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
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?
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
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
The following user says Thank You to Outlander for this post:
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
The following user says Thank You to Outlander for this post:
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
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
The following 2 users say Thank You to Outlander for this post:
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
The following 5 users say Thank You to Outlander for this post:
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!
Luck is what happens when preparation meets opportunity. ~ Seneca
The following user says Thank You to omni72 for this post:
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
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?
The following user says Thank You to tellytub for this post:
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
The following 2 users say Thank You to Outlander for this post:
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
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
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
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
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 798 since Oct 2009
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
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
The following 4 users say Thank You to Outlander for this post:
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
Posts: 49,764 since Jun 2009
Thanks: 32,302 given,
97,538
received
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.
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.
The following 2 users say Thank You to cory for this post:
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?
Regards Outlander
