Archives: RSM Indicator for ThinkorSwim

[CT88]

In the TV version, It appears they're using the stochastic oscillator, which uses three variables (14, 3, 3) and not the SKD, which uses two (14,3). This might be why the results are the different. However, the TOS version has worked well for me.

 

[mindgap]

In the TV version, It appears they're using the stochastic oscillator, which uses three variables (14, 3, 3) and not the SKD, which uses two (14,3). This might be why the results are the different. However, the TOS version has worked well for me.

Great input. How do you use the strategy on a daily basis?

 

[fromPok]

What Ticker are you working with and what timeframe?

spy 1y 1d. thank you

 

[darkpoolalgo]

Any chance you have links the the waves study or 10x scans shower in the video?

 

[cos251]

Any chance you have links the the waves study or 10x scans shower in the video?

Wolf Waves?
https://usethinkscript.com/threads/wolf-waves-trendline-breakouts-indicator-for-thinkorswim.66/

 

[trendr]

Hey @cos251 First thank you for all your hard work. I was going to message you privately and ask if you could make a ver using 8% stop and profit target of 20 - 25% shaded in if that is possible, I know your probably busy with other things or if you could guide me to what sections of the code base I would have to work on I would appreciate it. If it is not possible would someone else be interested in helping me tackle this. The targets and stop would be on the daily charts. Thank you!!

 

[trendr]

Guys again, I have to say you guys are awesome! This has become and incredible tool. Thank y'all!!. I have suggestion for another indicator if anybody would be interested. Basically RSM Labels for SPY, QQQ, IWM and VIX that are independent of chart currently pulled up(I'm not sure if this possible in TOS) showing when they are in trend/short trend/ Neutral etc with RSM, this could be used as additional trend confirmation tools for trades. Keeping you from taking RSM trades opposite of the indices.

 

[Fluideng]

@cos251 Can I use your MTF_Label code with a different Indictor?

 

[ApeX Predator]

@cos251 Can I use your MTF_Label code with a different Indictor?

Yes, It's free to use, Refer back would be nice if you use this code elsewhere. And Yes, I can speak for @cos251.

 

[tjlizwelicha]

Quick post here. I understand that not every indicator is perfect ( hahah), including this one, but this I thought this would be a good post on the aspect of learning how to trade. (Which I am still doing for the record). I ended up trading puts on SPY this morning and was on the positive side. I came across this trade while doing other work and figured it was a good example of waiting for setups. I did not take this trade for the record, buts shows how an indicator can be used to assist in trading. The first part of this is finding the setups or letting them work themselves out. All the books on candle patterns exist for a reason and you have to continuously draw them out so you can get better a spotting them.

I would like to say one of the key benefits of this indicator is that it helps with entry (once you've identified a proper one, this indicator is not going to tell you if the entry will ultimately be good or not), the indicator at least is plotting a stop loss for you to adhere to incase it does not work out and help you preserver your capital. If it does work out, then you have some targets to look to for profit. Some of those targets should already be in your head. The break of the first resistance point, break of second resistance (HOD) and then the targets provided by the dynamic ADR/ATR calculation.

I've read a couple of posts on here over the weekend of folks looking for that holy grail indicator, guess what guys, it does not exist!!!!

It's called learning how to trade. I have to be honest, I am writing this for me as much as I am for anyone else. Just figured I would give a quick opinion. Constructive criticism always welcomed.

EDIT - I've been toying with the idea of incorporating ADX into the indicator to help with trend identification and improve the signal. There are times when this indicator misses the mark, but once you do find a good trade, I think it does a good job of keeping you safely in the trade and providing an adequate exit.

EDIT #2 - I went back and looked at this on 2m chart (which is where I took the PUT trade this morning) and the setup is very nice for the long position as well.

Great work! Where is this thinkscript? Is this V1.9? Thanks

 

[ApeX Predator]

Great work! Where is this thinkscript? Is this V1.9? Thanks

Yes, Latest versions are always posted and replaced in Comment 1 & 2 in this thread.
-Surya

 

[tjlizwelicha]

Yes, Latest versions are always posted and replaced in Comment 1 & 2 in this thread.
-Surya

I used the copy the thinkscript from Comment 1 and 3 thread, but the set up doesn't look like the picture on comment 1.

 

[ApeX Predator]

I used the copy the thinkscript from Comment 1 and 3 thread, but the set up doesn't look like the picture on comment 1.

There are plenty of settings that you can turn on/off. Are you looking for ADR/ATR Targets? Also you need to see this for all the trends on the chart or just the current trend?

 

[nitrous]

There are plenty of settings that you can turn on/off. Are you looking for ADR/ATR Targets? Also you need to see this for all the trends on the chart or just the current trend?

What are the recommended settings for say, scalping/day trading/swing etc .

Lastly, is there a quick introduction on how to use this indicator, what do the red/green boxes mean etc.

Thanks

 

[ApeX Predator]

What are the recommended settings for say, scalping/day trading/swing etc .

Lastly, is there a quick introduction on how to use this indicator, what do the red/green boxes mean etc.

Thanks

This is an Indicator build on the following Strategy, Idea is when all three, RSI, Stochastic & MACD crosses their respective mid point we take the trade in that direction. I use it for scalping with 5m,15m & 1h with MTF labels configured on the top of the chart. As for the lower indicators, it's totally up to you, if you have enough space on charts and your screen, you could do with just the upper indicator.

https://rockwell-files.s3.amazonaws.com/PXCompanionGuide2ndEd_cover.pdf

-Surya

 

[tomsey]

This is an Indicator build on the following Strategy, Idea is when all three, RSI, Stochastic & MACD crosses their respective mid point we take the trade in that direction. I use it for scalping with 5m,15m & 1h with MTF labels configured on the top of the chart. As for the lower indicators, it's totally up to you, if you have enough space on charts and your screen, you could do with just the upper indicator.

https://rockwell-files.s3.amazonaws.com/PXCompanionGuide2ndEd_cover.pdf

-Surya

Hi Surya,

Thank you for your insight....

I have the indicator set on my chart for the /ES (eMini) but I can't seem to get the MTF labels to show, any ideas why they're not showing up on the chart?

Thanks again....

 

[nitrous]

This is an Indicator build on the following Strategy, Idea is when all three, RSI, Stochastic & MACD crosses their respective mid point we take the trade in that direction. I use it for scalping with 5m,15m & 1h with MTF labels configured on the top of the chart. As for the lower indicators, it's totally up to you, if you have enough space on charts and your screen, you could do with just the upper indicator.

https://rockwell-files.s3.amazonaws.com/PXCompanionGuide2ndEd_cover.pdf

-Surya

Are the MTF Labels enough, or do you use the upper study as well.

Thanks.

 

[ApeX Predator]

Are the MTF Labels enough, or do you use the upper study as well.

Thanks.

I use Upper and MFT these days, I was using the lowers too, I use WL column on he list of stock I like to trade. Made a custom WL and added RSM WL Column for 1h and 4H.

 

[ApeX Predator]

Hi Surya,

Thank you for your insight....

I have the indicator set on my chart for the /ES (eMini) but I can't seem to get the MTF labels to show, any ideas why they're not showing up on the chart?

Thanks again....

Can you post a screenshot of your study Set showing how the MTF is configured? my Version of MTF needs to be added multiple time, each instance set to a different timeframe.

-S

 

[tomsey]

Can you post a screenshot of your study Set showing how the MTF is configured? my Version of MTF needs to be added multiple time, each instance set to a different timeframe.

-S

Hi Surya,

Thanks for getting back to me......

This was totally "operator-error" on my part 'cause I'm using your MTF labels on my other charts but for some reason thought the cos251's Version 1.9 included your MTF labels (and not a separate addon)... I just added them to my chart with the v1.9 so I'm all set....

You can give the "*****-bell" a ring in honor of me....