Archives: RSM Indicator for ThinkorSwim

[waltj]

Solid work here guys @cos251, @Joseph Patrick 18, @SuryaKiranC, @RickAns, @TradeUp

I was curious why yall chose to use Wilders on the SlowK, Exponential on the RSI and Weighted on the MACD?

i read his book along with the pdf that was posted here:

https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/post-50775

and none of those settings are mentioned. Maybe i skimmed thru that part.

regardless great work!!. i just toggle the indicators to my liking

 

[trendr]

Solid work here guys @cos251, @Joseph Patrick 18, @SuryaKiranC, @RickAns, @TradeUp

I was curious why yall chose to use Wilders on the SlowK, Exponential on the RSI and Weighted on the MACD?

i read his book along with the pdf that was posted here:

https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/post-50775

and none of those settings are mentioned. Maybe i skimmed thru that part.

regardless great work!!. i just toggle the indicators to my liking

I personally use the settings mentioned in the book (except SlowD, I made the changes in one version of the script and compared to slowK and slowK gets me in on average 1 day earlier.) and I have had great success swing trading the strategy. The code base in this thread is awesome, but my opinion is that most of the adapted settings should be set to the original considering that’s how the strategy was tested by Markus. That‘s what I use and it works well, obviously changes can be made as you actually trade the strategy live and based on data you personally collect. This is an awesome project, and I thank all of the contributors for their hard work.

 

[dcruz11]

Anyone know how to show the adr plots for all hours of the day and not just "regular Trading Start/End". (I'm using it for futures)

**Edit I figured it out.

##Original##
def afterStart = GetTime() > RegularTradingStart(GetYYYYMMDD());
def beforeEnd = GetTime() < RegularTradingEnd(GetYYYYMMDD());

##Updated##
def afterStart = SecondsFromTime(0) > 0;
def beforeEnd = SecondsTillTime(2350) >= 0;

Awesome job guys I love it.

 

[cos251]

Anyone know how to show the adr plots for all hours of the day and not just "regular Trading Start/End". (I'm using it for futures)

**Edit I figured it out.

##Original##
def afterStart = GetTime() > RegularTradingStart(GetYYYYMMDD());
def beforeEnd = GetTime() < RegularTradingEnd(GetYYYYMMDD());

##Updated##
def afterStart = SecondsFromTime(0) > 0;
def beforeEnd = SecondsTillTime(2350) >= 0;

Awesome job guys I love it.

Change "ShowTodayOnly" to no.

 

[bhaskar_madugula]

Any one tested strategy, I could get only 50% success rate on 5 year SPY and QQQ

 

[waltj]

I personally use the settings mentioned in the book (except SlowD, I made the changes in one version of the script and compared to slowK and slowK gets me in on average 1 day earlier.) and I have had great success swing trading the strategy. The code base in this thread is awesome, but my opinion is that most of the adapted settings should be set to the original considering that’s how the strategy was tested by Markus. That‘s what I use and it works well, obviously changes can be made as you actually trade the strategy live and based on data you personally collect. This is an awesome project, and I thank all of the contributors for their hard work.

@trendr

So just for clarity

you have
RSI 7 Wilders
SlowK 14,3,simple
and
MACD exponential?

 

[RickAns]

@tron and @trendr , I use the original stop plus an adapted 1.5 ATR daily Trailing Stop that follows the original Entry Signal given by PowerX. Have it set up to use as a daily stop to give as much retracement as the original position. Each day as the price goes up (hopefully) it follows by the original amount. As well as a trailing hourly (or 30 min) Stop to give a warning if the price moves down enough for me to watch it more closely. It might not be perfect but it gives me a nice perspective on what the price movement is doing on my intra day charts.


@BigMiniFridge good to see another fan of the PowerX system. Glad to hear you like it enough to have been using for some time. I still consider myself somewhat new to it but am liking it. I still enjoy watching Markus' videos to get his input on the days events.


@waltj Maybe I overlooked it but do you have reason to think that Markus is using something other than 'Wilders on the SlowK, Exponential on the RSI and Weighted on the MACD?' If so please say. I would be willing to swap over to the different calculations to see how they do.

 

[waltj]

@waltj Maybe I overlooked it but do you have reason to think that Markus is using something other than 'Wilders on the SlowK, Exponential on the RSI and Weighted on the MACD?' If so please say. I would be willing to swap over to the different calculations to see how they do.

My only reason would be based on my TOS settings

My defaults are MACD Exponential

RSI Wilders

and Stoch Slow Simple

I realize Markus is using TradingView and from what i know of TV(which isnt very much) there are no adjustments from wilders to exponential, simple etc. I dont know what the TV defaults are for the indicators used. So im basing everything on TOS

 

[RickAns]

Good call on that, @waltj . I had not noticed that before and just went in to thinkorswim to check. You are right about the ToS defaults for those indicators. I do think that in the early days of this that some settings were adjusted to make the charts seem to line up with what was seen from the pdf article. I am going to test with changes. Thanks for bringing this up. Anything else you notice, please say.

 

[waltj]

Good call on that, @waltj . I had not noticed that before and just went in to thinkorswim to check. You are right about the ToS defaults for those indicators. I do think that in the early days of this that some settings were adjusted to make the charts seem to line up with what was seen from the pdf article. I am going to test with changes. Thanks for bringing this up. Anything else you notice, please say.

Absolutely.

Please, also share your results from your tests.

Cheers

 

[bhaskar_madugula]

Can someone please share moving average settings used on this Indicator

 

[ApeX Predator]

Can someone please share moving average settings used on this Indicator

There are no moving averages used in this indicator. if you are referring to a specific comment, somebody's screenshot, I Suggest tag them to get a faster response.

-S

 

[trendr]

@trendr

So just for clarity

you have
RSI 7 Wilders
SlowK 14,3,simple
and
MACD exponential?

Yes Sir @waltj

 

[trendr]

Just some current swings I am in so you can see my setup. Ignore colors etc... just cosmetic changes $GM, $UUUU I have several more I am currently in but it boils down to trading the strategy so you can build confidence in it with appropriate risk to your account so you can follow the plan.

 

[trendr]

I'm not a coder but If someone wants to help me out with a few custom changes. e.i adding % adjustable stop default (8%) along with the 1.5 ATR Stop and 20% - 25% (William O'Neil) target and 6ATR I would be forever grateful Lol I have to manually add those.

 

[trendr]

Just some current swings I am in so you can see my setup. Ignore colors etc... just cosmetic changes $GM, $UUUU I have several more I am currently in but it boils down to trading the strategy so you can build confidence in it with appropriate risk to your account so you can follow the plan.

I mostly swing trade options on equities, but I even trade some OTC with the strategy. $FDMSF today.

 

[bhaskar_madugula]

There are no moving averages used in this indicator. if you are referring to a specific comment, somebody's screenshot, I Suggest tag them to get a faster response.

-S

I mean the moving average related setting of the indicator like stochastic simple, weighted or exponential. Do u suggest default setting or any changes?

 

[bhaskar_madugula]

Please advice if this is the recommended setting?
RSI 7 Wilders
SlowK 14,3,simple
MACD exponential?

 

[JohnsonM]

Noob question here: but is there a way to show RSM on weekly charts?

 

[tron]

@tron and @trendr , I use the original stop plus an adapted 1.5 ATR daily Trailing Stop that follows the original Entry Signal given by PowerX. Have it set up to use as a daily stop to give as much retracement as the original position. Each day as the price goes up (hopefully) it follows by the original amount. As well as a trailing hourly (or 30 min) Stop to give a warning if the price moves down enough for me to watch it more closely. It might not be perfect but it gives me a nice perspective on what the price movement is doing on my intra day charts.


@BigMiniFridge good to see another fan of the PowerX system. Glad to hear you like it enough to have been using for some time. I still consider myself somewhat new to it but am liking it. I still enjoy watching Markus' videos to get his input on the days events.


@waltj Maybe I overlooked it but do you have reason to think that Markus is using something other than 'Wilders on the SlowK, Exponential on the RSI and Weighted on the MACD?' If so please say. I would be willing to swap over to the different calculations to see how they do.

@RickAns - I actually reached out to Markus during one of his live streams and asked the same question. He likes to lock in the ADR at the time the trade is made. For simplicity, I totally get it, but I have seen some pretty noteworthy changes in ADR from one day to the next. So your method intrigues me......