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UniRenko, Universal Renko Bar Type
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UniRenko, Universal Renko Bar Type

  #101 (permalink)
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Bosch777 View Post
Shane try these for fit.

T 4
R 28
O 14

I have found these to work very well without anything else. For instance these setting have totally eliminated the CL chop over the last couple of hours. How bad..?!

the combinations are endless so it would be great if people would gel a bit more and start posting their better settings and details.


i like that very much !!
thanks

shane

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  #102 (permalink)
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Bosch777 View Post
Shane try these for fit.

T 4
R 28
O 14

I have found these to work very well without anything else. For instance these setting have totally eliminated the CL chop over the last couple of hours. How bad..?!

the combinations are endless so it would be great if people would gel a bit more and start posting their better settings and details.


These settings would be great for weekly/options. And better with a sound alert.

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  #103 (permalink)
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plethora View Post
These settings would be great for weekly/options. And better with a sound alert.

What do you mean by weekly/options?

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  #104 (permalink)
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Short term options from Monday to Friday that expire after a week.
They're relatively new.

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  #105 (permalink)
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plethora View Post
Short term options from Monday to Friday that expire after a week.
They're relatively new.

Ah I see. Thanks. I dont know much about options. Thats my next port of call if I ever get the futures put to bed!! Perhaps you might have a chart to show an example of how you are doing with the UniR? Would love to get to know more about this.
Cheers.

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  #106 (permalink)
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I'm very new to options, too. This book has been great: Option Greeks in Plain English: Mastery in Under 60 Minutes By Steven Place. The reason I am exploring options is because I find it much easier to identify the trend than entries and exits.

So on the attached chart the indicator at the very bottom, the DMI_MACD Trend Ribbon shows the overall trend. I would look for Puts and Calls when I have confluence among four or five indicators as reflected by the yellow vertical lines. I would want to see the confluence as soon as the DMI_MACD changed or no trade. It's a short term trade idea but longer than scalping and something I'm exploring so todays discussion of settings provided inspiration.

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ETA: The second to bottom ribbon is the PriceActionSwingOscillator set to Trend.


Last edited by plethora; February 14th, 2013 at 12:17 PM.
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The trend ribbon = the MACD Zero Line so one might not need both.

ETA: Above or Below the 200 WMA in addition to all of the above for Puts/Calls is another great indicator.

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plethora View Post
Short term options from Monday to Friday that expire after a week.
They're relatively new.

don't want to go too deep in details (off topic)

starting day is usually thursday and expiration the following friday. and in the last few years there was a huge increase in volume. as a result expiration of the monthly or quarterly options don't have that big impact anymore. now you have 52 expirations a year.

CBOE - Micro Site

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One can enter the trade any time and many prefer the beginning of the week to get a better read on macro issues. The duration may be as short as a scalp, too

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plethora View Post
One can enter the trade any time and many prefer the beginning of the week to get a better read on macro issues. The duration may be as short as a scalp, too

Thanks for that. I will need to come back to this in the future. From what I can see on your chart with the UR settings and price action it looks like those bars could be tided up even more to cut out some of those unsightly pull backs. It may be that this is not so important for your entries/exits, just a thought. Have you taken a look at the Logik Ultimate Renko from Purelogik Trading? Its not free but it really does a great job on cutting out a lot of the market noise. Both the Uni R and the Purelogik renko have their advantages and disadvantages depending on your standpoint. However if a trader really gets to really know how these bars actually work then I dont know why they would consider anything else..!

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