Repaints B4 Balanced BB Breakout For ThinkOrSwim

[barbaros]

Thanks for sharing this. It shows what I referred to upthread. The short signals are above the zero line. You would have gotten caught in chop if you'd traded that. The long signal preceding it is also on the "wrong" side of the zero line, but it would have been a successful trade in the direction of the ES higher timeframe bullish trend. When signals appear on the "wrong" side of the zero line, it's really important to check the higher timeframe trend.

I have seen many successful trades even when the MACD is on the wrong side. But, you are correct, always confirm before entering and not with emotion.

 

[Trader Raider]

Maybe there is a way to block these alerts (short alert above the line and long alert below the line).. maybe @Chuck @barbaros can take a look at it..
Higher time frame does help a lot.. if you check the post by ghostwar19... he did share something that can keep you out of wrong trades..

I appreciate your response and have nothing against @Ghostwar19's strategy. Personally, I want more timeframes than the MTF SuperTrend displays. While testing this BB Balance Breakout indicator, I've been trading micros to minimize risk. Below is a screenshot of the top of my grid. See how the RSM labels show me in a glance that the ES and YM are my safest bets to trade longs in alignment with the higher timeframe? If a short signal pops on either one, it could be a trend reversal but is more likely to be a pullback that risks my getting stopped out. The RSM labels let me see very quickly which instrument is my best bet for the day, whether to look for longs or shorts, and warns me if I should be looking at fast scalps instead of longer plays.

But that's just me. Others do it differently. That's what makes the MACD_BB so awesome. It pairs well with so many things!

https://imgur.com/a/AvweND3

 

[barbaros]

There are a lot of request for MTF. We can easily turn this into MTF but, there are labels to consider besides the buy/sell direction and arrows. If the purpose is to just have RSM labels for different timeframes, it is out of scope of this indicator. You can combine this indicator with anything you see fit. However, if the purpose is to have a true MTF of this indicator, we need to have consensus on what it will show in MTF. Labels only? What should labels show?

My gut feeling says to keep it as-is and have multi chart setup on ToS to see MTF. This is what I currently do. Higher time frames have this indicator and a few more.

 

[Trader Raider]

If the purpose is to just have RSM labels for different timeframes, it is out of scope of this indicator.

Wasn't trying to imply that. My point was RSM labels already show MTF data so from my perspective, MTF isn't necessary for this indicator. But if others want it, have at it I'm quite satisfied as is.

Happy Weekend

 

[VictusJogi]

There are a lot of request for MTF. We can easily turn this into MTF but, there are labels to consider besides the buy/sell direction and arrows. If the purpose is to just have RSM labels for different timeframes, it is out of scope of this indicator. You can combine this indicator with anything you see fit. However, if the purpose is to have a true MTF of this indicator, we need to have consensus on what it will show in MTF. Labels only? What should labels show?

My gut feeling says to keep it as-is and have multi chart setup on ToS to see MTF. This is what I currently do. Higher time frames have this indicator and a few more.

For labels we have rsm, I guess that would do the job.. I guess putting this indicator as MTF would be a pain in the neck.. I use it with a five and 30 min chart.. it works for me..

 

[jake438899]

@Chuck Hey I'm a new trader, Do you have a YouTube video showing how you utilize this indicator? It be really cool to see how you analyze it.

 

[Kordon]

I'm not too experienced in scripting with thinkscript, but would it be possible to have an MTF script with property variables that let people choose what they want to show up in their label?

For example I want to check for balance of power and macd bb changing color, so the script would have checkBOP = true and checkMACDBB = true, and check nothing else. If I wanted to check for FST only: checkBOP = false, checkMACDBB = false, checkFST = true

If that's possible I think it's the best way to setup an adjacent MTF script.

 

[barbaros]

I'm not too experienced in scripting with thinkscript, but would it be possible to have an MTF script with property variables that let people choose what they want to show up in their label?

For example I want to check for balance of power and macd bb changing color, so the script would have checkBOP = true and checkMACDBB = true, and check nothing else. If I wanted to check for FST only: checkBOP = false, checkMACDBB = false, checkFST = true

If that's possible I think it's the best way to setup an adjacent MTF script.

It is possible, but like @Trader Raider pointed out, it will take some time. So, I want to make sure it will be useful at the end. If you can prove with backtesting that this is useful, we can put it on the roadmap. Like the last few posts mentioned, I'm quite happy with multi chart approach.

So, I'll give a little more info. @Chuck came up with another great idea to give you warnings to prepare for a trade or potential exit areas. I'm going to look into integrating this addition over the weekend. We'll need to backtest to make sure it is a beneficial addition, but exiting to say the least. New beta is probably inbound soon.

 

[nitrous]

I like the RSM labels. They make it quick and easy to see higher timeframe trends.

https://imgur.com/a/vPoAu0z

There're here if you want to check them out.

One thing I saw with RSM was that sometimes some labels are grey, and others green.

What does grey mean?

 

[VictusJogi]

One thing I saw with RSM was that sometimes some labels are grey, and others green.

What does grey mean?

Grey is neutral.. just like in bb indicator

 

[nitrous]

Thanks for sharing this. It shows what I referred to upthread. The short signals are above the zero line. You would have gotten caught in chop if you'd traded that. The long signal preceding it is also on the "wrong" side of the zero line, but it would have been a successful trade in the direction of the ES higher timeframe bullish trend. When signals appear on the "wrong" side of the zero line, it's really important to check the higher timeframe trend.

Can you explain more, by "wrong" side of the zero line.

Trying to understand that and see if we can weed it out false signals.

 

[nitrous]

Grey is neutral.. just like in bb indicator

So point is, you make sure all labels are green for "long positions" or red for "short".
Is that correct.

What MTF RSM labels do you use, say for scalping/daytrading.

 

[Chuck]

@Chuck Hey I'm a new trader, Do you have a YouTube video showing how you utilize this indicator? It be really cool to see how you analyze it.

I was actually planning on doing a video here in the next week or so. I will keep you updated!

 

[jake438899]

I was actually planning on doing a video here in the next week or so. I will keep you updated!

Amazing, can't wait!

 

[VictusJogi]

Can you explain more, by "wrong" side of the zero line.

Trying to understand that and see if we can weed it out false signals.

I will share one example once I get home

 

[optionsRS]

Using this indicator with other strategy, I haven’t entered a wrong trade.. I’m not an experienced trader and I don’t get a lot of screen time (due to my job) but this has helped me reading the price action in a better way. I can’t really thank you guys enough.

Do you mind to explain what's the other strategy?

 

[optionsRS]

Edit: First entry line didn't align correctly with the arrow in the screenshot annotations, not intentional. I took the entry at the session open.

Up arrow is based on all 3 strategies or RSI_IFT? thank you

 

[Trend Trader]

May I please get the Balance of Power lower study code or tos link please.

 

[rad14733]

@BeEazy10 BalanceOfMarketPower is a standard Thinkorswim indicator, meaning you have it already...

Otherwise, there is BalanceOfPower code listed in the overall script here... Not sure if it is the same code as BalanceOfMarketPower or not but it's in the code...

 

[nitrous]

Is it possible that with the scanner/watchlist, it alerts us, when the arrow appears, either buy or sell?