")
    else if Momo > 0 and Momo < Momo[1]
    then GlobalColor("MomoPosDn")
    else if Momo < 0 and Momo < Momo[1]
    then GlobalColor("MomoNegDn")
    else GlobalColor("MomoNegUp")
);

AddLabel(showLabels, " COD Avg ", if avg > val then avg.Color("avgDn") else avg.Color("avgUp"));

AddVerticalLine(showVertLines and Momo crosses above 0, "xUp", Color.GREEN, Curve.FIRM);
AddVerticalLine(showVertLines and Momo crosses below 0, "xDn", Color.RED, Curve.FIRM);

# END - CODH_Close_Open_Diff_Histogram

That's the one I was looking for. Much appreciated!

 

[whoDAT]

One last word on Renko backtesting: Schwab's Renko data that they transmit, older than 2 weeks is not just a suspect, its a convicted murderer.

If you look at Renko charts with long timelines you'll see that the data from:
- Present to 2 weeks back appears to use OHLC data on a 1 minute time frame.
- 2 weeks to 6 months (approx.) appears to use use OHLC data on a 1 hour time frame.
- Older than 6 months appears to use OHLC data on a 1 day time frame.

I imagine they do this to reduce data transmission. But this will absolutely kill your backtest results. By aggregating on longer timeframes, you will lose the volatility experienced within that timeframe. Instead of seeing a few up and down Renko bars within a volatile day, a 1 day aggregation (that is subsequently analyzed to produce Renko bars) will only show you a single trend during that day.

Call it "repainting" or "intra-bar price distortion" or whatever, it is a stone cold assassin.