Confirmation Candles Indicator For ThinkorSwim

[HODL-Lay-HE-hoo!]

Screenshot Edit

the whole setup: http://tos.mx/3OxJpPS

regular chart tab: http://tos.mx/YvWYK12

active trader: http://tos.mx/GUpRaTt


Ok try this one.

should look like this on the regular chart

The Gex lower indicator did not finish loading before the screenshot was taken (computer is a new Thinkpad P1 just incase your wondering… but loads much quicker on the 6-9month)

I generally set the active trader chart to Daily 6 or 9 months if I am using the Gex lower study as it loads faster however the IV crush labels may not work unless you set it to 1 year or more.

and the active trader chart (the "Gex" lower study takes up some computing power so you may want to leave it off unless you want to see it.) I only look at this one the day before.

 

[graci117]

You are not just awesome, but more than awesome! Thanks a million!! I might have more questions. I will ask you when I load the charts again!!

 

[METAL]

Screenshot Edit

the whole setup: http://tos.mx/3OxJpPS

regular chart tab: http://tos.mx/YvWYK12

active trader: http://tos.mx/GUpRaTt


Ok try this one.

should look like this on the regular chart

and the active trader chart (the "Gex" lower study takes up some computing power so you may want to leave it off unless you want to see it.) I only look at this one the day before.

Thanks a lot for your time. FYI, The workspace isn't working but the charts are, so that is fine. Do you use the active trader chart for options? That is all I trade. Very interesting. I hope you are open to some questions. I really do not want to bother you so just let me know. Hope you have a Merry Christmas if you celebrate it!

 

[HODL-Lay-HE-hoo!]

Thanks a lot for your time. FYI, The workspace isn't working but the charts are, so that is fine. Do you use the active trader chart for options? That is all I trade. Very interesting. I hope you are open to some questions. I really do not want to bother you so just let me know. Hope you have a Merry Christmas if you celebrate it!

Go for it. No problem. I only trade options.

Do I use the active trader chart for options…

Yes however not very often as I am forced to trade from mobile these days for the most part… I need to make a habit of just marking the expected move on the chart I want to trade the next day (they are weekly moves only to be used on the daily chart) so the levels will show up on mobile.

The SD (standard deviation) labels tell you the expected move for the day or two days, three days, one week, two weeks etc. as some will choose their strike no more than one or two standard deviations out of the money.

That being said I do not necessarily trade based on those levels but they’re good to know and the EM (estimated move) labels tell you what percentage of the time does the underlying stay within the expected move and what percent does it go above or below the expected move etc.

The IV crush labels are obviously for earnings plays but I cannot say I use them much. The cumulative volume delta is new to me but looks very promising used in combination with the other various indicators.

The Gex lower is very interesting but have not been able to make good use of it but basically the solid lines with clouds are call and put volume (can be changed to open interest among other things) and the dashed lines are the average.

The white candles are from the “Blast off” study (there is a scan also - and a thread where the scan results are posted - “daily watchlist of stocks” is the thread I believe. The white candles signal there may be a big move coming the next day (or later) it does not indicate direction.

The green and red arrows are the triple exhaustion indicator… I need to explore the possibility or combining it with the blast-off indicator to hopefully paint the candles using triple exhaustion but still paint the blast off candles white.

 

[murtaza1234]

Screenshot Edit

the whole setup: http://tos.mx/3OxJpPS

regular chart tab: http://tos.mx/YvWYK12

active trader: http://tos.mx/GUpRaTt


Ok try this one.

should look like this on the regular chart

The Gex lower indicator did not finish loading before the screenshot was taken (computer is a new Thinkpad P1 just incase your wondering… but loads much quicker on the 6-9month)

I generally set the active trader chart to Daily 6 or 9 months if I am using the Gex lower study as it loads faster however the IV crush labels may not work unless you set it to 1 year or more.

and the active trader chart (the "Gex" lower study takes up some computing power so you may want to leave it off unless you want to see it.) I only look at this one the day before.

@HODL-Lay-HE-hoo! Man, this is great. I have the same charts but I must have messed up some settings.

Your indicators look much much cleaner. I have started to use this setup since Monday of this week and I have few questions (I am trying to add an image but its not letting me),

• In todays SPY trading (options) session on the 1min chart, would you take a trade when the first time triple exhaustion indicator/arrow showed or wait for all three (below) to occur and then enter the trade
  1. triple exhaustion indicator/arrow
  2. Candles crossed above PLD line
  3. Candles are green.
• Also, is it advised to use Enhanced Trend Reversal Indicator by BenTen with this setup?
• What are the grey dots (sometimes with arrows) for?
• Do you have any scanners based on this study or do you only trade big caps like Apple, Tesla, SPY etc.
• Is your preferred timeframe on the chart 1min or something else?

Again, thanks very much for creating this and helping out the community. I really appreciate it.

 

[HODL-Lay-HE-hoo!]

@HODL-Lay-HE-hoo! Man, this is great. I have the same charts but I must have messed up some settings.

Your indicators look much much cleaner. I have started to use this setup since Monday of this week and I have few questions (I am trying to add an image but its not letting me),

• In todays SPY trading (options) session on the 1min chart, would you take a trade when the first time triple exhaustion indicator/arrow showed or wait for all three (below) to occur and then enter the trade
  1. triple exhaustion indicator/arrow
  2. Candles crossed above PLD line
  3. Candles are green.
     
     - Considering I do not use rules based trading it would be on a case by case basis. If you look at my previous screenshots I explain what I look for although the setup and indications can vary.
     
     1. Verify hourly trend direction
     2. Watch for the following prior to open… (probably left some out but this will get you started on what to look for)
     • is price near yellow OB line?
     • is the yellow OB line used as support after previously used as resistance or vis versa (and the opposite for the light green OS line)
     • is price in the supply or demand zone?
     • is the yellow or light green line inside the supply or demand zone? (These are major levels usually so look for rejection or bounce off them)
     • did price make a strong move above or below the supply or demand zone with a long wick now heading the opposite direction?
     • is price wrapping up or down? (Very strong trend)
     • are Spark up or down arrow(s) present?
     • did triple exhaustion occur after heavy price action near open? (This is a situation I would consider buying based on a single triple exhaustion indication - the white dots are “regular” exhaustion and the grey arrows are “extreme” exhaustion but I don’t necessarily value one over the other)
     • is price in a strong trend and there have been 3 triple exhaustion indications? (Look for a pullback or reversal soon)
     • is PLD crossover bullish or bearish?(if a move is made against the trend and PLD doesn’t crossover I expect a bounce back to the original trend direction)
     • did PLD cross over and then cross over in the opposite direction within just a few bars? (This is usually going to indicate a good size move)
     
     If you are using this setup then the candles are painted using Bull Bear V5 which can (if they cause you confusion) lessen the need for “Horserider Volume” and “EMAD” lowers as it essentially uses both variables to paint the candles.
     
     If you are looking at Horserider Volume when the supply or demand zone is moving horizontal you can predict a bounce/pullback/reversal looking for buying / selling volume crossovers or above average buying or selling moving below average or total volume going below average etc. (again you can watch for this but the bull bear candles will tell you the same story essentially)
     
     I will also look for exhaustion, Spark, and PLD crossover indications on various timeframe charts
     
     We could also add the active trader studies to the mix and ask…
     • is the price above or below the expected move?
     • what percentage of the time does the price exceed the expected move?
     • is call or put volume above average?
     
     Another study I really like buy do not get to use on mobile is “Quant Open Interest” it plots lines which vary in thickness according to the top five open interest calls and puts for 14 high liquidity tickers… it is on the Quant discord for free but you have to copy and paste new code every morning as it is not calculated data from tos. The part I like about it though is the labels for total call premium and total put premium and when they are way out of balance the reversal is coming soon.
     
     
• Also, is it advised to use Enhanced Trend Reversal Indicator by BenTen with this setup?
  
  - I am not familiar with this indicator (unless it’s the reversal indicator that is based on pivot points) but in any case I would say no. Edit I looked at the indicator and it looks interesting. I will likely add it and see what happens… mainly interested in the engulfing patterns aspect of it as C3 Max has many indicators coded in it already Edit 2 The indicator repaints so I will likely not use it (but if it helps you then use it)

• 
  
  
• What are the grey dots (sometimes with arrows) for?
  
  - Triple exhaustion regular is white dots and extreme is grey arrows but I do not apply more trust to one over the other an ONLY use them in the context of price action and C3 Max Spark, Bull Bear V5, etc.
  
  
• Do you have any scanners based on this study or do you only trade big caps like Apple, Tesla, SPY etc.
  
  - I mostly use mobile and do not have the ability to scan but when I do it is mainly to scan for unusual options activity from a watchlist of SPY, TSLA, AAPL and the like.
  
  
• Is your preferred timeframe on the chart 1min or something else?
  
  - My current go to is hourly for trend direction and the 1&3 min time frame. The one min can indicate moves sooner and the 3 min will confirm or deny them. Just depends on the volume and price action etc.
  

Again, thanks very much for creating this and helping out the community. I really appreciate it.

Expand this post to see my answers to your questions

Not a problem YOLOOOOOO

 

[HODL-Lay-HE-hoo!]

Setup notes.

https://imgur.com/a/VCHfgco

If these setups get any better we will have to rename it the YOLO Indicator or something of that nature.

 

[MichaelR]

Setup notes.

https://imgur.com/a/VCHfgco

If these setups get any better we will have to rename it the YOLO Indicator or something of that nature.

Thank you for your help. How do you use the lower EMAD indicator. I’ve tried using it to show tops and bottoms of trends, but when it starts stepping up and down, it confuses me. Any advice would be greatly appreciated. Thanks again.

 

[HODL-Lay-HE-hoo!]

I combined blast off - triple exhaustion - and vix fix alert studies green and red is triple exhaustion white candles are blast off and cyan is vix alert 4

https://tos.mx/pwAANlN

 

[murtaza1234]

Expand this post to see my answers to your questions

Not a problem YOLOOOOOO

Wow.. thanks for great explanation, And thanks for all your help. I'll watch for these rules/setups.

One more question: have you considered getting into a trade in the middle of a move/reversal (up or down)? If yes, how do you know if it hasn't reached OB or OS zone already?

It is amazing that you are able to use this setup on your mobile and be able to make these profitable trades.

 

[HODL-Lay-HE-hoo!]

Wow.. thanks for great explanation, And thanks for all your help. I'll watch for these rules/setups.

One more question: have you considered getting into a trade in the middle of a move/reversal (up or down)? If yes, how do you know if it hasn't reached OB or OS zone already?

It is amazing that you are able to use this setup on your mobile and be able to make these profitable trades.

Depends on your definition of in the middle but sure say price breaks out if a zone with heavy price action and/or strong tend then pulls back and the wick bounces off the PLD… some prefer to enter that way… breakout or breakdown then enter when the wick of a pullback hits the PLD or an EMA of the traders choosing.

The following screenshot - left side 1Min chart you will see price breakdown then out of the demand zone. When price is in the middle of the two zones the C3 line turns green + EMA clouds cross to green + Bull Bear V5 candles turn green then the green candle with the long wick touches (or bounces off) the PLD line… that wick touching the PLD is a great entry. Also the 3 min chart confirms the entry.
It’s a pretty good example of an ideal entry in my opinion… if you got in before that you would be in a good position however you would likely be riding out some of the waves that follow - maybe getting nervous etc. whereas entry on that wick of the pullback you never see red.
This may take more discipline and experience to identify the right price action to take that trade but overall an extremely safe entry especially if you cut it quick and use a tight stop loss (which you would set up that your default order buys X number of contracts with X stop-loss). Assuming you buy more than one contract you sell all but one contract at the first sign of weakness or exhaustion and let one ride the trend.

You can trade using the worst indicators as long as you have good risk management and figure out what your doing that works and doesn’t work including setups, indicators, time of day, etc.

That being said after watching these indicators in particular for a good while now I am like the damn market whisperer… unfortunately I am not the most disciplined trader… yet.

 

[MichaelR]

Depends on your definition of in the middle but sure say price breaks out if a zone with heavy price action and/or strong tend then pulls back and the wick bounces off the PLD… some prefer to enter that way… breakout or breakdown then enter when the wick of a pullback hits the PLD or an EMA of the traders choosing.

The following screenshot - left side 1Min chart you will see price breakdown then out of the demand zone. When price is in the middle of the two zones the C3 line turns green + EMA clouds cross to green + Bull Bear V5 candles turn green then the green candle with the long wick touches (or bounces off) the PLD line… that wick touching the PLD is a great entry. Also the 3 min chart confirms the entry.
It’s a pretty good example of an ideal entry in my opinion… if you got in before that you would be in a good position however you would likely be riding out some of the waves that follow - maybe getting nervous etc. whereas entry on that wick of the pullback you never see red.
This may take more discipline and experience to identify the right price action to take that trade but overall an extremely safe entry especially if you cut it quick and use a tight stop loss (which you would set up that your default order buys X number of contracts with X stop-loss). Assuming you buy more than one contract you sell all but one contract at the first sign of weakness or exhaustion and let one ride the trend.

You can trade using the worst indicators as long as you have good risk management and figure out what your doing that works and doesn’t work including setups, indicators, time of day, etc.

That being said after watching these indicators in particular for a good while now I am like the damn market whisperer… unfortunately I am not the most disciplined trader… yet.

Thank you for this. How do you use the lower EMAD study?

 

[Terminator]

Depends on your definition of in the middle but sure say price breaks out if a zone with heavy price action and/or strong tend then pulls back and the wick bounces off the PLD… some prefer to enter that way… breakout or breakdown then enter when the wick of a pullback hits the PLD or an EMA of the traders choosing.

The following screenshot - left side 1Min chart you will see price breakdown then out of the demand zone. When price is in the middle of the two zones the C3 line turns green + EMA clouds cross to green + Bull Bear V5 candles turn green then the green candle with the long wick touches (or bounces off) the PLD line… that wick touching the PLD is a great entry. Also the 3 min chart confirms the entry.
It’s a pretty good example of an ideal entry in my opinion… if you got in before that you would be in a good position however you would likely be riding out some of the waves that follow - maybe getting nervous etc. whereas entry on that wick of the pullback you never see red.
This may take more discipline and experience to identify the right price action to take that trade but overall an extremely safe entry especially if you cut it quick and use a tight stop loss (which you would set up that your default order buys X number of contracts with X stop-loss). Assuming you buy more than one contract you sell all but one contract at the first sign of weakness or exhaustion and let one ride the trend.

You can trade using the worst indicators as long as you have good risk management and figure out what your doing that works and doesn’t work including setups, indicators, time of day, etc.

That being said after watching these indicators in particular for a good while now I am like the damn market whisperer… unfortunately I am not the most disciplined trader… yet.

Can you tell me about what page I should start on to understand these charts. If I go to the first page and continue I am constatantly uplaoding charts. What page or area would have the newest chart and how far back do I go to understand everything on the newest chart.

 

[murtaza1234]

Depends on your definition of in the middle but sure say price breaks out if a zone with heavy price action and/or strong tend then pulls back and the wick bounces off the PLD… some prefer to enter that way… breakout or breakdown then enter when the wick of a pullback hits the PLD or an EMA of the traders choosing.

The following screenshot - left side 1Min chart you will see price breakdown then out of the demand zone. When price is in the middle of the two zones the C3 line turns green + EMA clouds cross to green + Bull Bear V5 candles turn green then the green candle with the long wick touches (or bounces off) the PLD line… that wick touching the PLD is a great entry. Also the 3 min chart confirms the entry.
It’s a pretty good example of an ideal entry in my opinion… if you got in before that you would be in a good position however you would likely be riding out some of the waves that follow - maybe getting nervous etc. whereas entry on that wick of the pullback you never see red.
This may take more discipline and experience to identify the right price action to take that trade but overall an extremely safe entry especially if you cut it quick and use a tight stop loss (which you would set up that your default order buys X number of contracts with X stop-loss). Assuming you buy more than one contract you sell all but one contract at the first sign of weakness or exhaustion and let one ride the trend.

You can trade using the worst indicators as long as you have good risk management and figure out what your doing that works and doesn’t work including setups, indicators, time of day, etc.

That being said after watching these indicators in particular for a good while now I am like the damn market whisperer… unfortunately I am not the most disciplined trader… yet.

Thanks @HODL-Lay-HE-hoo! You are the man!! You are the market whisperer. Every time I like your posts, I don't select thumbs-up, i select the CROWN, cuz you are the King of whisperers.

 

[CashMoney]

Which code is best for trading futures on 1 min chart? /es, /mes

 

[HODL-Lay-HE-hoo!]

Can you tell me about what page I should start on to understand these charts. If I go to the first page and continue I am constatantly uplaoding charts. What page or area would have the newest chart and how far back do I go to understand everything on the newest chart.

Edit

Page 1 the first screenshot explains C3_Max

Go back to page 95 or so if you want but I have some fairly recent screenshots and explanations some of which on this page (107) or type my screen name in the search bar and my comments will appear for this thread.

Newest version (from my screenshots) for the normal chart tab: http://tos.mx/YvWYK12

Newest version (from my screenshots) of the active trade chart tab: https://tos.mx/pwAANlN

 

[HODL-Lay-HE-hoo!]

Which code is best for trading futures on 1 min chart? /es, /mes

@Christopher84 trades futures I believe and uses TS_V9 for the hourly and the 5min with different settings (a few pages back he shared links to each which consists of TS_V9 + Bull Bear V5 to paint the candles + C3_MF line only study

 

[HODL-Lay-HE-hoo!]

These comments/posts should keep you busy for a while @Terminator (some need to click expand to read)


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[Kislayakanan]

Another profitable day following the strategy. It doesn't get much easier than this. Happy trading everyone!

Hello, can you please explain what strategy are you using to trade ES?

 

[HODL-Lay-HE-hoo!]

Hello, can you please explain what strategy are you using to trade ES?

Here you go, from the man himself. @Christopher84

https://usethinkscript.com/threads/confirmation-candles-indicator-for-thinkorswim.6316/post-114463