I fit that bill but we all started somewhere, I'm a new trader and the more info would be great and or details on how you set it up and used it would be much appreciated.
Repaints B4 Balanced BB Breakout For ThinkOrSwim
- Thread starter useThinkScript
- Start date
Repaints
- Status
Thank all you guys and gals for all the valuable input. @barbaros is in the process of releasing the latest versions , the approved version of the recent beta, and a beta with some of my additions (he cleaned up that mess for me).
@Joseph Patrick 18 ,@mashume,@cos251, @AspaTrader and any others thanks for your contributions.
Beta posted on first page. Divergances are some peoples bread and butter. They are real time indications of potential price movement. It is especially important to scalpers looking for an edge.
A lot of people use volume to screen there signals so we also included a stochastic volume and a stochastic squeeze in the mix, also threw an alert in their to let you know when we are in a "Balanced BB Squeeze".
Hope you enjoy, I have a hand full of other things we might consider as add ons, but I will leave that to barbaros' discretion. Thanks for helping with your comments and suggestions.
Happy Trading,
Chuck
A lot of people use volume to screen there signals so we also included a stochastic volume and a stochastic squeeze in the mix, also threw an alert in their to let you know when we are in a "Balanced BB Squeeze".
Hope you enjoy, I have a hand full of other things we might consider as add ons, but I will leave that to barbaros' discretion. Thanks for helping with your comments and suggestions.
Happy Trading,
Chuck
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@Chuck thank you for posting all the updates. Also, great work on the direction of the indicator. I like the new additions.
I made a few more modifications. It's minor, label changes and alerts. I think we need suggestions for the "Divergence" label states. Current states are "Bullish", "Bullish (decreasing)", "Bearish" and "Bearish (increasing)". May be we can come up with better labels, may be shorter?
The new "Trend Squeeze" label turns white, lit up, when the BB and Keltner channels show squeeze. @Chuck it may be good to explain the new traders what the "Scalper Volume" and "Scalper Squeeze" labels mean when they lit up.
I made a few more modifications. It's minor, label changes and alerts. I think we need suggestions for the "Divergence" label states. Current states are "Bullish", "Bullish (decreasing)", "Bearish" and "Bearish (increasing)". May be we can come up with better labels, may be shorter?
The new "Trend Squeeze" label turns white, lit up, when the BB and Keltner channels show squeeze. @Chuck it may be good to explain the new traders what the "Scalper Volume" and "Scalper Squeeze" labels mean when they lit up.
Code:
# Balanced BB Breakout Indicator
# Free for use. Header credits must be included when any form of the code included in this package is used.
# User assumes all risk. Author not responsible for errors or use of tool.
# v1.2 - Assembled by Chuck Edwards
# v2.0 - Barbaros - cleanup
# v2.1 - Barbaros - added RSI IFT, NumberOfShares, BB crossing options
# v2.2 - Barbaros - fixed PnL issues and removed intraDay filter
# v2.3 - Barbaros - changed input and variable names, RSM is re-done
# v2.4 - Barbaros - removed PnL, added strategy signal arrows and alerts,
# added Fibonacci SuperTrend, added unified bar color selection
# beta - Chuck - added divergence and squeeze label, added squeeze alert
# Barbaros - cleanup, changed divergance to text, show stoch labels all the time
# Barbaros - added trend squeeze label for BB, added alerts for Stoch Scalper
declare lower;
### Market Forecast
def pIntermediate = MarketForecast().Intermediate;
AddLabel(yes,
"Market Forecast " +
if pIntermediate >= 80 then "Bullish" else
if pIntermediate <= 20 then "Bearish" else
if pIntermediate > pIntermediate[1] then "Rising" else
if pIntermediate < pIntermediate[1] then "Falling" else "Neutral",
if pIntermediate >= 80 then CreateColor(204, 255, 204) else # Pre_Cyan
if pIntermediate <= 20 then Color.RED else
if pIntermediate > pIntermediate[1] then CreateColor(0, 165, 0) else # LabelGreen
if pIntermediate < pIntermediate[1] then Color.RED else Color.LIGHT_GRAY
);
### MACDBB
input MACDBB_FastLength = 12;
input MACDBB_SlowLength = 26;
input MACDBB_Length = 25;
input MACDBB_BandLength = 15;
input MACDBB_NumDev = 1.0;
def MACDBB_Data = MACD(fastLength = MACDBB_FastLength, slowLength = MACDBB_SlowLength, MACDLength = MACDBB_Length);
plot MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;
MACDBB_Upper.SetDefaultColor(Color.RED);
MACDBB_Upper.HideTitle();
MACDBB_Upper.HideBubble();
plot MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
MACDBB_Lower.SetDefaultColor(Color.GREEN);
MACDBB_Lower.HideTitle();
MACDBB_Lower.HideBubble();
plot MACDBB_Midline = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).MidLine;
MACDBB_Midline.SetDefaultColor(Color.LIGHT_RED);
MACDBB_Midline.SetStyle(Curve.FIRM);
MACDBB_MidLine.HideTitle();
MACDBB_MidLine.HideBubble();
plot MACDBB_Line = MACDBB_Data;
MACDBB_Line.AssignValueColor(
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.RED else
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
MACDBB_Line.SetLineWeight(1);
plot MACDBB_Dots = MACDBB_Data;
MACDBB_Dots.AssignValueColor(
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
MACDBB_Dots.SetPaintingStrategy(PaintingStrategy.LINE_VS_POINTS);
MACDBB_Dots.SetLineWeight(1);
MACDBB_Dots.HideTitle();
MACDBB_Dots.HideBubble();
input MACDBB_CrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input MACDBB_CrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};
def MACDBB_CrossFromAboveVal = if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Lower then MACDBB_Lower
else if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Upper then MACDBB_Upper
else 0;
def MACDBB_CrossFromBelowVal = if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Lower then MACDBB_Lower
else if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Upper then MACDBB_Upper
else 0;
def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;
AddLabel(yes,
"Trend " +
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Bullish"
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Falling"
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Bearish"
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Rising"
else "Neutral",
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
### Keltner Channels
input Keltner_Factor = 1.5;
input Keltner_length = 20;
input Keltner_AverageType = AverageType.EXPONENTIAL;
input Keltner_TrueRangeAverageType = AverageType.EXPONENTIAL;
def Keltner_Shift = Keltner_Factor * MovingAverage(Keltner_TrueRangeAverageType, TrueRange(high, close, low), Keltner_length);
def Keltner_Average = MovingAverage(Keltner_AverageType, close, Keltner_length);
def Keltner_Upper_Band = Keltner_Average + Keltner_Shift;
def Keltner_Lower_Band = Keltner_Average - Keltner_Shift;
### Bollinger Bands
input BB_Length = 20;
input BB_NumDevDn = -2.0;
input BB_NumDevUp = 2.0;
input BB_AverageType = AverageType.SIMPLE;
def BB_SDev = StDev(data = close, length = BB_Length);
def BB_MidLine = MovingAverage(BB_AverageType, data = close, length = BB_Length);
def BB_LowerBand = BB_MidLine + BB_NumDevDn * BB_SDev;
def BB_UpperBand = BB_MidLine + BB_NumDevUp * BB_SDev;
# BB Cloud
AddCloud(if BB_UpperBand <= Keltner_Upper_Band and BB_LowerBand >= Keltner_Lower_Band then MACDBB_Upper else MACDBB_Lower, MACDBB_Lower, Color.YELLOW);
AddCloud(MACDBB_Upper, MACDBB_Lower, Color.LIGHT_RED);
AddLabel(yes, "Trend Squeeze", if BB_UpperBand <= Keltner_Upper_Band and BB_LowerBand >= Keltner_Lower_Band then Color.WHITE else Color.GRAY);
### RSI/STOCASTIC/MACD CONFLUENCE COMBO
plot RSM_MACD_Diff = reference MACD("fast length" = 12, "slow length" = 26, "macd length" = 9).Diff;
RSM_MACD_Diff.SetDefaultColor(GetColor(5));
RSM_MACD_Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RSM_MACD_Diff.SetLineWeight(4);
RSM_MACD_Diff.DefineColor("Positive and Up", Color.GREEN);
RSM_MACD_Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
RSM_MACD_Diff.DefineColor("Negative and Down", Color.RED);
RSM_MACD_Diff.DefineColor("Negative and Up", Color.DARK_RED);
RSM_MACD_Diff.AssignValueColor(
if RSM_MACD_Diff >= 0 then
if RSM_MACD_Diff > RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Positive and Up") else RSM_MACD_Diff.Color("Positive and Down")
else
if RSM_MACD_Diff < RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Negative and Down") else RSM_MACD_Diff.Color("Negative and Up")
);
plot RSM_MACD_ZeroLine = 0;
RSM_MACD_ZeroLine.SetDefaultColor(Color.RED);
RSM_MACD_ZeroLine.HideTitle();
RSM_MACD_ZeroLine.HideBubble();
def RSM_RSI = reference RSI(length = 7).RSI;
def RSM_Stoch_Val = 100 * (close - lowest(low, 14)) / (highest(high, 14) - lowest(low, 14));
def RSM_StochSlowK = SimpleMovingAvg(SimpleMovingAvg(RSM_Stoch_Val,3),3);
def RSM_rsiGreen = RSM_RSI >= 50;
def RSM_rsiRed = RSM_RSI < 50;
def RSM_stochGreen = RSM_StochSlowK >= 50;
def RSM_stochRed = RSM_StochSlowK < 50;
def RSM_macdGreen = RSM_MACD_Diff >= 0;
def RSM_macdRed = RSM_MACD_Diff < 0;
def RSM_Buy = RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen;
def RSM_Sell = RSM_rsiRed and RSM_stochRed and RSM_macdRed;
# Shade areas based on criteria; adjust as needed
AddCloud(
if RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.POSITIVE_INFINITY else Double.NaN,
if RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN
);
AddCloud(
if RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.POSITIVE_INFINITY else Double.NaN,
if RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED
);
### Divergance
input HMA_Length = 55;
input HMA_Lookback = 2;
def HMA = HullMovingAvg(price = HL2, length = HMA_Length);
def HMA_delta = HMA[1] - HMA[HMA_Lookback + 1];
def HMA_delta_per_bar = HMA_delta / HMA_Lookback;
def HMA_next_bar = HMA[1] + HMA_delta_per_bar;
def HMA_concavity = if HMA > HMA_next_bar then 1 else -1;
def HMA_MA_Max = if HMA[-1] < HMA and HMA > HMA[1] then HMA else Double.NaN;
def HMA_MA_Min = if HMA[-1] > HMA and HMA < HMA[1] then HMA else Double.NaN;
def HMA_divergence = HMA - HMA_next_bar;
AddLabel(yes,
"Divergence " +
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then "Bearish (increasing)"
else "Bearish"
else
if HMA_divergence[1] < HMA_divergence then "Bullish (decreasing)"
else "Bullish",
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then Color.DARK_ORANGE
else Color.RED
else
if HMA_divergence[1] < HMA_divergence then Color.DARK_GREEN
else Color.GREEN
);
### Stocastic Scalper
input STOCHSCALPER_Period = 21;
input STOCHSCALPER_PeriodEMA = 13;
input STOCHSCALPER_VolumePeriod = 60;
def STOCHSCALPER_oSS = (open[1] + close[1]) / 2;
def STOCHSCALPER_hSS = Max(high, close[1]);
def STOCHSCALPER_lSS = Min(low, close[1]);
def STOCHSCALPER_cSS = (STOCHSCALPER_oSS + STOCHSCALPER_hSS + STOCHSCALPER_lSS + close) / 4;
def STOCHSCALPER_r = Highest(STOCHSCALPER_hSS, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period);
def STOCHSCALPER_p1 = (STOCHSCALPER_cSS - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period)) / STOCHSCALPER_r;
def STOCHSCALPER_K = ExpAverage(STOCHSCALPER_p1, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_sSS = Highest(STOCHSCALPER_K, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period);
def STOCHSCALPER_p3 = (STOCHSCALPER_K - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period)) / STOCHSCALPER_sSS;
def STOCHSCALPER_D = ExpAverage(STOCHSCALPER_p3, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_Min = LowestAll(STOCHSCALPER_K);
def STOCHSCALPER_Max = HighestAll(STOCHSCALPER_K);
def STOCHSCALPER_vS = Highest(volume, STOCHSCALPER_VolumePeriod) - Lowest(volume, STOCHSCALPER_VolumePeriod);
def STOCHSCALPER_vK = (volume - Lowest(volume, STOCHSCALPER_VolumePeriod)) / STOCHSCALPER_vS;
def STOCHSCALPER_vP = if STOCHSCALPER_vK > .7 then 1 else Double.NaN;
def STOCHSCALPER_mean = Average(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_sd = StDev(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_atr = Average(TrueRange(STOCHSCALPER_cSS, STOCHSCALPER_hSS, STOCHSCALPER_lSS), 20);
def STOCHSCALPER_squeeze = if (STOCHSCALPER_mean + (2 * STOCHSCALPER_sd)) < (STOCHSCALPER_mean + (1.5 * STOCHSCALPER_atr)) then 0 else Double.NaN;
AddLabel(yes, "Scalper Volume", if !IsNaN(STOCHSCALPER_vP) then Color.WHITE else Color.GRAY);
AddLabel(yes, "Scalper Squeeze", if !IsNaN(STOCHSCALPER_squeeze) then Color.WHITE else Color.GRAY);
### Balance of Power
input BOP_EMA_Length = 20;
input BOP_TEMA_Length = 20;
def BOP_THL = If(high != low, high - low, 0.01);
def BOP_BullOpen = (high - open) / BOP_THL;
def BOP_BearOpen = (open - low) / BOP_THL;
def BOP_BullClose = (close - low) / BOP_THL;
def BOP_BearClose = (high - close) / BOP_THL;
def BOP_BullOC = If(close > open, (close - open) / BOP_THL, 0);
def BOP_BearOC = If(open > close, (open - close) / BOP_THL, 0);
def BOP_BullReward = (BOP_BullOpen + BOP_BullClose + BOP_BullOC) / 1;
def BOP_BearReward = (BOP_BearOpen + BOP_BearClose + BOP_BearOC) / 1;
def BOP_BOP = BOP_BullReward - BOP_BearReward;
def BOP_SmoothBOP = ExpAverage(BOP_BOP, BOP_EMA_Length);
def BOP_xPrice = BOP_SmoothBOP;
def BOP_xEMA1 = ExpAverage(BOP_SmoothBOP, BOP_TEMA_Length);
def BOP_xEMA2 = ExpAverage(BOP_xEMA1, BOP_TEMA_Length);
def BOP_xEMA3 = ExpAverage(BOP_xEMA2, BOP_TEMA_Length);
def BOP_nRes = 3 * BOP_xEMA1 - 3 * BOP_xEMA2 + BOP_xEMA3;
def BOP_SmootherBOP = BOP_nRes;
def BOP_s1 = BOP_SmoothBOP;
def BOP_s2 = BOP_SmootherBOP;
def BOP_s3 = BOP_SmootherBOP[2];
def BOP_Direction = if BarNumber() == 1 then 0
else if BOP_s2 < BOP_s3 and BOP_s2[1] > BOP_s3[1] then -1
else if BOP_s2 > BOP_s3 and BOP_s2[1] < BOP_s3[1] then 1
else BOP_Direction[1];
### RSI IFT
def RSI_IFT_R = reference RSI(5, close) - 50;
def RSI_IFT_AvgRSI = MovingAverage(AverageType.Exponential,RSI_IFT_R,9);
def RSI_IFT_InverseRSI = (Power(Double.E, 2 * RSI_IFT_AvgRSI) - 1) / (Power(Double.E, 2 * RSI_IFT_AvgRSI) + 1);
def RSI_IFT_Direction = if BarNumber() == 0 then 0
else if (RSI_IFT_InverseRSI[1] > 0) and (RSI_IFT_InverseRSI < 0) then -1
else if (RSI_IFT_InverseRSI > 0) and (RSI_IFT_InverseRSI[1] < 0) then 1
else RSI_IFT_Direction[1];
### Fibonacci SuperTrend
input FST_Length = 11;
input FST_Retrace = 23.6;
input FST_UseHighLow = yes;
def FST_h = if FST_UseHighLow then high else close;
def FST_l = if FST_UseHighLow then low else close;
def FST_minL = Lowest(FST_l, FST_Length);
def FST_maxH = Highest(FST_h, FST_Length);
def FST_hh = if FST_h > FST_maxH[1] then FST_h else FST_hh[1];
def FST_ll = if FST_l < FST_minL[1] then FST_l else FST_ll[1];
def FST_trend = if FST_h > FST_maxH[1] then 1 else if FST_l < FST_minL[1] then -1 else FST_trend[1];
def FST_Direction = if BarNumber() == 0 then 0
else if FST_trend != 1 then -1
else if FST_trend == 1 then 1
else FST_Direction[1];
### Bar Color
input BarColor = { "None", default "RSM", "FibonacciSuperTrend" };
AssignPriceColor(
if BarColor == BarColor.FibonacciSuperTrend then
if FST_trend == 1 then Color.GREEN else Color.RED
else if BarColor == BarColor.RSM then
if RSM_Buy then Color.GREEN
else if RSM_Sell then Color.RED
else Color.DARK_GRAY
else Color.CURRENT
);
### Strategy
input BullBear = { "BalanceOfPower", "FibonacciSuperTrend", default "RSI_IFT" };
def BullBear_Buy = if BullBear == BullBear.BalanceOfPower then BOP_Direction == 1
else if BullBear == BullBear.FibonacciSuperTrend then FST_Direction == 1
else if BullBear == BullBear.RSI_IFT then RSI_IFT_Direction == 1
else no;
def BullBear_Sell = if BullBear == BullBear.BalanceOfPower then BOP_Direction == -1
else if BullBear == BullBear.FibonacciSuperTrend then FST_Direction == -1
else if BullBear == BullBear.RSI_IFT then RSI_IFT_Direction == -1
else no;
AddVerticalLine(BullBear_Buy and !BullBear_Buy[1], close, Color.GREEN, Curve.SHORT_DASH);
AddVerticalLine(BullBear_Sell and !BullBear_Sell[1], close, Color.RED, Curve.SHORT_DASH);
def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;
def Strategy_BuySignal = Strategy_Buy and !Strategy_Buy[1];
def Strategy_SellSignal = Strategy_Sell and !Strategy_Sell[1];
plot BuyArrow = if Strategy_BuySignal then 0 else Double.NaN;
BuyArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
BuyArrow.SetDefaultColor(Color.WHITE);
BuyArrow.HideTitle();
BuyArrow.HideBubble();
plot SellArrow = if Strategy_SellSignal then 0 else Double.NaN;
SellArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SellArrow.SetDefaultColor(Color.WHITE);
SellArrow.HideTitle();
SellArrow.HideBubble();
### Alerts
Alert(Strategy_BuySignal, "Long Entry", Alert.BAR, Sound.DING);
Alert(Strategy_SellSignal, "Short Entry", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses above MACDBB_CrossFromAboveVal, "MACDBB Crossed Up", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses below MACDBB_CrossFromBelowVal, "MACDBB Crossed Down", Alert.BAR, Sound.DING);
Alert(BB_UpperBand <= Keltner_Upper_Band and BB_LowerBand >= Keltner_Lower_Band, "Balanced BB Squeeze", Alert.BAR, Sound.DING);
Alert(IsNaN(STOCHSCALPER_vP[1]) and !IsNaN(STOCHSCALPER_vP), "Scalper Volume", Alert.BAR, Sound.DING);
Alert(IsNaN(STOCHSCALPER_squeeze[1]) and !IsNaN(STOCHSCALPER_squeeze), "Scalper Squeeze", Alert.BAR, Sound.DING);Awesome work @barbaros, just updated the main page and will update the instructions section as soon as I can to help better clarify how to use the improvements. Thank you for what you are doing my friend.
@Chuck it's a team work brother. Looking forward to comments from the community.
@barbaros I know lots of you guys/gals day trade. But I'm just getting started and only swing trade at the moment. Will this study work for that type of trading as well? I would like to thank everyone that helped take this idea and make it a great one! Just seen a post from a guy today that used it and made a few $$$ so that's great to see
This should work for swing trading as well, however, you may need to adjust some values.@barbaros I know lots of you guys/gals day trade. But I'm just getting started and only swing trade at the moment. Will this study work for that type of trading as well? I would like to thank everyone that helped take this idea and make it a great one! Just seen a post from a guy today that used it and made a few $$$ so that's great to see
@barbaros I know lots of you guys/gals day trade. But I'm just getting started and only swing trade at the moment. Will this study work for that type of trading as well? I would like to thank everyone that helped take this idea and make it a great one! Just seen a post from a guy today that used it and made a few $$$ so that's great to see
@svencool, here's an MNQ 15 min chart to illustrate a trade I took today.
Around 4am, all 3 strategies of the Balanced BB Breakout, as well as the Insync indicator were in agreement for a long entry. Clouds and ribbons are commented out (#) to maintain a clean chart. I wasn't up at 4am so I got in around 8:30am and out about 11am.
Here's the criteria I use for exits in order of priority:
1- Previous structure and/or fib targets. I took the trade because it had a good risk to reward ratio. Price hit my profit target so I exited. It isn't necessary to hit a home run on every trade to be profitable.
2- Candles turn gray (RSM Power X strategy). If I had left on a runner, I would have gotten out at the close of the first gray candle. Sometimes trend resumes after candles turn gray. But for me, and the instruments I trade, I've learned that more often than not, I regret staying in a trade after a candle closes gray. Typically the MACD_BB will confirm it's time to get out because it will be turning gray as well.
3- 21 EMA zone. (This is for futures on short time frames. I adjust it for stocks.) If price had closed below the pink dotted line (the low of the 21 EMA), that is a non-negotiable exit for me. As soon as price touches or dips into the 21 EMA zone, I tighten my stops to protect gains or minimize losses. I want a bull trend to be well above the 21 EMA zone and a short trend well below it. The closer price gets to the 21 EMA zone, the tighter I make my stops.
Well, that's how I did it today. Others will have different methods.
Best wishes and happy trading!
@barbaros @Trader Raider Thanks for your inputs. I really appreciate TT going into detail about the trade he took it does help to see how other people use it.
Mike
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Thats a pretty clean representation. I think I am going to add more inputs into the latest beta to start hiding clouds and things so you don't have to comment out code.
HuskeyTN
Member
Absolutely does help!
@svencool, you can try looking at higher timeframes for swings. Here's CONN on a daily chart with the same setup that I posted above. I didn't take this trade, but the Balance of Power strategy gave a heads up on 3/26 to start looking for a long. You could have gotten in on 3/30 when the other 2 strategies and Insync confirmed a long, as well as price rising above the 21 EMA zone. If I were in this trade, I would exit at a $5-6 gain per share when price hit the red mobius trend pivot zone. I NEVER hold long at a short pivot zone.
Thank you I'm going to look for that Insync indicator and trying to replicate and find a setup like this... Thanks for taking the time to help!!!! It's much appreciated. I wish I knew how to repay you guys/gals!!!
Mike
Mike, I use the version posted by @MerryDay in post #1 of this thread
https://usethinkscript.com/threads/insync-index-indicator-for-thinkorswim.5992/
Love the way you put all three strategies up on your screen. A better approach would be to have a label that showed when all the strategies agree.
@barbaros, I'm not a coder, so that would be much appreciated. THANK YOU! My brain doesn't process clouds and ribbons very well. I have to make it simple to tell when at least 2 strategies, and preferably all 3, are in alignment.
Thanks again to everyone smart enough to do the coding on this thread.
Found it thank you. Got it imported and am looking at a few stocks right now.... Might post a chart.
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