Repaints Chewie's Super Trend, Hull Average, Donchian Trend Ribbon Trading System for ThinkorSwim

[Ethan Strong]

I just finish the test for 2/3/4 Min at HMA 60. So the 55 is better than 60. but not to much .

Any recommendations for a Daily Chart?

 

[chewie76]

This is amazing work! Thank you for sharing this! Do you have any long term daily settings recommendations?

I would keep settings as is.

 

[lolreconlol]

@chewie76 do you use any additional indicators for confirmation or is this your whole system? Looking forward to another good day tomorrow

 

[chewie76]

@chewie76 do you use any additional indicators for confirmation or is this your whole system? Looking forward to another good day tomorrow

Nope, that's all I need.

 

[Robster021]

Hi @chewie76, is there a way to remove the EMA Cloud (I think thats what it is)? I have my own i use and having both makes my eyes squint lol.

 

[fungus12]

Hey I had a couple more questions. Firstly, in my backtesting it seems like the magenta line acts as resistance a lot, so I was testing just entering at a close above the magenta line and it seemed to work out better most of the time. Sometimes you miss better entries like just entering at the entry line but you seem to get stopped out less. Just curious about your thoughts on that.

And my second question is about how you take profit. Do you have a certain method in your head for yourself like "if it hits x target, cut half" or something like that? Or do you generally tend to ride it out until your stop loss gets hit? Just curious because I'm new to scalping and one of the most important parts I'm understanding is risk management. Any thoughts you have would be really helpful.

 

[Ethan Strong]

Hey I had a couple more questions. Firstly, in my backtesting it seems like the magenta line acts as resistance a lot, so I was testing just entering at a close above the magenta line and it seemed to work out better most of the time. Sometimes you miss better entries like just entering at the entry line but you seem to get stopped out less. Just curious about your thoughts on that.

And my second question is about how you take profit. Do you have a certain method in your head for yourself like "if it hits x target, cut half" or something like that? Or do you generally tend to ride it out until your stop loss gets hit? Just curious because I'm new to scalping and one of the most important parts I'm understanding is risk management. Any thoughts you have would be really helpful.

If you read through the very first post with all the screenshots, he answers most of your questions.

 

[chewie76]

Hi @chewie76, is there a way to remove the EMA Cloud (I think thats what it is)? I have my own i use and having both makes my eyes squint lol.

You can go into the code and put a # in front of the addcloud line.

 

[chewie76]

Hey I had a couple more questions. Firstly, in my backtesting it seems like the magenta line acts as resistance a lot, so I was testing just entering at a close above the magenta line and it seemed to work out better most of the time. Sometimes you miss better entries like just entering at the entry line but you seem to get stopped out less. Just curious about your thoughts on that.

And my second question is about how you take profit. Do you have a certain method in your head for yourself like "if it hits x target, cut half" or something like that? Or do you generally tend to ride it out until your stop loss gets hit? Just curious because I'm new to scalping and one of the most important parts I'm understanding is risk management. Any thoughts you have would be really helpful.

I've noticed sometimes it takes two attempts to get past the entry line. So, you could wait for it to cross, retrace and enter at the second push through the entry line. As for when to exit, if price crosses the Hull avg or ST, it's typically good to exit the trade.

 

[lolreconlol]

In and out on SPY calls this morning to hit my daily goal.. logging off! Have a great weekend everyone.. thanks @chewie76! It's funny.. when I just focus on your system and nothing else, I tend to make $$$

 

[ryanv]

Thanks for developing this trading system @chewie76 . Couple of questions for anyone who's used this successfully :-
1. Wondering if the default settings (i.e. Hull Length, Atr Mult etc) would be the same across all tickers? (ES, NQ, individual stocks etc)
2. Do you turn on extended trading hours for stocks when using these indicators?
Thanks

 

[chewie76]

Thanks for developing this trading system @chewie76 . Couple of questions for anyone who's used this successfully :-
1. Wondering if the default settings (i.e. Hull Length, Atr Mult etc) would be the same across all tickers? (ES, NQ, individual stocks etc)
2. Do you turn on extended trading hours for stocks when using these indicators?
Thanks

Time is also a variable. I think it is the same across all, but feel free to make adjustments. I use extended trading hours on. But test it for yourself.

 

[ApeX Predator]

Thanks for developing this trading system @chewie76 . Couple of questions for anyone who's used this successfully :-
1. Wondering if the default settings (i.e. Hull Length, Atr Mult etc) would be the same across all tickers? (ES, NQ, individual stocks etc)
2. Do you turn on extended trading hours for stocks when using these indicators?
Thanks

For Short term trades and Daytrading, Extended on, while using 5,10,15m charts. for swing type, you could turn off extended, but the smallest frame used has to be 30m, and could use as high as 4H and 1D.

-S

 

[Mbaker333]

If using this with options, would you be looking for actionable signals on the underlying or options chart? or both?

 

[lolreconlol]

If using this with options, would you be looking for actionable signals on the underlying or options chart? or both?

I look for actionable signals on the SPY 4 minute chart, and buy calls/puts, whichever way it's going..

 

[jezzer46]

Chewie76...awesome job. This captures momentum moves so well. Waiting for the break of the magenta or yellow line has been working really well. Traded futures with this, specifically nq.

 

[bcnhill]

If anyone wants it. Here is the code for the SuperTrend which was converted to match the video exactly

#JT_SuperTrend v1.0 (Replica From TradingView)

Declare Upper;

##################################################################
#                          Hull Suite                            #
##################################################################
def length = 60;

def HMA = wma(2 * wma(close, (length*3) / 2) - wma(close, (length*3)), round(sqrt((length*3))));

def HULL = HMA;
def MHULL = HULL[0];
def SHULL = HULL[2];

plot HMA1 = MHULL;
HMA1.AssignValueColor(if HULL > HULL[2] then COLOR.GREEN else COLOR.RED);
HMA1.SetLineWeight(1);

plot HMA2 = SHULL;
HMA2.AssignValueColor(if HULL > HULL[2] then COLOR.GREEN else COLOR.RED);
HMA2.SetLineWeight(1);

AddCloud (HMA1, HMA2);

##################################################################
#                         SuperTrend                             #
##################################################################
def AtrMult = 5;
def nATR = 50;
input AvgType = AverageType.HULL;

def ATR = ATR("length" = nATR, "average type" = AvgType);
def UP_Band_Basic = HL2 + (AtrMult * ATR);
def LW_Band_Basic = HL2 + (-AtrMult * ATR);
def UP_Band = if ((UP_Band_Basic < UP_Band[1]) or (close[1] > UP_Band[1])) then UP_Band_Basic else UP_Band[1];
def LW_Band = if ((LW_Band_Basic > LW_Band[1]) or (close[1] < LW_Band[1])) then LW_Band_Basic else LW_Band[1];

def ST = if ((ST[1] == UP_Band[1]) and (close < UP_Band)) then UP_Band
else if ((ST[1] == UP_Band[1]) and (close > Up_Band)) then LW_Band
else if ((ST[1] == LW_Band[1]) and (close > LW_Band)) then LW_Band
else if ((ST[1] == LW_Band) and (close < LW_Band)) then UP_Band
else LW_Band;

plot Long = if close > ST then ST else Double.NaN;
Long.AssignValueColor(Color.GREEN);
Long.SetLineWeight(2);

plot Short = if close < ST then ST else Double.NaN;
Short.AssignValueColor(Color.RED);
Short.SetLineWeight(3);

def LongTrigger = isNaN(Long[1]) and !isNaN(Long);
def ShortTrigger = isNaN(Short[1]) and !isNaN(Short);

plot LongDot = if LongTrigger then ST else Double.NaN;
LongDot.SetPaintingStrategy(PaintingStrategy.POINTS);
LongDot.AssignValueColor(Color.GREEN);
LongDot.SetLineWeight(4);

plot ShortDot = if ShortTrigger then ST else Double.NaN;
ShortDot.SetPaintingStrategy(PaintingStrategy.POINTS);
ShortDot.AssignValueColor(Color.RED);
ShortDot.SetLineWeight(4);

##################################################################
#                             Cloud                              #
##################################################################
AddCloud(if close > long then long else double.nan, close, color.light_green, color.light_green);
AddCloud(if close< short then short else double.nan, close, color.pink, color.pink);

I like this study quite a great deal - it seems very simple and clean on the chart. Anyone with better coding skills that I have game to convert to a study? Thanks in advance if so.

 

[tenacity11]

Just want to add my 2 cents and a huge shout out to Chewie for an awesome strategy. the 4m with 55 and 2.43 work great with SSO which is what I trade.

 

[DGreenleaf17]

So, first time posting, so hope I'm doing it correctly. I was looking for a way to try and make it the highest percentage possible for a successful trade and I've been dealing with market internals lately anyways. So, I added $VOLD and $ADD to the left, when those & whichever stock your trading have an identical Donchian Reading.... the trades really, really have some strength and it seems to work very well alongside Chewie's already incredible system.

 

[DGreenleaf17]

Okay did some tweaks to the 2 minute, Hull 55, ATR 2.25.

Added the RSIL Laguerre indicator for confirmation / being able to stay in the trades longer after 1-4x profit targets. Notice, $VOLD and $ADD donchian green, all 3 confirmations on Chewie's system, RSIL is sloping upwards then pins at the top, along with lower donchian being Cyan (major buying pressure) and the move skyrockets with 0 indication to get out or even stress about your trade. Obviously hindsight though.

Back tested it over 30 days and it seems to work wonders on /ES and /NQ.

Clearly a handpicked example, but it is incredible on just about every entry once all confirmations line up.

Thanks again @chewie76.