Confirmation Candles Indicator For ThinkorSwim

[Trader Raider]

OK, I'm still struggling with the difference between the confirmation and consensus labels. Please tell me if my interpretation is correct. On the left chart, the Consensus Level of 4 tells me that there are 4 more indications of bullish movement than bearish. If the number of bullish factors gets high enough to suggest that price is overbought, the label will turn red. If the Consensus Level had been -4, there would be a slightly bearish bias. The label would turn green when price may be oversold. On the right chart, there are 10 factors indicating likely bullish movement without factoring in any consideration of potential bearish movement. The label is gray so price may not yet be overbought. When price is potentially overbought, the label will turn red.

Am I close or way off target?

https://imgur.com/a/iqhpu3I

 

[Splinter]

Hi Everyone!
CC Candles V.4 is now available on page 1 of this thread. I am excited to get everyone's feedback on the changes which were developed in collaboration with @barbaros. The end result is an astonishing reduction in trend noise (even on 1 minute charts). Below is a 1 minute chart of TSLA. As you can see, much less trend noise, even on this timeframe. I want to take a minute to say thank you to @barbaros for taking an interest in this indicator, and working with me to take it to another level. For those of you that haven't tried out the B4 indicator, please check it out. The B4 and CC Candles V.4 can be extremely complimentary, especially if the trader has a firm grasp on the strategies for the indicators. Thank you to all of you who consistently give quality feedback that helps to keep making improvements. This indicator will keep evolving and improving. Stay tuned! Enjoy!

Psyched to try this out on tick charts! Thank you and Barbaros for all that you do for us!

 

[Christopher84]

OK, I'm still struggling with the difference between the confirmation and consensus labels. Please tell me if my interpretation is correct. On the left chart, the Consensus Level of 4 tells me that there are 4 more indications of bullish movement than bearish. If the number of bullish factors gets high enough to suggest that price is overbought, the label will turn red. If the Consensus Level had been -4, there would be a slightly bearish bias. The label would turn green when price may be oversold. On the right chart, there are 10 factors indicating likely bullish movement without factoring in any consideration of potential bearish movement. The label is gray so price may not yet be overbought. When price is potentially overbought, the label will turn red.

Am I close or way off target?

https://imgur.com/a/iqhpu3I

It seems to me that you have a reasonable understanding of the indicators. However, I would suggest not getting caught up too much on the actual # level of Consensus or Confirmation. The most important is what was determined as the trend up(green) down (red). That part of the trend calculation is meant to be more of an on/off switch showing agreement one way or the other on the trend. Where the # value of the Consensus or Confirmation comes in handy, is determining if the # is increasing or decreasing. This can give some insight as to the strength of the trend. I hardly look at the # level itself. The main reason I included it on the label is that I figured that it would help to free up space by not needing to show the lower study. I look for the OB/OS condition and the direction the level is moving (not so much the level itself). I hope that makes some sense.

On a side note, thank you for testing this out so thoroughly and giving constructive feedback on your experience. I really appreciate it Trader Raider!

 

[khpro59]

Thank you for your kind words @Christopher84. It's been a pleasure working with you and collaborating. I am very excited for the future releases of CC Candles as more enhancements are in the works.

I took 3 /ES trades using CC Candles v4 and B4 indicators today. 100% win rate. Combination is pretty amazing.

is the B4 indicator somewhere in this thread @barbaros ? Thanks for all of your guys hard work. Amazing

 

[sean1970ss]

Chris would you be implied to do a zoom call? I want to learn more maybe some others would join? This is the best as I have said before!

 

[Trader Raider]

Where the # value of the Consensus or Confirmation comes in handy, is determining if the # is increasing or decreasing. This can give some insight as to the strength of the trend. I hardly look at the # level itself. The main reason I included it on the label is that I figured that it would help to free up space by not needing to show the lower study. I look for the OB/OS condition and the direction the level is moving (not so much the level itself). I hope that makes some sense.

Thanks for the quick answer, @Christopher84! My confusion was that the label, while grayed out, gives info regarding strength of trend, just as you said. But I was missing that because my brain said, "Gray label, disregard."

I think you point out something else very true about trading. Two traders can view the same chart and see different things. For example, you probably pay a lot more attention to OB/OS than I do. And I'm probably looking at other factors more than you do. None of us will interpret a chart exactly the same way. What matters is that we find data points that confirm the price action as we've learned to read it. I very much appreciate that your indicators, the B4, and the MACD BB do that for me in a manner that keeps my chart clean. Thank you again!

 

[Trader Raider]

is the B4 indicator somewhere in this thread @barbaros ? Thanks for all of your guys hard work. Amazing

Here's the B4
https://usethinkscript.com/threads/balanced-bb-breakout.5708/

 

[khpro59]

Chris would you be implied to do a zoom call? I want to learn more maybe some others would join? This is the best as I have said before!

id hop on that call! Im sure each of us would be willing to shell out $5 or so to make it worth you while!

 

[khpro59]

Here's the B4
https://usethinkscript.com/threads/balanced-bb-breakout.5708/

Thank you sir!

 

[Trader Raider]

Thank you sir!

I'm a gal. But that's ok. I've been called worse

 

[khpro59]

I'm a gal. But that's ok. I've been called worse

ah geez im sorry!! Meant no disrespect! But thank you!!!

 

[Christopher84]

Chris would you be implied to do a zoom call? I want to learn more maybe some others would join? This is the best as I have said before!

Since you are a VIP member its free to join. I would be happy to have a call with you there, if that works for you?

 

[Christopher84]

Thanks for the quick answer, @Christopher84! My confusion was that the label, while grayed out, gives info regarding strength of trend, just as you said. But I was missing that because my brain said, "Gray label, disregard."

I think you point out something else very true about trading. Two traders can view the same chart and see different things. For example, you probably pay a lot more attention to OB/OS than I do. And I'm probably looking at other factors more than you do. None of us will interpret a chart exactly the same way. What matters is that we find data points that confirm the price action as we've learned to read it. I very much appreciate that your indicators, the B4, and the MACD BB do that for me in a manner that keeps my chart clean. Thank you again!

So true! Just incase you didn't realize, the increasing and decreasing momentum labels are basically telling you if Consensus is moving up or down. So in essence, your inclination to disregard due to the label being gray was my intention. The info regarding the strength of the trend is flashing red or green with the momentum labels.

 

[Christopher84]

id hop on that call! Im sure each of us would be willing to shell out $5 or so to make it worth you while!

Hi khpro59!
I appreciate the sentiment. lol If you upgrade your account to VIP you will have access to the discord group, which would allow us to chat much easier. Regardless, even if you don't join (although its worth it), I am happy to address any questions you have here.

 

[mmalone]

@Christopher84 Wonder what I'm doing wrong? I've played with the customization and I don't get any up arrows below starting green candles of a trend. I did see a couple during down trends of red candles. And red arrows are above green candles. I did install and reinstall script. Any suggestions?

 

[graci117]

Hi khpro59!
I appreciate the sentiment. lol If you upgrade your account to VIP you will have access to the discord group, which would allow us to chat much easier. Regardless, even if you don't join (although its worth it), I am happy to address any questions you have here.

Did I miss it? I want to join too.

 

[yogi671]

Did I miss it? I want to join too.

I would like to be a fly on that zoom wall to just learn. =)

 

[Madhu]

I would like to be a fly on that zoom wall to just learn. =)

I want to join too.
Please let me know the zoom details

 

[Christopher84]

@Christopher84 Wonder what I'm doing wrong? I've played with the customization and I don't get any up arrows below starting green candles of a trend. I did see a couple during down trends of red candles. And red arrows are above green candles. I did install and reinstall script. Any suggestions?

Hi mmalone,
I removed the arrows from this version. They didn’t seem to be plotting the way I wanted. You shouldn’t see any arrows. The change in color of the candle is the equivalent of an arrow in previous versions.

 

[Csharp]

is it possible to scan for when priceColor == 1
keep getting complexity issues