Repaints AGAIG A Choice Chart Setup for Trading or Scalping with ThinkOrSwim

[slavababuli]

thanks a lot anyway! do you teach how to trade by the chance?

 

[csricksdds]

thanks a lot anyway! do you teach how to trade by the chance?

I don't "trade by the chance" - I let my indicators and the market take the lead!

 

[TheBullHandler]

I don't "trade by the chance" - I let my indicators and the market take the lead!

lol I think he was trying to ask if there was any chance that you teach people how to trade!

Great fan of your work by the way! And I really appreciate your generosity in sharing your setups with us! On a side note, have you ever looked into translating this into a TOS strategy script?

 

[csricksdds]

lol I think he was trying to ask if there was any chance that you teach people how to trade!

Great fan of your work by the way! And I really appreciate your generosity in sharing your setups with us! On a side note, have you ever looked into translating this into a TOS strategy script?

I taught at the options club here in The Villages, FL for fours+ until my wife said "enough already" and so now I only post on this website. Thanks

 

[csricksdds]

lol I think he was trying to ask if there was any chance that you teach people how to trade!

Great fan of your work by the way! And I really appreciate your generosity in sharing your setups with us! On a side note, have you ever looked into translating this into a TOS strategy script?

I usually do a little write-up on my charts but the strategy always remains the same: trade when multiple indicators agree that change in direction is taking place, and don't be greedy hoping for more. A half profit is better than a double loss!

 

[useThinkScript]

have you ever looked into translating this into a TOS strategy script?

Translating repainters into a backtesting strategy does not provide any useful analysis.
Obviously, with all the poor signals painted over and only recording the perfect triggers; results will always be skewed.

Don’t fall for the “backtesting fallacy”-real trading isn’t about strict rules for buy/sell from just one indicator. Profitable traders watch for multiple indicators lining up in lots of ways.

@csricksdds charts are successful because his setups are simple to read and help identify those multiple indicator confluences clearly.

It’s not just about indicators. Good risk management-results in better trades. Don’t trade out of FOMO, fear or greed!

 

[csricksdds]

Translating repainters into a backtesting strategy does not provide any useful analysis.
Obviously, with all the poor signals painted over and only recording the perfect triggers; results will always be skewed.

Don’t fall for the “backtesting fallacy”-real trading isn’t about strict rules for buy/sell from just one indicator. Profitable traders watch for multiple indicators lining up in lots of ways.

@csricksdds charts are successful because his setups are simple to read and help identify those multiple indicator confluences clearly.

It’s not just about indicators. Good risk management-results in better trades. Don’t trade out of FOMO, fear or greed!

True!

 

[Rod95]

@csricksdds Great stuff!! For some reason I am unable to get the colors to be red and green for the bars. Any insight on what I am missing? I looked at the code and may shift to blue an white but I only get these pink and baby blue. Thanks in advance

Started from scratch with link and set up my chart with a few other items and GTG.
View attachment 24525

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Hey Jordan, I really like your setup! Would you mind sharing your heatmap?

 

[csricksdds]

For Jordan if you look back up through this thread and copy the code I sent for the same issue before or I will send again when back to my computer in the morning. I have had the same issue before.

Try this code for the off color histogram and see if it works?

# AsGoodAsItGets upper Indicator
#CSR Buy/Sell Arrows with Short/Long Bubbles
#Developed 4-23-23 First Edition 8-23-22 Revised
#Updated 3/16/24 by C. Ricks

declare upper;
input atrreversal =2.0;

def priceh = MovingAverage(AverageType.EXPONENTIAL, high, 5);
def pricel = MovingAverage(AverageType.EXPONENTIAL, low, 5);

def EIL = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = .01, "absolute reversal" = .05, "atr length" = 5, "atr reversal" = atrreversal).lastL;
def EIH = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = .01, "absolute reversal" = .05, "atr length" = 5, "atr reversal" = atrreversal).lastH;

plot signaldown = !isNAN(EIH);
signaldown.SetPaintingStrategy(PaintingStrategy.SQUARED_HISTOGRAM);
signaldown.DefineColor("signaldown", Color.Red);

plot signalrevBot = !isNaN(EIL);

Signalrevbot.SetPaintingStrategy(PaintingStrategy.SQUARED_HISTOGRAM);
signalrevBot.DefineColor("signalrevBot", Color.Green);

input usealerts = yes;
alert(usealerts and signaldown[1] == 1, "SHORT", alert.bar, sound.ring);
alert(usealerts and signalrevbot[1] == 1, "LONG", alert.bar, sound.ring);

 

[csricksdds]

Try this code for the off color histogram and see if it works?

# AsGoodAsItGets upper Indicator
#CSR Buy/Sell Arrows with Short/Long Bubbles
#Developed 4-23-23 First Edition 8-23-22 Revised
#Updated 3/16/24 by C. Ricks

declare upper;
input atrreversal =2.0;

def priceh = MovingAverage(AverageType.EXPONENTIAL, high, 5);
def pricel = MovingAverage(AverageType.EXPONENTIAL, low, 5);

def EIL = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = .01, "absolute reversal" = .05, "atr length" = 5, "atr reversal" = atrreversal).lastL;
def EIH = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = .01, "absolute reversal" = .05, "atr length" = 5, "atr reversal" = atrreversal).lastH;

plot signaldown = !isNAN(EIH);
signaldown.SetPaintingStrategy(PaintingStrategy.SQUARED_HISTOGRAM);
signaldown.DefineColor("signaldown", Color.Red);

plot signalrevBot = !isNaN(EIL);

Signalrevbot.SetPaintingStrategy(PaintingStrategy.SQUARED_HISTOGRAM);
signalrevBot.DefineColor("signalrevBot", Color.Green);

input usealerts = yes;
alert(usealerts and signaldown[1] == 1, "SHORT", alert.bar, sound.ring);
alert(usealerts and signalrevbot[1] == 1, "LONG", alert.bar, sound.ring);

You may need to change to declare lower, highlight it and move it up. I know the smarter team says it doesn’t always work but for this one it usually does?