Mimicking "Power X Strategy" by Markus Heitkoetter

[cos251]

Hi Cos,

This is great! Is the original version of the strategy with the 3 separate lower indicators, which are shaded still in the works? Thanks!

It can be. Did you need the back testing strategy included? If not, then you can use Script 1 in Post 86. You could load that 3 times and have all 3 indicators plotted separately. Let me know, happy to work on anything you may want tweaked.

 

[cos251]

On the side grind, the RSM label updates to "Idle" , pretty cool. At this point the open, profit target labels should reset to blank

Thanks for the feedback. I wasn't sure what to do with those labels per @RickAns request. I guess a question I have is should the labels reset to new calculations based on the current close or maintain the calculations that were created from OPEN?

 

[Sree]

Thanks for the feedback. I wasn't sure what to do with those labels per @RickAns request. I guess a question I have is should the labels reset to new calculations based on the current close or maintain the calculations that were created from OPEN?

Ideally, it should reset and calculate the new values based on the position it takes.

So For Ex:

The day starts with a long position, the indicator as is, calculates the open price, profit target and RSM label states: Long - This is good.
As the trade progresses, at the end of the run, where the indicator shows RSM : Idle - Here the price and profit targets are to be reset and blank displayed
If a trace back occurs ( this very well could be a reversal position), so new open price, profit target on short side is to be displayed. At the end of this run when a Long position happens, everything should be reset and new data to be shown.

So, I guess, in simple words the ask is to reset and recalculate price, profit targets labels based on the RSM position status.

I also think, the new values should be calculated after a bar is closed and persisted. This reduces fake signal and a wrong timing entry / exit.

 

[RickAns]

Hi @cos251 the labels were just something I was putting up in case anyone found useful. They display the current days ADR data because I do not know how to get it to display just the OPEN data. Which is why I have been having problems creating horizontal lines and clouds for the Take Profit / Stop data clouds.

I really appreciate what you have done with this and for putting in something I have suggested. Really do like that you have added extra ADR lines for profit. I don't wish to sound ungrateful because I have been unable to describe what I was asking for. Created an account with image sharing sight and a picture in what I was trying to achieve.

What I was trying to ask for was if the horizontal clouds could be plotted in unison with your UpTrend == 1 signal in the lower panel. Think that is correct. Does this make sense? The image is a 3 month 1 day chart for example.

added:
As you can see my clouds are not displaying horizontally like they should. But I did get the timing correct.

Thanks

 

[Sree]

It can be. Did you need the back testing strategy included? If not, then you can use Script 1 in Post 86. You could load that 3 times and have all 3 indicators plotted separately. Let me know, happy to work on anything you may want tweaked.

Cos251, I think you included back testing order code along with Scan code in older posts, I tried to back test, but it didn't work. It showed Infinite as a result

 

[cos251]

Hi @cos251 the labels were just something I was putting up in case anyone found useful. They display the current days ADR data because I do not know how to get it to just display just the OPEN data. Which is why I have been having problems creating horizontal lines and clouds for the Take Profit / Stop data clouds.

I really appreciate what you have done with this and for putting in something I have suggested. Really do like that you have added extra ADR lines for profit. I don't wish to sound ungrateful because I have been unable to describe what I was asking for. Created an account with image sharing sight and a picture in what I was trying to achieve.

What I was trying to ask for was if the horizontal clouds could be plotted in unison with your UpTrend == 1 signal in the lower panel. Think that is correct. Does this make sense? The image is a 3 month 1 day chart for example.

added:
As you can see my clouds are not displaying horizontally like they should. But I did get the timing correct.

Thanks

Abosolutely. Quick question - you would like to see the horizontal ADR cloud plotted in unison (when UpTrend == 1) matches the lower indicator clouds? You only want the ADR clouds to show up when there is an UpTrend or DownTrend?

 

[cos251]

Cos251, I think you included back testing order code along with Scan code in older posts, I tried to back test, but it didn't work. It showed Infinite as a result

Got it. I can post a fresh one that doesn't have the SCAN code in it. Let me see what I can whip up.

 

[RickAns]

@cos251 It would be great for the ADR clouds to show up in unison with the lower 'Trend' clouds, Up or Down. I used UpTrend as example since I just play the Long side as of now. Some might find it useful if DownTrend option was displayable as well for those that Short. Obviously the cloud colors would be flipped.

I just said UpTrend ==1 because I do not have ToS open at the moment and that is what I recall from your code.
Appreciate it.

 

[Sree]

@Joseph Patrick 18, @RickAns, @cos251 This is a great effort on bringing this indicator to TOS usage and our community. I have paid and am subscribed to Power X community with Markus - very nice person. The only problem is, we have to use his browser based charting software. Always longed and wished to have it on TOS.

ADR calculations are cool. Here is my observation, when we use this indicator on an intraday time frame, it still is displaying stop loss and ADR range calculated based on a Daily chart. I'm thinking if we use ATR instead, then the indicator can dynamically adopt the time frame its plotted on and will display accurate stop loss and profit target values based on that specific timeframe chart. Just my 2 cents.

 

[andre.muhammad]

I'm testing this indicator folks, Started the day with a long position it worked like a charm. Now the instrument is setting up for short, i see labels confirming short. The starting price and profit target label is not updated. Just posting my observations here..

 

[andre.muhammad]

Hi, could you share this by chance? I'm not sure which one you used.

 

[Sree]

Hi, could you share this by chance? I'm not sure which one you used.

Post #87 - Code is posted

 

[andre.muhammad]

Post #87 - Code is posted

 

[andre.muhammad]

It's not working when I add the script. Could someone please send the link?

 

[cos251]

@cos251 It would be great for the ADR clouds to show up in unison with the lower 'Trend' clouds, Up or Down. I used UpTrend as example since I just play the Long side as of now. Some might find it useful if DownTrend option was displayable as well for those that Short. Obviously the cloud colors would be flipped.

I just said UpTrend ==1 because I do not have ToS open at the moment and that is what I recall from your code.
Appreciate it.

Cool. I think I follow you. Let me spend some time tinkering and see if we can achieve this.

 

[cos251]

@Joseph Patrick 18, @RickAns, @cos251 This is a great effort on bringing this indicator to TOS usage and our community. I have paid and am subscribed to Power X community with Markus - very nice person. The only problem is, we have to use his browser based charting software. Always longed and wished to have it on TOS.

ADR calculations are cool. Here is my observation, when we use this indicator on an intraday time frame, it still is displaying stop loss and ADR range calculated based on a Daily chart. I'm thinking if we use ATR instead, then the indicator can dynamically adopt the time frame its plotted on and will display accurate stop loss and profit target values based on that specific timeframe chart. Just my 2 cents.

I like the idea. I think I saw somewhere on the site here a post about the difference between ADR and ATR. Let me read up and educate myself on the usage and differences.

 

[CT88]

Thanks Cos. What I was requesting was for the three separate lower indicators to be integrated and in sync with the upper from your script in post #51. Also, if you could do the same thing for Script 3 in post #89 that would be awesome and much appreciated! Those are my 2 favorite scripts; and, all of your scripts are amazing. Thanks!

 

[CT88]

I'm testing this indicator folks, Started the day with a long position it worked like a charm. Now the instrument is setting up for short, i see labels confirming short. The starting price and profit target label is not updated. Just posting my observations here..

Sree, are those dots above and below the candles from the Parabolic SAR? Could you share the settings that you're using, please? Thanks!

 

[Sree]

Sree, are those dots above and below the candles from the Parabolic SAR? Could you share the settings that you're using, please? Thanks!

CT88, They are ATR trailingstop dots. I used standard ATRTrailingstop study to closely follow price and set appropriate stop loss points. As the indicator at this point is showing ADR based calculated values for stop loss, its not very helpful for lower timeframes. This way I was able to mitigate risk. I also use this study while setting up the Close order, create a custom order and let it run on Autopilot.

 

[Joseph Patrick 18]

@Joseph Patrick 18, @RickAns, @cos251 This is a great effort on bringing this indicator to TOS usage and our community. I have paid and am subscribed to Power X community with Markus - very nice person. The only problem is, we have to use his browser based charting software. Always longed and wished to have it on TOS.

ADR calculations are cool. Here is my observation, when we use this indicator on an intraday time frame, it still is displaying stop loss and ADR range calculated based on a Daily chart. I'm thinking if we use ATR instead, then the indicator can dynamically adopt the time frame its plotted on and will display accurate stop loss and profit target values based on that specific timeframe chart. Just my 2 cents.

Thanks, it was all COS!!!