Renko Charts in Thinkorswim: Setup Guide & Best Practices

Renko charts offer a unique way to filter market noise and focus purely on price movement. While platforms like TradingView and NinjaTrader offer robust Renko tools, Thinkorswim (TOS) by TD Ameritrade provides a basic form of Renko charting through its Aggregation settings. In this guide, you’ll learn how to set up Renko charts in Thinkorswim, adjust chart settings, avoid common mistakes, and determine if TOS is the right platform for your Renko strategy.

Why Use Renko Charts in Thinkorswim?

Thinkorswim is known for its powerful charting tools, and while it doesn’t offer advanced Renko features or custom bar types like Unirenko, it does include a basic Renko charting option. Benefits include:

• Noise reduction: Renko charts ignore time and focus on price movement.
• Cleaner trend visualization: Great for identifying swings and breakouts.
• Customizable box sizes: Choose between fixed range or ATR-based settings.
• Integrated indicators: Apply your preferred indicators to Renko charts within the TOS environment.

However, it’s important to note that Renko behavior in TOS differs from platforms offering more flexible or traditional Renko construction methods.

How to Add Renko Charts in Thinkorswim (Step-by-Step)

Follow these steps to enable Renko charts using the Aggregation settings in TOS:

1. Open Thinkorswim and go to the Charts tab.
2. Click the Settings (⚙️) icon in the top-right corner of the chart window.
3. In the left menu, select Time axis.
4. Under Aggregation Type, choose Range.
5. Then under Range Type, select Renko Bars.
6. Still under Time axis, choose a Time interval — such as 1 day, 3 months, YTD, or 3 years.
7. Select a Price Range setting:
   • Use a fixed range size (e.g. 5 points), or
   • Use ATR (Average True Range) as a dynamic box size.

Note: The longer your time interval, the more aggregated the Renko chart becomes. Selecting a 3-year interval with ATR can result in charts that look very different from typical Renko charts on platforms like TradingView.

Customization Limitations in Thinkorswim

While Thinkorswim allows users to apply Renko through its Aggregation settings, it lacks certain custom features:

• No Unirenko support: Unlike NinjaTrader or other platforms, TOS does not support Unirenko or hybrid bar types.
• Limited brick styling: You cannot change wick behavior or advanced brick properties.
• Box size calibration is limited: You can choose fixed or ATR-based sizing, but cannot fine-tune offsets or smoothing.

For traders used to other platforms, this can result in confusion when comparing charts side-by-side.

Best Practices for Using Renko in TOS

To improve your charting experience:

• Choose your time interval carefully: Shorter intervals (e.g., 1 month or YTD) may better replicate typical Renko behavior.
• Use a fixed range if ATR seems too dynamic or inconsistent.
• Overlay moving averages (e.g., 20 EMA, 50 EMA) to confirm trend direction.
• Add indicators like RSI or MACD for confirmation.
• Backtest manually: Since TOS’s Renko implementation is unconventional, test visually before trusting signals.

Common Mistakes When Using Renko in Thinkorswim

• Expecting typical Renko behavior: Charts may look different compared to those generated by platforms built around Renko logic.
• Relying too heavily on ATR range: This can distort bricks during volatile periods.
• Overlooking time intervals: Selecting 3-year intervals may dilute short-term Renko setups.
• Trying to apply custom scripts like Unirenko: TOS does not support this.

Example Strategy Setup Using TOS Renko

While the Renko charting method in TOS is limited, you can still build basic strategies. Here’s an example:

• Instrument: SPY ETF
• Aggregation Type: Renko Bars
• Price Range: Fixed at 5 points
• Time Interval: YTD (for smoother visual)
• Indicators:
  • 50 EMA for trend
  • RSI for timing entries
• Signal: Buy on green brick above 50 EMA and RSI > 50
• Exit: When bricks reverse or RSI drops below 50

Test this setup in a paper trading environment before applying real capital.

TOS vs. TradingView for Renko Charts

If you’re deciding between Thinkorswim and other platforms for Renko charting, here are some key differences:

Feature	Thinkorswim	TradingView
Renko customization	Limited (ATR/fixed size)	Advanced (custom brick logic)
Visual fidelity	Moderate	High (classic Renko look)
Unirenko support	❌ Not supported	✅ Via custom indicators
Ease of use	Steep learning curve	User-friendly
Best for	TOS users wanting basic Renko	Dedicated Renko traders

If you’re experimenting with Renko while already using TOS, it’s a decent starting point. But for more serious or detailed analysis, TradingView offers more control and customization.

When to Use Thinkorswim for Renko — and When to Avoid It

While Thinkorswim does offer a Renko charting option, it’s important to understand when it’s a good fit — and when you might want to use another platform.

✅ Good use cases:

• You’re already using Thinkorswim for stocks or options and want to experiment with Renko.
• You prefer a clean, time-independent way to view price movement.
• You want to use Renko in combination with built-in Thinkorswim indicators like RSI or MACD.

❌ Situations to avoid:

• You need precise control over brick settings or custom Renko types like Unirenko.
• You’re looking for Renko charts that match what you see on TradingView or NinjaTrader.
• You want visual consistency across timeframes — TOS charts can vary widely depending on the selected interval and aggregation.

FAQ: Renko + Thinkorswim

Q: Can I use Unirenko in Thinkorswim?
No. TOS does not support Unirenko or third-party Renko bar variations.

Q: Why do my Renko charts look different in Thinkorswim?
TOS generates Renko charts via its Aggregation engine, and behavior depends heavily on selected time interval and price range (ATR or fixed).

Q: Should I use Thinkorswim for Renko strategies?
TOS is useful for experimenting, but platforms like TradingView or NinjaTrader offer more control and fidelity for serious Renko users.

Final Thoughts: Is Thinkorswim Good for Renko Trading?

Thinkorswim provides a basic but functional way to experiment with Renko charts. If you’re already familiar with the platform and want to explore Renko without switching tools, it can serve as a useful starting point. You’ll have access to most common indicators and a reasonable degree of customization through the Aggregation settings.

However, if you’re serious about Renko trading—particularly if your strategies rely on visual consistency, advanced pattern recognition, or custom bar types—Thinkorswim may fall short. Platforms like TradingView or NinjaTrader offer more precision, flexibility, and alignment with Renko charting best practices.

Ultimately, TOS is fine for casual Renko exploration or hybrid strategies, but not ideal as a dedicated Renko platform.

Thinkorswim’s Renko capability is functional but basic. It’s a good place to start experimenting with the concept of Renko, especially if you’re already using TOS for other strategies. However, if you’re serious about Renko trading, platforms with dedicated Renko support may offer better visual clarity and control.

To deepen your understanding of Renko strategies, visit our Renko Chart Buy/Sell Signals Guide or explore 5 Dynamic Renko Chart Indicators.

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