blackFLAG FTS - SwingArm Trend Indicator using ATRTrailing Stop and Fibonacci Retracements

[tradegeek]

@horserider Don Kaufman, who previously worked at Thinkorswim (TD Ameritrade) as Director of Trader Group, pretty much said the same thing regarding Thinkscript being "open-source". He said there is no proprietary study built with the TOS platform and he encourage people to share everything.

Source:

@technicallydreaming I think he mentioned that he isn't releasing the "platinum" version until he find a way to secure the script from being shared which is impossible unless it's actually licensed by TOS.

 

[Playstation]

Seriously? WTF is wrong with you?

Everything about me is wrong. What about you? Have you helped in the community or this system in any way to make your judgement valid?

 

[Playstation]

@tradegeek Actually, there's 1 way that someone did it. Introduce a time factor into the script, like a countdown. Say for e.g. 7 days limit, the indicator will not plot anything on the chart. The script itself is confusing as hell, nearly impossible to decrypt. This is how R*********e does it for his trial indicators. I don't encourage people buying indicators from him, but he sure as hell is a talented thinkscripter. Kudos to him.

 

[horserider]

Playstation said: please just STFU

Maybe examine your own behavior first. This is not an appropriate comment for a forum wishing to explore different ideas concerning indicators.

I do not know anyone's ages in here but generally in society today I have noticed the younger generations have no tolerance for anything that does not agree with their ideas. It results in attacks to silence the disagreeing person. If it is a factual argument that is incorrect why not show where and why it is incorrect. If it is opinion offer your alternative opinion without attacking. People preach tolerance yet show none.

 

[stockula]

Hi Folks. I am new here. I'm a fairly inexperienced trader, I have about one year under my belt. I have jostled and juggled with quite a few account blow ups, on cfds and options trading.

I will say this, since understanding just the basics of the SwingArm indicator, I am starting to trade with much higher confidence and win probability. It is a type of indicator that matches any kind of trading style because it gives you a 'price region' as opposed to an exact condition. I find that, for my style of indecisive trading, SwingArm filters out much of the noise. For me, the idea is simple - Line up a bunch of time frames i.e. Daily, Hourly, 15min, 5min..... and trade on the smaller time frames towards the support/resistance of the higher time frames ... if that makes sense.

I would like to thank the maker of Swing Arm for such a great favor, and to the owner of this forum @BenTen for making all this a possibility. Guys.... I can eventually start to pay my bills with this. I don't know what else to say. It is truly an intelligent and live indicator.

I would like to add, that including the 'opening range breakout' indicator on a 5min time frame, and using it in conjuction with SwingArm can lead to some high probability trades. I have added a pic below for scrutiny. While I have identified price targets on the chart, my nerves did not allow me to hold all the way to price target 3. I have taken a contract quite close to the money and made 35% on it quickly. I hope that, with experience, I will learn to size correctly and leave runners. These trades have required that I hold from 35-50% drawdowns on premiums, which I find to be quite usual when trading options. It is best not to look at PnL, rather, identify a stop loss on the chart (i.e. an obvious support break below the swingarm, or key price level etc.)

PS....I have my SwingArm settings changed to "Hull" instead of Wilders. I am already familiar with the HullMA and I prefer it.

 

[BenTen]

@stockula Good work! I'm glad you were able to incorporate ORB (opening range breakout) into the setup. Keep it up

 

[profitmaya]

@stockula Hi, I'm also fairly new to using SwingArm and today I tried to do the trading using this indicator but I felt a couple of times, the indicator is giving lot of false buy signals. MACD shows red but swingArm shows green. I tried using it on a bunch of tickers and most of them failed to give me correct entry and exit signals. I would appreciate if you can tell me about how to get 'opening range breakout' indicator, your chart looks very beautiful. Don't know why I'm not able to insert the pictures as I get a message saying to contact administrator

Please see my pics of SwingArm Trading.

 

[stockula]

Hi @profitmaya,

I need a clean and clear chart in order to take a daytrade. Day trading is a quite risky as it is, and if I have to hold and stare at a chart for a few hours, it needs to have clarity.

Since I am completely unfamiliar with all the other goodies that SwingArm comes with, I only use the actual SwingArm, the ATR Trail dots, and the Opening Range Break indicator. I'm sorry, im not in an experienced position to tell you what you are doing wrong, but I suspect that you are looking for too many things, instead of just focusing on the actual price action relative to the levels. I don't think any indicator will trade for you, but they can definitely guide you towards a high probability entry. Any entry can fail, at any time, that is how this game is played.

In this example, BYND, from today, I watched it pop out at open, then sell off right back into Swing Arm. Once the Opening Range Indicator began printing (it prints at 10am based on default setting)

Once the ORB RED LINE formed, I watched as the price held that line as support and SwingArm zone3. Once it reclaimed that line, I entered on the first candle that closed above the red line.

I think you can get the Opening range breakout indicator on this forum, just do a quick search for it.

@profitmaya Maybe try and play the SwingArm pullbacks as opposed to the breakouts. You gotta be patient with price action. SwingArm does not control stock prices. You really gotta be patient and that is the hardest part. After you've achieved entry conditions, all you can do is enter the trade and set a mental or hard stop. From what I've observed with SwingArm, pullback entries (especially on bigger time frames) will work more times than they will fail, thus if you commit to the setup you should start to see overall success in your entries.

The basics of trading also apply, in conjunction to SwingArm. Trendlines, bull flags, daily support resistance levels etc.

I cannot tell you much about selling or shorting, as most of my plays are long plays. I dunno why, but almost everything seems to react better in bullish conditions. Maybe because the market is on an all time bull run. Just my two cents.

@BenTen ORB is a legend. I don't leave home without it

 

[DDW]

@stockula I like that idea of incorporating the ORB. One thing you can test in regards to a stop is to use the nearest fractal. More often than not, if price breaks above or below that fractal then it will continue in that direction. Add to your chart and see if it helps!

Bill Williams Fractal: https://tos.mx/lLY3GpN

 

[tradegeek]

@tradegeek Actually, there's 1 way that someone did it. Introduce a time factor into the script, like a countdown. Say for e.g. 7 days limit, the indicator will not plot anything on the chart. The script itself is confusing as hell, nearly impossible to decrypt. This is how R*********e does it for his trial indicators. I don't encourage people buying indicators from him, but he sure as hell is a talented thinkscripter. Kudos to him.

@Playstation

As long as it's unencrypted, it can be "decrypt". I'm not a coder by any means but I'm a good problem solver when I put my thinking cap on. I've come across a few of the indicators by different that uses similar strategy to disable the script from working after a certain date. They try to manually "encrypt" the script by using random letters and numbers when defining variables to confuse you and then reference those variables with another layer of variables. For the trial period, they pretty much come up with different ways to come up with numbers that represent the date.

For example, the date, 20200803 (08/03/2020), is broken down to 20000000 + 200000 + 803. To get 20000000 they'll do something like use define a variable with Power (10,7) * 2. They'll do the same with the remaining parts of the date by defining other variables directly or indirectly referencing variables previously defined.

Basically, in order for something to plot, the condition for the trial has to be met. Just look for the condition and usually it you can take that condition out or change the date to the trial. I'm not a coder and I can figure it out. That means this stuff would be a piece of cake for coders with some experience.

 

[stockula]

@DDW Thank you, I'll check it out. Been meaning to learn about fractals.

@Pensar Hi, may I ask, did you write a code that includes a momentum keltner channel ?

 

[Pensar]

@stockula Yes, I assembled one based on the source code of the FW_MOBO. You can find it here.

 

[stockula]

@Pensar You have paid some of my bills Pensar. I've been looking to thank the author of that code ever since I got it. When it flashes a daily arrow, I wait for a pullback to swingarm and enter (my go to setup on the chart is a combo of your script, swingarm and the opening range break) and more often than not its a profitable play. In fact, I am saying this to everyone in all honesty, if you're stuck at trading, then add those indicators on a chart, and go find a nice big cap tech stock to trade (NVDA NFLX ETC) Super simple easy strat.

I'm glad I found you. I'm able to thank you for your tremendous work. Thank you!! May the Force be with you!

 

[Pensar]

@stockula You're very welcome! And Thank You for the compliments!

 

[Shahrom]

Hi @profitmaya,

I need a clean and clear chart in order to take a daytrade. Day trading is a quite risky as it is, and if I have to hold and stare at a chart for a few hours, it needs to have clarity.

Since I am completely unfamiliar with all the other goodies that SwingArm comes with, I only use the actual SwingArm, the ATR Trail dots, and the Opening Range Break indicator. I'm sorry, im not in an experienced position to tell you what you are doing wrong, but I suspect that you are looking for too many things, instead of just focusing on the actual price action relative to the levels. I don't think any indicator will trade for you, but they can definitely guide you towards a high probability entry. Any entry can fail, at any time, that is how this game is played.

In this example, BYND, from today, I watched it pop out at open, then sell off right back into Swing Arm. Once the Opening Range Indicator began printing (it prints at 10am based on default setting)

Once the ORB RED LINE formed, I watched as the price held that line as support and SwingArm zone3. Once it reclaimed that line, I entered on the first candle that closed above the red line.

I think you can get the Opening range breakout indicator on this forum, just do a quick search for it.

@profitmaya Maybe try and play the SwingArm pullbacks as opposed to the breakouts. You gotta be patient with price action. SwingArm does not control stock prices. You really gotta be patient and that is the hardest part. After you've achieved entry conditions, all you can do is enter the trade and set a mental or hard stop. From what I've observed with SwingArm, pullback entries (especially on bigger time frames) will work more times than they will fail, thus if you commit to the setup you should start to see overall success in your entries.

The basics of trading also apply, in conjunction to SwingArm. Trendlines, bull flags, daily support resistance levels etc.

I cannot tell you much about selling or shorting, as most of my plays are long plays. I dunno why, but almost everything seems to react better in bullish conditions. Maybe because the market is on an all time bull run. Just my two cents.

@BenTen ORB is a legend. I don't leave home without it

I am trying to see how your trade played out. I see the line as support for ORB but you said it also was in SwingArm zone3 but which time frame was it on ?

 

[stockula]

@Shahrom I posted a picture of the entry setup and targets. Just scroll above and you will see it, the clean blue chart. The entire play was on the 5min time frame. My SwingArm is set to 'Hull' instead of the default 'Wilders' which I mentioned above. I like the HullMA better, that is just a personal preference.

So everything is set to 5min. The yellow bubble on my chart above shows the entry candle. That was the first candle which CLOSED above the red ORB support. I'm not an expert on anything, but I prefer to wait for a candle to close before trusting any setup. Less chance of fakeouts that way IMO.

Although price action pretty much hit a home run into aftermarket, me personally I exit at Price Target 2 on the chart. Yeah, i'm still a noob LOL, working my way up to buying and holding runners eventually...

*Folks I need to mention, I am not an expert or highly profitable trader. I have just begun to get my grasp on trading by myself. This setup works for me, but like anything else, it works until it doesn't. In no way is this a low risk setup, because if that bottom breaks while you're LONG, the speed of the downward move will likely destroy your expensive premiums, since you have to play close to the money for day trades to payout nowadays. By placing hard stops at undetermined areas, you risk the chance of stopping out small, but missing a huge move. As any options trader knows, there are big risks to trading options, and big payouts. I believe this setup would be far less riskier on /MES, but I have only ever traded /MES on paper.

 

[stockula]

Here's some food for thought in regards to SwingArm, and why I love it so much.

On April 13, the Sept 18 2500C was around $2500 if I am not mistaken. So, $25 per contract. This exact contract is now worth $630 per option.....meaning each $2500 contract is now worth $63,000. That is a 2500% increase in premiums. Congratulations, you can now buy a house with a boat, somewhere far away.

SwingArm Tracked the entire move, from open until now. That is truly fancy. Sorry unable to post a pic.

The contract was SEP 18 2500C. The entry was april 13th this year.

 

[Billions]

Here's some food for thought in regards to SwingArm, and why I love it so much.

On April 13, the Sept 18 2500C was around $2500 if I am not mistaken. So, $25 per contract. This exact contract is now worth $630 per option.....meaning each $2500 contract is now worth $63,000. That is a 2500% increase in premiums. Congratulations, you can now buy a house with a boat, somewhere far away.

SwingArm Tracked the entire move, from open until now. That is truly fancy. Sorry unable to post a pic.

The contract was SEP 18 2500C. The entry was april 13th this year.

Can you share the most current ORB Opening Range Breakout indicator you have. Thank you

 

[stockula]

@profitmaya @Billions @Shahrom

Here is my chart link with my basic study set.

https://tos.mx/rNyyVbb

 

[UncleTerry]

Hello, Is there any way to make this older version of the code into a scan on TOS for the 5min or daily time frame? So far what I came up with was to delete the "plots" and change them to "Def" and run a plot scan at the buttom for example;

"Def x = if open crosses below L4 or L5 or L6 the close else double.nan;
Plost scan = x;" - But that doesnt work. Im pretty stumpped on this one. Any advice on this is appreciated.