Here is my report. For few years I have been struggling to be consistent in trading, I have tried and learned most of the popular systems staring from ET and Fib through Ichi Cloud and lately VWAP and AVWAP. I tried these methods for swing and scalps.. my trades was never consistent, or I should better say I was not profitable. It was not my first time playing with Renko bars, I have tried this before the reason I moved away from it is because I was charting on Tradingview. Using Renko on Tradingview is diff because it prints bars based on timeframe you are on. It did not make sense because Renko should not care of a time.
I started using Greg's Renko strategy on TOS and did look interesting, I had 3 trades and 3 wins in 2 days. For few days now I have been playing with modified version and here is my strategy where I have so far 7 of 7 wins.
( FYI if you want to play with indicators this is IMO the best open source TOS community - usethinkscript.com)
Been watching from the sidelines for a couple days and it seems like a great system. I tried it on the QQQ chart this morning and had 2 successful put trades. And this was without the extra indicators, just the ADX, RSI, and HullMA.
Update: I did some testing today 3/1/23, with real money on a live market. I was only moving 1 contract at a time to keep my exposure low. I am using your setup but modified some and a few methods to confirm shorter term movements. As of now, it has been quite accurate in my previous test and todays testing.
1st Play: I was up to 50-55% gains and ended up selling to close at 42% gains. This was 15-20 minute open to close.
2nd Play: I was up to 20-25% gains and ended up selling to close at 20% gains. This was 4-5 minute open to close.
I've downloaded thinkorswim and I'm trying it with paper money. I'm 100% new to trading but learning so much. Thank you so much for sharing! Assuming I earn anything, I intend to send you my first $100.
I want to try it. My problem is that I am with Schwab and they haven’t released the TD Ameritrade platform to customers yet. I would be interested to see if anyone has been able to replicate the setup in any of Schwab’s trending platforms, like StreetSmart Edge?
I want to learn your system!! I watched but need to finish my small business software class first…Have to stay up with technology to survive. Not enough hours in the day but I’m excited to learn and try soon! Thanks Greg! You’re appreciated.
Greg - thank you for sharing this. been trading for a few years and haven’t found a solid strategy until your renko bar strategy. I’ve been paper trading this strategy in addition to some other indicators and basic charting and I’ve been on a roll, raking in thousands of worthless dollars. I’ll continue for the month of March before I start trading real ducketts… really appreciate your generosity in sharing this system. Thanks mannarino
Your system seems to be working as you said it would. As with the children of Israel in Exodus 16:15 you are my daily "manna". Thank You Greg Mannarino
I am paper trading using TradeStation. Was able to set up the system. Indicators give good signals. I agree that if you have doubt wait for the next bar. I've been closing trades that do not immediatly go green.
Tradingview Intraday Renko bar require Pro+ subscription which is $299/year. Same with MMRI, you can input the formula as the ticker symbol but can only view it on a daily chart without the Pro+ account
Here is my report. For few years I have been struggling to be consistent in trading, I have tried and learned most of the popular systems staring from ET and Fib through Ichi Cloud and lately VWAP and AVWAP. I tried these methods for swing and scalps.. my trades was never consistent, or I should better say I was not profitable. It was not my first time playing with Renko bars, I have tried this before the reason I moved away from it is because I was charting on Tradingview. Using Renko on Tradingview is diff because it prints bars based on timeframe you are on. It did not make sense because Renko should not care of a time.
I started using Greg's Renko strategy on TOS and did look interesting, I had 3 trades and 3 wins in 2 days. For few days now I have been playing with modified version and here is my strategy where I have so far 7 of 7 wins.
( FYI if you want to play with indicators this is IMO the best open source TOS community - usethinkscript.com)
- Ticker SPY
- Indicators:
Renko (Greg's config), HullMovingAverage ( Greg's config - you can find code I use for indicator here free - https://usethinkscript.com/threads/hull-turning-points-concavity-for-thinkorswim.7847/ ), and Stoch Slow (5,5)
- Trading Strategy:
Enter Long -> when Hull prints buy signal and Renko "close" first change trend bar, use StochSlow for My TP and SL is 25%. ATM (At the Money) Calls.
Enter Short -> when Hull prints sell signal and Renko "close" first change trend bar, use StochSlow for My TP and SL is 25%. ATM Puts.
I hope this helps!!! Thank you Greg for all you do!!!!
Code for Modify HullMovingAverage - https://usethinkscript.com/threads/hull-moving-average-turning-points-and-concavity-2nd-derivatives.1803/
Been watching from the sidelines for a couple days and it seems like a great system. I tried it on the QQQ chart this morning and had 2 successful put trades. And this was without the extra indicators, just the ADX, RSI, and HullMA.
Update: I did some testing today 3/1/23, with real money on a live market. I was only moving 1 contract at a time to keep my exposure low. I am using your setup but modified some and a few methods to confirm shorter term movements. As of now, it has been quite accurate in my previous test and todays testing.
1st Play: I was up to 50-55% gains and ended up selling to close at 42% gains. This was 15-20 minute open to close.
2nd Play: I was up to 20-25% gains and ended up selling to close at 20% gains. This was 4-5 minute open to close.
I've downloaded thinkorswim and I'm trying it with paper money. I'm 100% new to trading but learning so much. Thank you so much for sharing! Assuming I earn anything, I intend to send you my first $100.
Liar.
We'll see, bee-ach. I'm getting pretty good trading paper money.
I want to try it. My problem is that I am with Schwab and they haven’t released the TD Ameritrade platform to customers yet. I would be interested to see if anyone has been able to replicate the setup in any of Schwab’s trending platforms, like StreetSmart Edge?
The settings in interacrive brokers are not the same. Parameters in those indicator. The chart seams odd
It works on other tickers -aapl
I want to learn your system!! I watched but need to finish my small business software class first…Have to stay up with technology to survive. Not enough hours in the day but I’m excited to learn and try soon! Thanks Greg! You’re appreciated.
Greg - thank you for sharing this. been trading for a few years and haven’t found a solid strategy until your renko bar strategy. I’ve been paper trading this strategy in addition to some other indicators and basic charting and I’ve been on a roll, raking in thousands of worthless dollars. I’ll continue for the month of March before I start trading real ducketts… really appreciate your generosity in sharing this system. Thanks mannarino
On SSDI but find the market fascinating and agree with all your views , I spent every dirty dime of those shimmy checks on PHYSICAL SILVER 🤠
Your system seems to be working as you said it would. As with the children of Israel in Exodus 16:15 you are my daily "manna". Thank You Greg Mannarino
No Renko bars on IBKR. Any suggestions on free online tools?
I am paper trading using TradeStation. Was able to set up the system. Indicators give good signals. I agree that if you have doubt wait for the next bar. I've been closing trades that do not immediatly go green.
For "exiting a position quickly", what metric do you use? Down 5%, 10%? MACD going wrong, what exactly?
Haven’t been able to set up Renkos in trading view. What settings would work on there? Looks like a great system. Thanks for everything Greg!!!!
I would love if you could update the indicators on teadingview or interactive brokers
Im surprised that they don't give people these indicators to use.
They have Renkos in TradingView but the settings seem different.
Tradingview Intraday Renko bar require Pro+ subscription which is $299/year. Same with MMRI, you can input the formula as the ticker symbol but can only view it on a daily chart without the Pro+ account