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FlexRenko in day trading


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FlexRenko in day trading

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  #1 (permalink)
Všnersborg Sweden
 
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First as I am from Sweden you have to keep up with my english. If any on this site from Sweden they could contact me if they feel for it. Not that many traders around there I live. I use Sierra and FlexRenko bars. Not sure if the other platforms have them but they must at least have Renkobars. I used them in the past but then Sierra got the Flexrenko I switched to them. They are as the name says more flexible. I will not post any trades (results)from my intraday system or any code but are open for discussion in more general terms how to use them. I have attached a chart YM from today and we could go from that and se how it goes. Regards Outlander

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Welcome. From Sweden. The land of my forefathers before my immigrant great(5x)-grandfather came to the U.S. around 1760. I wonder how the Sierra Charts' flex renko compares to the UniRenko used by some NT traders. It has three variable settings. What instruments (markets) do you trade?

COTtrader

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Welcome. From Sweden. The land of my forefathers before my immigrant great(5x)-grandfather came to the U.S. around 1760. I wonder how the Sierra Charts' flex renko compares to the UniRenko used by some NT traders. It has three variable settings. What instruments (markets) do you trade?

COTtrader

Hi, I trade NQ,YM,EMD, FDAX,FGBL,EC,CL but not all at the same time. I pick the ones that looks best during the day.
The settings in Sierra has also 3 variables so it must be the same. Regards Outlander

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The chart I posted with YM is the trade chart. To get the trend I use another Flex chart. The settings for the FlexRenko bars is so I get like a trendchannel. As long as the up or down channel in the trend charts hold I buy/sell pullbacks in the faster chart. I use no indicators but use the move of each bar to time the entry. So nothing new under the Sun. Regards Outlander

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I might as well post the trend chart for YM so you can se the trendchannel
A picture says much more then I can explain. Regards Outlander



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How many trades do you need in a test? 100/200 or more? Some advice would be nice. Regards Outlander

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The EMD from Friday. Regards Outlander




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Dax this morning. Regards Outlander





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CL this morning. Regards Outlander



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CL this morning. Regards Outlander



@Outlander
Can you provide indicator ?

In NT I wrote similar but I don't know how to programm it in ACSIL

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@Outlander
Can you provide indicator ?

In NT I wrote similar but I don't know how to programm it in ACSIL


The bars are the standard FlexRenko in Sierra and no indicator. So I dont know how it Sierra coded them. Sorry I cant help you. Regards Outlander

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yes I understand that its Flex renko and I use it to but when price is rising you have purple lines under ( - reversal bar lenght away ) the price and when price is falling you have blue lines ( + reversal bar lenght away ) above the price.

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Please include x,y axis on charts when posting. It's hard to have any sort of context without time and price.

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yes I understand that its Flex renko and I use it to but when price is rising you have purple lines under ( - reversal bar lenght away ) the price and when price is falling you have blue lines ( + reversal bar lenght away ) above the price.

All calculation of the data is done in the spread running in the bakground of the chart. I not good at programing so I have to do it that way. The lines shows me then a new up or down bar vill be present. So I can put a stop entry if it is with the trend. Like this: =IF(AE4>AE5,AE4-8,AE4+8)
AE is the colum in the sheet for renko close. I use a simple avg input data: renko close lenght 1
the number depends on the setting of the renko. Regards Outlander

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Sorry Mike I hope this is better. Regards Outlander



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YM so far. Regards Outlander



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the coin hunter
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looks interesting, here is a ym on unirenko

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Not so much action in the DAX so far. Regards Outlander



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All calculation of the data is done in the spread running in the bakground of the chart. I not good at programing so I have to do it that way. The lines shows me then a new up or down bar vill be present. So I can put a stop entry if it is with the trend. Like this: =IF(AE4>AE5,AE4-8,AE4+8)
AE is the colum in the sheet for renko close. I use a simple avg input data: renko close lenght 1
the number depends on the setting of the renko. Regards Outlander

Could you please post a typical Spreadsheet that shows your computation/calculation process ?

Lolu

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Could you please post a typical Spreadsheet that shows your computation/calculation process ?

Lolu

Sorry but no. I have put up a lot of work so I keep it as my secret. Regards Outlander

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Better action now. Regards Outlander



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Sorry but no. I have put up a lot of work so I keep it as my secret. Regards Outlander

work yes but its not a secret
feel free to share

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Are the arrows entry signals? If they are do you get them on bar close?

thanks

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CL so far. Regards Outlander
'

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Are the arrows entry signals? If they are do you get them on bar close?

thanks

Yes but entry with stop orders on the cyan/magenta prices. Regards Outlander

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EC nice move. Regards Outlander


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you have a very quick timeframe there

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you have a very quick timeframe there

the large move up took 59 min. As Renko is not time related some bars was quick some slower the slowest was more then 5 min. Regards Outlander

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YM so far. Regards Outlander


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your chart is visually arresting so I mimic it

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So far in over 30 posts we have not learned a thing. If you can't share what it is that you are doing, then what is the reason for posting?

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So far in over 30 posts we have not learned a thing. If you can't share what it is that you are doing, then what is the reason for posting?

This is in the Trading Journals section, so I assume this thread is for him more than it is for us. Like with most journals.

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So far in over 30 posts we have not learned a thing. If you can't share what it is that you are doing, then what is the reason for posting?

I have answered all the questions except what my code looks like. I am also open for a discussion in more generrel termes of to use Flex Renko in a trading system. And that is the reason for posting. But if your opion is shared with the rest of the users of this site I will stop posting and will tell Mike that he can remove this trading journal. Will not post untill we get this sorted out. Regards Outlander

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your chart is visually arresting so I mimic it

Yes looks a lot like my stuff. You might need a way to set the trend. My system is very simple and the only secret is how I set the trend. I use a second chart for the trend and have linked it to the trading chart. Regards Outlander

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Regards Outlander





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Regards Outlander


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add 2 rays

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add 2 rays

would you be kind and send another chart with only us day session and I come back to you in this matter. Regards Outlander

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the above chart set to 'use instrument session', this one set to 9-4 NY time

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cory View Post
add 2 rays


How you do dat (rays) Cory?

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How you do dat (rays) Cory?

...carefully...

but seriously here is the code if you can read ninja

if (CurrentBar > 10) {
DrawRay("ray1",true, 1, Upper[1], 0, Upper[0], Color.Red,DashStyle.Dot,2);
DrawRay("ray2",true, 1, Lower[1], 0, Lower[0], Color.Green,DashStyle.Dot,2);

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the above chart set to 'use instrument session', this one set to 9-4 NY time

Ok not sure how the settings of bars are. In Sierra I have 3 settings for the Flex bar. Uses settings like 7-6-5 or 8-7-6 and always in falling order. To sett the trend I use another chart 3-4 times slower. The more volitale futures I use settings like 15-14-13 or more for the trading chart. I also look at the swings for trend setting. If up trend buy higher lows and vicer vers in down trend. It looks to me that you chart is slower then my trading chart. But dont know anything about Ninja so not sure. For US index I only use day session. Regards Outlander

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YM regards Outlander


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DAX this morning. Regards Outlander


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Regards Outlander


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I got some good news for you all. I am going away for a week so you get vacation from me. No posts for a whole week. Regards Outlander

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I got some good news for you all. I am going away for a week so you get vacation from me. No posts for a whole week. Regards Outlander

Enjoy the time off, but with nearly 1,300 views on your thread it looks like you've got some pretty decent interest in your posts

I REALLY like FlexRenko, so I'm happy to see it getting the coverage. I'm still toying with the format, but find it generally gives me one of the cleanest views. Kudos on the thread and the effort!

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  #49 (permalink)
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Can anyone confirm - Whether FlexRenko in Sierra has - True Open & Close?

Thanks

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Can anyone confirm - Whether FlexRenko in Sierra has - True Open & Close?

Thanks

According to this, it sounds like it does:


Sierra Chart Support
In ver 926 (looks like it was actually 927 when it got implemented), we have modified "Write Bar Data To File" to recognize Renko bars and output the proper values for open/close. The code is available in scsf_WriteBarDataToFile() in the Studies6.cpp file.

If that doesn't address your question, I'm certain a post to their support forum would get the answer you're looking for.

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flexrenko guy is away so this is just a unirenko chart

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flexrenko guy is away so this is just a unirenko chart

where is the open when you're in a downtrend? Is it at the low of the bar?

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Quoting 
=@tellytub;306778]where is the open when you're in a downtrend? Is it at the low of the bar?

not sure what you look for but here is side by side view with regular chart

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DAX so far. Regards Outlander


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Long / Short setup that I plan to use in my next TST Combin


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Long / Short setup that I plan to use in my next TST Combin


I hope it will work for you. Is the chart from today? Regards Outlander

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it was 1-03 Friday

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DAX after US open. Regards Outlander

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The chart shows a simple way to use Flex Renko. The settings in this chart is 40-39-38 so in a uptrend we get a new bar for each new tick high and vise versa in down trend. The higher setting we use the longer it stays in the "trend". With the 40-39-38 setting it is 44 ticks from high to get a reversal down bar. The reversal bar up marked in the chart is 44 ticks from low. 44 ticks is a large stop so we might use something smaller depening on how much you want to bet on the trade. Many of us myself included spend to much time how to entry a trade and not how to exit the trade. Is the stop is it no "problem" but if the trade goes well where to exit is the hard question. I use a trailing stop and a target of 3-4 times the stop. If this is the"best" I am not sure but the best I have come up with so far. Any advice how to sett targets would be nice? Regards Outlander

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Problem with this is the pull backs are SOOO big, so for the 1st one, go on the 1st bar, I've seen were the third bar is a reversal bar, so you end up losing big time, and I seem to have the same problem with going for pull backs, any one of the pull backs can end up reversing and making another big lose. The system kinda looks great but I dont know how to avoid a reverse?

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Problem with this is the pull backs are SOOO big, so for the 1st one, go on the 1st bar, I've seen were the third bar is a reversal bar, so you end up losing big time, and I seem to have the same problem with going for pull backs, any one of the pull backs can end up reversing and making another big lose. The system kinda looks great but I dont know how to avoid a reverse?

If entry on first bar of a new trend you can not know when the reversal bar will come. Like all trades you can only hope for the best.So using the whole range is to large stop. Better to use something like 25% of the range for initial stop. The entry on the first bar seems to work best in a volatile instrument. So entry on the first bar is a kind of break out trade and the stop should not be large. The breakout trade should either work an small stop or be stopped out. If entry on pullback limit on 40-50 % of the range. FlexRenko is no Holy Grail. Just a simple help to trade on price movement without any indicators. If any one else uses Flex Renko please post any comments. The purpose of this thread is how to use Flex Renko. So far not many reply so maybe no one uses them but me.
Regards Outlander

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If you want to use 25 % stop on 40-39-38 chart isn't it more logical to use 4 time smaller chart ?


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If you want to use 25 % stop on 40-39-38 chart isn't it more logical to use 4 time smaller chart ?

you can't see a clear trend with this chart.

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If you want to use 25 % stop on 40-39-38 chart isn't it more logical to use 4 time smaller chart ?


The smaller settings you use the more often you get a trend change and you get more trades and due my opinion more loosing trades. I want my charts to stay in trend and not change all the time. I want to trade as little as posible during the day. Every trade I start is a risk and a stress factor until the stop is at BE. As the chart attches shows. Regards Outlander

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Sorry for my chart last posted. I have problems with my hands as you can se. I have attached my trading chart for YM. It has been running today in full auto set for limit mode. I can choose if limit entry on pullbacks or breakout entrys with stop entry but has to do that before start trading and due to what instrument to trade with the system. It has stopped trading for today due to the dayly target is reached. Regards Outlander

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Dax also been running in auto limit mode and also reached target for today. As you can se some breakout trades would have been worked well with a "small" stop. The stop for limit entrys larger for the entry bar. DAX is a hard master and takes no prisoners. So you must trust your stuff and be sure that no open postions are forgotten over night. It can kill your acount. I remember up or down gap of 200 p at the open and they dont fill during the day. On days like this my system works ok. Not so every day but even a brooken watch shows the right time twice a day
Regards Outlander

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DAX so far. Regards Outlander

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Hi @Outlander !

I just want to ask how can you put the time to the top left corner on the chart ?

Thanks !

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Hi @Outlander !

I just want to ask how can you put the time to the top left corner on the chart ?

Thanks !

I use Sierra and they have an indicator called clock. Analysis/studies/add custom study/user contributed studys/clock

Regards Outlander

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YM so far. Had a nice run up at the open. But after that it went all the way down and took out the reversal point and is now in down mode. Regards Outlander

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YM so far. Had a nice run up at the open. But after that it went all the way down and took out the reversal point and is now in down mode. Regards Outlander

yes I also have ym in down mode

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yes I also have ym in down mode

Nice your chart looks better when mine. Regards Outlander

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what I don't like about these bar types are the artificial bars that it adds just to make the picture seem uniform,

the easiest way I could prove this, is to suggest charting DX (a thin traded contract) on 2 different bar intervals, such as 1min, and then, say 37 tick, and see the gaps,

then do the same on Unirenko 2, or even down to 1 (that means on every tick change) and see how perfect the stair step pattern shows, almost similar to this YM chart

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kronie View Post
what I don't like about these bar types are the artificial bars that it adds just to make the picture seem uniform,

the easiest way I could prove this, is to suggest charting DX (a thin traded contract) on 2 different bar intervals, such as 1min, and then, say 37 tick, and see the gaps,

then do the same on Unirenko 2, or even down to 1 (that means on every tick change) and see how perfect the stair step pattern shows, almost similar to this YM chart

renko is artificial bars. There is no way around this fact.

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what I don't like about these bar types are the artificial bars that it adds just to make the picture seem uniform,

the easiest way I could prove this, is to suggest charting DX (a thin traded contract) on 2 different bar intervals, such as 1min, and then, say 37 tick, and see the gaps,

then do the same on Unirenko 2, or even down to 1 (that means on every tick change) and see how perfect the stair step pattern shows, almost similar to this YM chart

Thats what I like about FlexRenko is that the charts look nice and takes out a lot of noise. As they have the true high and low I se no problem with using them. But the best part is that they are not time bars and only on price. Time is due to my opinion of nu use in intraday trading. They only ad noise to the chart in a slow sideways market. With FlexRenko you dont get any new bars in that kind of market. Regards Outlander

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DAX so far. Regards Outlander

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I got a PM today and after I answered it I thought it would be best if I post some of the answers to clear things out for all looking at my posts. The question I got was that it seems like I always make good trades and if they are live or sim. I am not some kind of market wizard with a crystal ball but I wish I had one. So I am trying to use Flex Renko as my crystal ball and it does not always give me the right answers. As I wrote in my first post my goal was to talk about how to use Flex Renko and not show how good trader I am. I am a small time trader with health problems that forced me to sell my company and retire. I live on my farm that I got from my father. I am 60 years old and have lived on the farm almost all of my life. So day trading is my hobby and keep me busy during the days. Flex Renko is quite new in Sierra so I am still getting used to it. The first time I looked at these new bars I thought it was junk and no use. I had used Renko in the past and liked them so I looked at these strange bars again and decide to try them on. At the moment I only trade YM and EMD live. All other chart are in sim mode. So I appalogize if I got people of this site thinking I was a market wizard. I ahev loosing day like the rest of us.
Regards Outlander

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YM live trading chart, Regards Outlander

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DAX so far in sim mode. Regards Outlander

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YM so far regards Outlander

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My dax system seems working ok so far. But then I decide to do a live test you never know
Regards Outlander

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The point of a journal should be to post more than just screenshots.

If you want to improve as a trader, start making trades, start writing down why you entered where you did, why you exited where you did, and then review yourself weekly.

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The point of a journal should be to post more than just screenshots.

If you want to improve as a trader, start making trades, start writing down why you entered where you did, why you exited where you did, and then review yourself weekly.

Mike

Thanks Mike, you can close this thread. Regards Outlander

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the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
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this is more like journal of an automated method (is there such thing?). Since it is not humanly possible to sit there and wait for the pull back and then there is the adjustment of trailing stop for each and every new bar.
ps. Thanks Outlander for some out-of-the-box thinking.

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  #98 (permalink)
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
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YM is tradable.

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  #99 (permalink)
london uk
 
Experience: Beginner
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cory View Post
YM is tradable.

Nice work Cory!

Quick question Cory, do you think you can change your renkoChannel so that the user has a choice to leave the mid line as it is (it appears in the middle) or they can enter a number so that the mid lines appears -10 or or +10 away from the middle? Would be cool if you can enter any number?

thanks

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  #100 (permalink)
Všnersborg Sweden
 
Experience: Beginner
Platform: Sierra
Broker: Transact
Trading: YM,EMD,DAX,CL,CG
 
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cory View Post
YM is tradable.

Looks great, well done, Regards Outlander

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