Auto Significant Price Levels for ThinkorSwim

profitmaya

New member
Absolutely perfect setup today for a clear shot at a major target. This shows my scalp charts setup with all the major indicators I use: PriceTime Grid, EMA Ribbon on the daily and Higher Time Frame EMA Ribbon on the 1 minute, Significant Daily Lines, VWAP, Volume Profile set to 15 minute periods and the Daily Volume Profile POC. All you need to scalp. Plus putting in the time to "study" price action in relation to time and volume profile and practice with trading live with 1 stock that has high average daily ranges till you get the hang of it and have a trading plan. With the advantage that you can be out of the market within 2 hours of the open.
GwGof6r.jpg
@rlohmeyer : Can I get the ToS link for this setup. Its awesome! I'm new here and have been looking for something like this. I watched a video on you tube (
) about price levels with Leve 2 tape and want to learn trade based on this. Your chart is absolutely apt for this setup. Appreciate your help.
 

Bentley

New member
VIP
Hi Bob,
Thanks for sharing your trading in such detail.(y)🙏
I noted your are big on opening session trading... Please check out my post in the following link

https://usethinkscript.com/threads/central-pivot-range-cpr-indicator-for-thinkorswim.1305/post-75294

It talk about a trader, Mark Fisher who have way to exploits the opening/daily range. If you YouTube "Mark Fisher ACD", u can find a series where he talk about his method in depth. However, due to old footage, you can't see clearly the slide that he show on he's live teaching... For that, u have to read he's book, "The logical trader". The video, however, teaches how day trader should operate he's routine and I think it compliment the book very well. I think you'll like he's work.

I'm however more of a swing trader and are very interested in your swing chart on the index. I've the following question:
1. I check/uncheck the RL_PlotEntry_PL1 but don't see any label or indicator pop up?
2. Are there any inter-play u r looking at between the index. If not, why set them up in this 3 chart format?
3. Can elaborate more on the "Cyclical factors and chart patterns"

Thanks :cool:
 

rlohmeyer

Active member
@profitmaya I will post a link later today on the setup I use to day trade stocks. Most recently Microsoft. There is significant info on how to learn daytrading/scalping available on youtube and this forum. Many daytraders, assuming they are really trying to help rather than sell you something, will tell you to focus on markets till you understand them, even if you only focus on one commodity or stock. Understand how price action works by observing over months and risking very, very little (only amounts that you can afford to lose without a sweat) until you get the feel. ie; trade with one stock bought or sold until you can win with some consistency. Don't go for leverage until that point. Consider it a game you pay for while you learn. Secondly, the system you use you must understand. Some, like me, trade from chart info, others like indicators that help decision making (RSI,MACD, and those types at the bottom of the chart) I tend to use none. I watch the one minute price action in relation to what I call Significant Lines.

@Bentley In answer to your questions. 1) I will post the PlotEntry indicator that I am using, which is code from this site and not original to me. I cannot recall where I got it. I modified the original for my own purposes. 2) Yes, obvious interplay between indexes which can be helpful when you decide a direction to play. Based on the direction, you could choose the weaker or stronger index etf. 3) For larger cyclical factors I use a newsletter writer that I have followed for many years and whose system I trust relative to determining valid cyclical information. insiidetracktrading.com
I have no connection to this site and am NOT recommending you subscribe. I am only sharing what I have found valuable. The charts must confirm what the cyclical info points to before I take a swing trade. One comment I would make about the ACD system that I have observed is correct. And that is even if an index ETF is down on a Friday, unless we are in a strong bear on that index, the market will often reward a bull entry held till the open on Monday. That is exactly what happened this morning. QQQ was down Friday. I went long, because it has been a more bullish index ETF, and got out at the open for a nice profit. I am NOT recommending you trade this way unless you clearly understand your risks.
 
Last edited:

profitmaya

New member
@Visioon Those lines are open and close lines. The code for daily lines above will project the present days close, high, and low into the next day with the exception of the open. To project the open into the next day simply change this line of code from "plot D_Open = open(period = AP);" to "plot D_Open = open(period = AP[1]);" ,without the parentheses.
Here is an image of Fridays bar for NQ futures. It shows the the lines projected into the next day. The plots were changed to be a line, since you are showing what I assume is a one day bar, rather than a dot, which I use on the intraday charts. Code is below the image. If you want to project more then one day, I just draw lines.
KT9ZZut.jpg


Code:
#@rlohmeyer_SRLines
# much code borrowed through UseThinkscript
def AP = aggregationPeriod.DAY;

plot D_Open = open(period = AP)[1];
D_Open.SetDefaultColor(Color.YELLOW);
D_Open.SetPaintingStrategy(PaintingStrategy.points);
D_Open.SetLineWeight(2);
D_Open.HideTitle();

plot Y_Close = close(period =AP)[1];
Y_Close.SetPaintingStrategy(PaintingStrategy.squares);
Y_Close.SetDefaultColor(Color.DARK_ORANGE);
Y_Close.SetLineWeight(2);
Y_Close.HideTitle();
Y_Close.HideBubble();

plot D_High = high(period = AP);
D_High.SetDefaultColor(Color.Green);
D_High.SetPaintingStrategy(PaintingStrategy.points);
D_High.SetLineWeight(2);
D_High.HideTitle();
D_High.HideBubble();

plot D_Low = low(period = AP);
D_Low.SetDefaultColor(Color.RED);
D_Low.SetPaintingStrategy(PaintingStrategy.points);
D_Low.SetLineWeight(2);
D_Low.HideTitle();
D_Low.HideBubble();

plot Y_High = high(period = AP)[1];
Y_High.SetDefaultColor(Color.GREEN);
Y_High.SetPaintingStrategy(PaintingStrategy.squares);
Y_High.SetLineWeight(2);
Y_High.HideTitle();
Y_High.HideBubble();

plot Y_Low =Low(period = AP)[1];
Y_Low.SetDefaultColor(Color.RED);
Y_Low.SetPaintingStrategy(PaintingStrategy.squares);
Y_Low.SetLineWeight(2);
Y_Low.HideTitle();
Y_Low.HideBubble();
How can I add actual price value on the line itself?
 

profitmaya

New member
@profitmaya I will post a link later today on the setup I use to day trade stocks. Most recently Microsoft. There is significant info on how to learn daytrading/scalping available on youtube and this forum. Many daytraders, assuming they are really trying to help rather than sell you something, will tell you to focus on markets till you understand them, even if you only focus on one commodity or stock. Understand how price action works by observing over months and risking very, very little (only amounts that you can afford to lose without a sweat) until you get the feel. ie; trade with one stock bought or sold until you can win with some consistency. Don't go for leverage until that point. Consider it a game you pay for while you learn. Secondly, the system you use you must understand. Some, like me, trade from chart info, others like indicators that help decision making (RSI,MACD, and those types at the bottom of the chart) I tend to use none. I watch the one minute price action in relation to what I call Significant Lines.

@Bentley In answer to your questions. 1) I will post the PlotEntry indicator that I am using, which is code from this site and not original to me. I cannot recall where I got it. I modified the original for my own purposes. 2) Yes, obvious interplay between indexes which can be helpful when you decide a direction to play. Based on the direction, you could choose the weaker or stronger index etf. 3) For larger cyclical factors I use a newsletter writer that I have followed for many years and whose system I trust relative to determining valid cyclical information. insiidetracktrading.com
I have no connection to this site and am NOT recommending you subscribe. I am only sharing what I have found valuable. The charts must confirm what the cyclical info points to before I take a swing trade. One comment I would make about the ACD system that I have observed is correct. And that is even if an index ETF is down on a Friday, unless we are in a strong bear on that index, the market will often reward a bull entry held till the open on Monday. That is exactly what happened this morning. QQQ was down Friday. I went long, because it has been a more bullish index ETF, and got out at the open for a nice profit. I am NOT recommending you trade this way unless you clearly understand your risks.
@rlohmeyer : thank you. Yes, I have been doing day trading using 50/100/200 EMA on 2 minute time frame. I usually trade SPY/QQQ/BAC. I started learning to daytrade using BAC and its one of my bread and butter. I incorporated your code but not getting the look and feel of the chart that you posted.
 

profitmaya

New member
@TOS Rookie
PLI simply means "Price Line Increment". When you set that number at say .50, then every major line will be at a $.50 level, such as 38.50 or 40 or 40.50, and the midpoint lines will draw at each .25 level.
Bob
Is there any thumb rule to follow to determine Price Line Increment? Can it be a daily ATR but that may serve purpose of swing trading only. I'm kind of lost on how to set PLI..for eg: I have tried for BAC 0.5 and it works like charm but for other stocks, it does not work. So, would you mind sharing how you determine price line increment value for a ticker? also futures , do we need put a tick?
 

profitmaya

New member
@Visioon Those lines are open and close lines. The code for daily lines above will project the present days close, high, and low into the next day with the exception of the open. To project the open into the next day simply change this line of code from "plot D_Open = open(period = AP);" to "plot D_Open = open(period = AP[1]);" ,without the parentheses.
Here is an image of Fridays bar for NQ futures. It shows the the lines projected into the next day. The plots were changed to be a line, since you are showing what I assume is a one day bar, rather than a dot, which I use on the intraday charts. Code is below the image. If you want to project more then one day, I just draw lines.
KT9ZZut.jpg


Code:
#@rlohmeyer_SRLines
# much code borrowed through UseThinkscript
def AP = aggregationPeriod.DAY;

plot D_Open = open(period = AP)[1];
D_Open.SetDefaultColor(Color.YELLOW);
D_Open.SetPaintingStrategy(PaintingStrategy.points);
D_Open.SetLineWeight(2);
D_Open.HideTitle();

plot Y_Close = close(period =AP)[1];
Y_Close.SetPaintingStrategy(PaintingStrategy.squares);
Y_Close.SetDefaultColor(Color.DARK_ORANGE);
Y_Close.SetLineWeight(2);
Y_Close.HideTitle();
Y_Close.HideBubble();

plot D_High = high(period = AP);
D_High.SetDefaultColor(Color.Green);
D_High.SetPaintingStrategy(PaintingStrategy.points);
D_High.SetLineWeight(2);
D_High.HideTitle();
D_High.HideBubble();

plot D_Low = low(period = AP);
D_Low.SetDefaultColor(Color.RED);
D_Low.SetPaintingStrategy(PaintingStrategy.points);
D_Low.SetLineWeight(2);
D_Low.HideTitle();
D_Low.HideBubble();

plot Y_High = high(period = AP)[1];
Y_High.SetDefaultColor(Color.GREEN);
Y_High.SetPaintingStrategy(PaintingStrategy.squares);
Y_High.SetLineWeight(2);
Y_High.HideTitle();
Y_High.HideBubble();

plot Y_Low =Low(period = AP)[1];
Y_Low.SetDefaultColor(Color.RED);
Y_Low.SetPaintingStrategy(PaintingStrategy.squares);
Y_Low.SetLineWeight(2);
Y_Low.HideTitle();
Y_Low.HideBubble();
Is there a way I can display the actual values of previous day high/low/open on the lines either right or left? I was able to do as a label, but not able to display on the lines.
 

rlohmeyer

Active member
Is there any thumb rule to follow to determine Price Line Increment? Can it be a daily ATR but that may serve purpose of swing trading only. I'm kind of lost on how to set PLI..for eg: I have tried for BAC 0.5 and it works like charm but for other stocks, it does not work. So, would you mind sharing how you determine price line increment value for a ticker? also futures , do we need put a tick?
I generally set the major increment at 1 and then based on the price of a particular instrument I set the increment at .5 or .25....stocks will often react to .5, more often to 1 and when you reach a 5 increment stocks will fight over that level. Here is my most recent update. In this one you can also set your vertical lines to show when a 5 minute period ends or a 15 minute period. I just turn off the regular trading grid and use my own exclusively. Here is the most recent PriceTimeGrid link.
http://tos.mx/fkwHOzp
 

rlohmeyer

Active member
Is there a way I can display the actual values of previous day high/low/open on the lines either right or left? I was able to do as a label, but not able to display on the lines.
Here is what I call DayLines. It lets you display Yesterdays Close, Todays Open, Todays Low and High, Yesterdays Low and High, and also it gives me the ability to show these lines not just for a Day but for say a 5 minute bar, which is very useful if I am trading on a 1 minute chart because price will often react to highs and lows of 5 minute bars.
http://tos.mx/pbRlOuS
 

rlohmeyer

Active member
Here is an image of the PriceTimeGrid lines and the DayLines indicators I just posted in Post #69 and #70 above. In this post you can see how price reacted off the Open Line and then continuing up for a move. The strong yellow line is a price level divisible by 5, in this case 445 on the SPY etf. Marking these "5" lines is included in the PriceTime Grid.

You can also see that on this one minute chart I have the Vertical time lines set for 5 minutes and 15 minutes. And the 5 minute time frame shows the tops and bottoms of the 5 minute time frame. This capacity is included in the DayLines indicator.

These 2 indicators are always on my intraday charts.
i12LFRX.jpg
 
Last edited:

rlohmeyer

Active member
And just a comment. On SPY for instance, I will generally set my "Major" increment at $.50 and my regular increment at either $.25 or $.50 depending on how volatile the market is. When the market opens it is going to be volatile for 30 minutes to an hour or so, thus 1 minute bars can move $.50 in one or two minutes. So I will trade less shares on the open than at other times.
 
Thread starter Similar threads Forum Replies Date
Trader_Rich Auto Trend Lines -Confirmed Swing Indicators 1
R Auto Trade in TOS Playground 10
lolo Auto fibonacci retracement 78%/88% previous close Questions 16
D Fibonacci extension auto Questions 13
B Auto Trend Line Questions 10

Similar threads

Top