B4 Balanced BB Breakout For ThinkOrSwim

[Homemadeitmyself]

Multiple time frame super trend lower study, Balance of power setting for vertical lines, and macd switching from green to red or red to green all on the 5min chart. If all these 3 lineup it has not failed me yet, insane.

https://imgur.com/a/5N5Uh4q

https://imgur.com/a/f5uUnxY

Caught 100 Points to the upside then another 100 to the downside, goodnight.

Any chance you could share the Super_MTF Study? This is exactly what I was looking for. It's much harder to gauge the state of things with MTF labels

 

[Homemadeitmyself]

@Trend Trader @BeEazy10

http://tos.mx/3wHG5jZ

Link to the indicator, let me know if it doesn't work.

Also in terms of the Multiple time frame super trend, whenever the stars have aligned with the BB Breakout, whatever color the 60min red or green I've noticed it shows a greater move in favor of the color itself. So for example in many cases expect larger shorts than longs when 60min is red and expect larger longs than shorts when the 60min is green.


Obviously this is not always the case but it might be a cool way to decide to get out early or hold on to a position you're in.

NM! Found this post!

 

[ALV]

@Homemadeitmyself ; welcome to usethinkscript. This is a great community with excellent coders and experienced traders. The indicator you highlighted above include the names of the persons that helped to develop it, see the CREDITS section of the code. It is a good indicator.

 

[Homemadeitmyself]

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

Hi there! I found the link to RSM labels. What are the labels that show Trend, Choppy or Bullish etc? Could you share those? Thanks so much in advance!

 

[Homemadeitmyself]

@Homemadeitmyself ; welcome to usethinkscript. This is a great community with excellent coders and experienced traders. The indicator you highlighted above include the names of the persons that helped to develop it, see the CREDITS section of the code. It is a good indicator.

yeah I saw it after I posted. Glad I didn't post without giving credit!

 

[Homemadeitmyself]

I typically just scan on a daily if I am going to be alerted with emails or texts as it upfates,
only to not be bugged with notifications every time the watchlist updates.

I use a top down approach to evaluate market conditions. Meaning I like timeframe continuity in my favor.

I want it to be trending in the same direction on the monthly, weekly, daily, 4h, 1h. If on all those timeframes are in agreement I like to look for my trading edge on the lower timeframe I am going to be trading on. Let’s say I use a 3 min chart to enter a position. Now if Idon’t have an alert on, I use higher timeframes to set my watchlist too. It’s nice to have it show up in the watchlist and have the option to trade.
Daytraders, interday traders and scalpers tend to look at different timeframes.

Chuck, do you usually set the scan on the daily to run within "one bar"? It works perfectly for me and I wonder if should set it within a the last couple of days since it will probably be running for a few days anyway?

Again, thank you for all of this. This is amazing!!!!

 

[svencool]

ADX ADD-ON
Hey Chuck, I put the ADX script in with the code and I can see it plotted on the Indicator. You had yours set to 35, How are you using this? For an exit strategy? Just trying to learn thanks again for all your guys hard work....

ADX ADD-ON PICTURE

 

[Chuck]

ADX ADD-ON
Hey Chuck, I put the ADX script in with the code and I can see it plotted on the Indicator. You had yours set to 35, How are you using this? For an exit strategy? Just trying to learn thanks again for all your guys hard work....

ADX ADD-ON PICTURE

My main reason for building It was to help identify good exit points.

 

[VictusJogi]

@VictusJogi @nitrous
Nitrous Posted This -
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.

If you find some time I would like to see an example as well. Thx..

@barbaros @Chuck @nitrous @svencool... This is what i was talking about... Look at "A,B,C,D" I wont call this a "FALSE SIGNAL" (price did move up 5 points) rather "OUT OF STEAM" signal..

 

[Chuck]

@barbaros @Chuck @nitrous @svencool... This is what i was talking about... Look at "A,B,C,D" I wont call this a "FALSE SIGNAL" (price did move up 5 points) rather "OUT OF STEAM" signal..

Please outline your observations of what you understand at each point A, B, C and D . Once you do that , I think I can help you.

 

[optionsRS]

I typically just scan on a daily if I am going to be alerted with emails or texts as it upfates,
only to not be bugged with notifications every time the watchlist updates.

I use a top down approach to evaluate market conditions. Meaning I like timeframe continuity in my favor.

I want it to be trending in the same direction on the monthly, weekly, daily, 4h, 1h. If on all those timeframes are in agreement I like to look for my trading edge on the lower timeframe I am going to be trading on. Let’s say I use a 3 min chart to enter a position. Now if Idon’t have an alert on, I use higher timeframes to set my watchlist too. It’s nice to have it show up in the watchlist and have the option to trade.
Daytraders, interday traders and scalpers tend to look at different timeframes.

Hi Chuck, do you mind to post screenshots? I did the other way (5 min to monthly), but your approach is good and makes more sense.

Currently, with my scanner settings, I see LOW is one the ticker with daily uptrend. I checked weekly and monthly and they're in uptrend.

When I check the 4h,1hr i don't see any arrow all i see is the green zone. is that what you're seeing?

 

[VictusJogi]

Please outline your observations of what you understand at each point A, B, C and D . Once you do that , I think I can help you.

Point "A" a buy signal was given, however if you look at MACD BB, there is a Gap between Zero line and BB line and its sloping down which I guess is negative divergence, Plus I have TMO 5 and 30 mins on the lower chart, at point A (Buy signal) and point C (TMO 5 Mins turned Red and Wave Osc gave a sell signal). Point B..a lot of candles grey and green before buy arrow (point A) appeared..

 

[Joseph Patrick 18]

I will share one example once I get home

Hi @VictusJogi I never got a chance to poperly thank you for you helping me out on the other forum. Thanks it was kind of you to take the time out to help me understand.

 

[svencool]

@barbaros @Chuck @nitrous @svencool... This is what i was talking about... Look at "A,B,C,D" I wont call this a "FALSE SIGNAL" (price did move up 5 points) rather "OUT OF STEAM" signal..

Thanks I believe I see what your saying now!

 

[graci117]

Multiple time frame super trend lower study, Balance of power setting for vertical lines, and macd switching from green to red or red to green all on the 5min chart. If all these 3 lineup it has not failed me yet, insane.

https://imgur.com/a/5N5Uh4q

https://imgur.com/a/f5uUnxY

Caught 100 Points to the upside then another 100 to the downside, goodnight.

Thanks to everyone for continuous updates to the indicator. I loaded the indicator and it looks awesome.

@Ghostwar19 - Do you mind sharing your study set - upper and lower?

 

[weip2k]

@Chuck @barbaros hey guys, as we all know, MACD defaults are 12/26/9 - the defaults here are 12/26/25 is there a reason behind this? also, noticed that even if i changed "25" to any other lower or higher number, it seemingly has no effect, can you guys look into that?

Sorry, just wanted to bump this before it gets lost - anyone else, feel free to chime in if you use different values from default, thankyou.

 

[barbaros]

Sorry, just wanted to bump this before it gets lost - anyone else, feel free to chime in if you use different values from default, thankyou.

This variable relates to MACD's Bollinger Bands. It is passed to to MACD but inside of MACD, it is used for calculating the average of the “value”. However, we are only using the value coming out of MACD for Bollinger Bands, so it doesn't matter what you set this to. I will remove it from the next beta.

 

[weip2k]

This variable relates to MACD's Bollinger Bands. It is passed to to MACD but inside of MACD, it is used for calculating the average of the “value”. However, we are only using the value coming out of MACD for Bollinger Bands, so it doesn't matter what you set this to. I will remove it from the next beta.

ah..gotcha. but the first 2 macd values work as intended to incase anyone was wondering as I mostly daytrade/scalp - i tend to use lower value for better reaction. thank you.

 

[Joseph Patrick 18]

My main reason for building It was to help identify good exit points.

Just wanted to say congrats chuck and barbaros for building an excellent indicator! 32 pages and 600+ posts!!! I'd say thats pretty successful Congrats and thanks!

 

[Chuck]

https://imgur.com/a/PSOrZHu

Working on new Beta w/ improvements, Add-Ons , And putting together a Grid and Strategy!