Confirmation Candles Indicator For ThinkorSwim

[Christopher84]

@Christopher84 I modded 2 of Conformation candles labels ( Momentumup/Down and breakout/ breakdown) so I don't have too many . Here is the code if anyone interested.

def MomentumUP = Agreement_Level[1] < Agreement_Level;
def MomentumDOWN = Agreement_Level[1] > Agreement_Level;

AddLabel(yes, if MomentumUP > MomentumDown then "Increasing Momentum " else "Decreasing Momentum ", if MomentumUP > MomentumDOWN then Color.GREEN else Color.Yellow);


def conditionBO = ((Upper_BandS[1] < Upper_BandS) and (Lower_BandS[1] < Lower_BandS)) and ((Upper_BandK[1] < Upper_BandK) and (Lower_BandK[1] < Lower_BandK));

def conditionBD = ((Upper_BandS[1] > Upper_BandS) and (Lower_BandS[1] > Lower_BandS) and (Upper_BandK[1] > Upper_BandK) and (Lower_BandK[1] > Lower_BandK));

AddLabel(yes, if conditionBO > conditionBD then " BREAKOUT " else " BREAKDOWN ", if conditionBO > conditionBD then Color.GREEN else Color.RED);

Hi S1111!
Thank you for sharing! Checkout the new release for C3 v5 with the reworked labels and squeeze alert. I am liking it quite a bit!

 

[s1111]

Hi S1111!
Thank you for sharing! Checkout the new release for C3 v5 with the reworked labels and squeeze alert. I am liking it quite a bit!

Already updated sir , Great Job as always Chris!!

 

[tjlizwelicha]

@Christopher84 Would you take a glance over the charts I provided to see if my interpretation would be correct?
I didn't use the labels, because you're right, the candles tell the story. This is not active, this is only a scenario for my learning purposes. I have strong shoulders so if I am off base please tell me, so I can learn. lol

This is why I would consider buying:

1. Higher Aggregation determined
2. small green cloud look to buy.
3. Green point OS looks to buy. (Second, guessing because there is no green channel underneath the candles on the Day Chart)
4. I have green channels on the 1H and 30m.
5. The CC Lower indicator confirms the OS and the price line is green upward on the lower candle.
6. The B4 has a mean reversion that aligns with the upper green cloud and green dot
7. appears to be on uptrend according to the MACD. Although this cannot be confirmed until Balanced BB Breakout.
8. I also used the CC with MTF Cloud on the upper as well as the SuptertOBOS when determining.

Any other suggestion and recommendations from others are accepted as well. Thanks in advance.

 

[Trader Raider]

. However, the signals generated from Balance breakout are far more delayed with delayed exits. I have seen you participating in both the group ( that group is closed now for replies so i would want to ask you are you still actively using it and how do you coordinate entries and exits using both ?

@diamondhands to answer your question, the only part of the B4 that I use are the lower strategy signals (the dotted lines for the FST and RSI_IFT). As you noted, the arrow signals are too delayed to be helpful for my style of trading. I scan for new strategy signals (not the B4 arrows) in a handful of instruments. And I want to see those dotted lines firing at/near the same time. I don't blindly trade these signals but use them to confirm my interpretation of price action.

I also use the MACD_BB, which is part of the B4, but plot it separately so that my brain can follow its movement apart from the B4 strategy signals. @Hypoluxa's strategy is a good one if you're looking for something simple. I was using an adaptation of it at the time I started testing the B4 strategy signals.

For Christopher's indicators, I use the color of the candles, the number of confirming factors on the confirmation label, and the MTF clouds to help time my entry. But again, as much as I love his indicators, I don't trade them blindly just because price creeps into a cloud or a candle changes color. I use them to confirm my interpretation of recent price structure on both higher and lower timeframes.

I trade only a handful of instruments. And I trade only at certain times of day when experience has taught me that price is likely to move. Before market open, I had long and short fib levels drawn for each of the instruments I was interested in trading today. I watched to see which instrument was respecting fibs. When I saw the ES take a decisive plunge through 2 higher timeframe EMA clouds, I made my entry with 2 short targets already in mind. My exit was based on hitting the first target. Price started wicking around so I took what I gained and called it a day. I don't aim for a home run. I don't feel bad if my 2nd target isn't hit. My goal is to get measured moves based on recent price structure. At the point I got out, price had retraced most of its overnight gains. I didn't want to worry what price would do the rest of the day so I closed my charts and called it a day.

Here's another example. Price was in a range overnight with the MACD_BB staying above zero most of the night. The lower MTF cloud showed overnight price movement unable to transgress very far into the MTF cloud. Therefore I was anticipating an upward thrust whenever price broke out of its range, but I had both long and short targets drawn. The B4 green dotted line gave me the heads up that a long may be coming. As soon as price broke above the 9:25am doji, I entered long and got out when my profit target was hit. Christopher's candles and labels were also consistent with a long entry at the point I got in. The MACD_BB dots, which had recently touched the zero line, were green, above zero, and angled upward (not flat).

When I'm wrong, and price goes against me, I tend to watch the Chande momentum oscillator. If it's going steadily in the opposite direction, I try to exit before my stop gets hit.

Best wishes and happy trading!

PS- Regarding the B4 thread being locked, I respect that this is @BenTen's forum. Maintaining a web site is time consuming. And bandwidth ain't free. As much as I like the B4 lower signals, and as much as I appreciate the hard work of the coders on that thread, I respect Ben's right to promote his own products on his site. If this were my site, I wouldn't allow others to seek customers for their premium products here either...unless they paid me generous monthly advertising fees. Anyone who builds a successful site with good rankings as Ben has done has a right to protect the business he's built.

 

[Jonas99]

@Christopher84 I modded 2 of Conformation candles labels ( Momentumup/Down and breakout/ breakdown) so I don't have too many . Here is the code if anyone interested.

def MomentumUP = Agreement_Level[1] < Agreement_Level;
def MomentumDOWN = Agreement_Level[1] > Agreement_Level;

AddLabel(yes, if MomentumUP > MomentumDown then "Increasing Momentum " else "Decreasing Momentum ", if MomentumUP > MomentumDOWN then Color.GREEN else Color.Yellow);


def conditionBO = ((Upper_BandS[1] < Upper_BandS) and (Lower_BandS[1] < Lower_BandS)) and ((Upper_BandK[1] < Upper_BandK) and (Lower_BandK[1] < Lower_BandK));

def conditionBD = ((Upper_BandS[1] > Upper_BandS) and (Lower_BandS[1] > Lower_BandS) and (Upper_BandK[1] > Upper_BandK) and (Lower_BandK[1] > Lower_BandK));

AddLabel(yes, if conditionBO > conditionBD then " BREAKOUT " else " BREAKDOWN ", if conditionBO > conditionBD then Color.GREEN else Color.RED);

is this for the confirmation candle but not for Consensus Confirmation Candle, right? Could I copy your code for the Consensus Candle?

 

[Trader Raider]

Any other suggestion and recommendations from others are accepted as well. Thanks in advance.

@tjlizwelicha, looks to me as if you are plotting redundant data, which can make for a cluttered chart that obscures price action. For example, Christopher's candle colors (marked with yellow ovals) and the B4 dotted line strategy signals are giving you information a couple candles earlier than the B4 clouds (marked with yellow rectangles). Because the B4 clouds appear to be lagging, I would suggest not plotting them for a few days to see if that helps to clarify price action by making the dotted line signals and MACD_BB more visible.

Also redundant are the red and green arrows (marked with yellow diamonds). The change in candle color is already giving you the information. Again, I suggest not plotting the redundant data (arrows) and see if candle color alone helps to clarify price action for you.

https://imgur.com/a/6DfVXdi

Best wishes and happy trading. Nothing I said was meant to criticize. I just think that de-cluttering the chart a little may help important pieces of information pop out more. Of course, it goes without saying, that you should paper trade changes in indicators/strategies while finalizing your trading plan. And you should be wary of advice from internet strangers like me

 

[tjlizwelicha]

Hi Everyone!
I have just posted the most recent version of the (Consensus Confirmation Candles) C3 v5 on pg.1 of this thread. Notable changes include new method of determining price squeeze and reduction in the number of labels. The text in the labels is more descriptive and hopefully more easily understood. And for anyone who missed the last live discussion, I have scheduled another session this Friday @ 3:00 cst (same place, same time as the previous discussion). I am looking forward to a great discussion! Enjoy!

I will be there. Thanks

 

[tjlizwelicha]

I appreciate the information and your taking the time to give me input. I have no problem accepting constructive criticism. I really want to learn how to master the CC, because it has a lot of indicators. I would never know what to try if it wasn't for the group. Thanks so much. As my granny used to say, "A close mouth doesn't get fed' lol. Thanks a lot.

 

[tjlizwelicha]

@tjlizwelicha, looks to me as if you are plotting redundant data, which can make for a cluttered chart that obscures price action. For example, Christopher's candle colors (marked with yellow ovals) and the B4 dotted line strategy signals are giving you information a couple candles earlier than the B4 clouds (marked with yellow rectangles). Because the B4 clouds appear to be lagging, I would suggest not plotting them for a few days to see if that helps to clarify price action by making the dotted line signals and MACD_BB more visible.

Also redundant are the red and green arrows (marked with yellow diamonds). The change in candle color is already giving you the information. Again, I suggest not plotting the redundant data (arrows) and see if candle color alone helps to clarify price action for you.

https://imgur.com/a/6DfVXdi

Best wishes and happy trading. Nothing I said was meant to criticize. I just think that de-cluttering the chart a little may help important pieces of information pop out more. Of course, it goes without saying, that you should paper trade changes in indicators/strategies while finalizing your trading plan. And you should be wary of advice from internet strangers like me

I just made the changes and it's like putting on a new pair of glasses. lol Thanks for the advice.

 

[Trader Raider]

Wow, @Christopher84! So clean, so concise, so easy to see at a glance...THANK YOU

https://imgur.com/a/JghJx8i

 

[barbaros]

PS- Regarding the B4 thread being locked, I respect that this is @BenTen's forum. Maintaining a web site is time consuming. And bandwidth ain't free. As much as I like the B4 lower signals, and as much as I appreciate the hard work of the coders on that thread, I respect Ben's right to promote his own products on his site. If this were my site, I wouldn't allow others to seek customers for their premium products here either...unless they paid me generous monthly advertising fees. Anyone who builds a successful site with good rankings as Ben has done has a right to protect the business he's built.

It is unfortunate that our indentions were once again misunderstood. I respect @BenTen's decision, however, we were at least expecting some sort of communication from him. We all contributed to this site and continue to do so. We are not stealing customers from this site. In fact, we are even directing people who are not members of this site to come here to get other scripts.

There is no live training on this site and this is what we thought we can help with. Majority of the traders here are new to trading and we wanted to share our experience with them. Charging for our time to meet live for hours to go over charts is only the natural compensation. Compensation we ask for is not for membership to steal members from this site but to pre-purchase live sessions on monthly basis. Which experienced trader will meet with you live for $25/hr and teach you how to trade?? If Ben was not happy with such an engagement, he could have definitely mention it instead of locking the thread, and we would have removed anything that is offending.

Unfortunately, we cannot provide B4 study updates now that the thread is locked. We have a new version and there is no place to put it on this site.

I don't want to hijack this thread and let's not please discuss this here any further. @Christopher84 is doing a fantastic job with C3. Let's support him in his efforts instead.

 

[Christopher84]

@Christopher84 Would you take a glance over the charts I provided to see if my interpretation would be correct?
I didn't use the labels, because you're right, the candles tell the story. This is not active, this is only a scenario for my learning purposes. I have strong shoulders so if I am off base please tell me, so I can learn. lol

This is why I would consider buying:

1. Higher Aggregation determined
2. small green cloud look to buy.
3. Green point OS looks to buy. (Second, guessing because there is no green channel underneath the candles on the Day Chart)
4. I have green channels on the 1H and 30m.
5. The CC Lower indicator confirms the OS and the price line is green upward on the lower candle.
6. The B4 has a mean reversion that aligns with the upper green cloud and green dot
7. appears to be on uptrend according to the MACD. Although this cannot be confirmed until Balanced BB Breakout.
8. I also used the CC with MTF Cloud on the upper as well as the SuptertOBOS when determining.

Any other suggestion and recommendations from others are accepted as well. Thanks in advance.

Hi tjlizwelicha,
The day chart is showing a green candle, however it is near resistance in a red channel which would typically indicate a sell scenario for me. If you would’ve bought in when the cloud and oversold signal were triggered, you would be looking to sell to close your position.

Remember that the red channel is showing the intermediate trend (which in this case is down). The candles are showing the near term trend. The intermediate trend is dominant over the near term trend. This means that upward price movement will likely be limited until the channel is turned from red. I hope this helps.

 

[tjlizwelicha]

Hi tjlizwelicha,
The day chart is showing a green candle, however it is near resistance in a red channel which would typically indicate a sell scenario for me. If you would’ve bought in when the cloud and oversold signal were triggered, you would be looking to sell to close your position.

Remember that the red channel is showing the intermediate trend (which in this case is down). The candles are showing the near term trend. The intermediate trend is dominant over the near term trend. This means that upward price movement will likely be limited until the channel is turned from red. I hope this helps.

Thanks that helps a lot. I am going to get it watch. lol

 

[tjlizwelicha]

@tjlizwelicha, looks to me as if you are plotting redundant data, which can make for a cluttered chart that obscures price action. For example, Christopher's candle colors (marked with yellow ovals) and the B4 dotted line strategy signals are giving you information a couple candles earlier than the B4 clouds (marked with yellow rectangles). Because the B4 clouds appear to be lagging, I would suggest not plotting them for a few days to see if that helps to clarify price action by making the dotted line signals and MACD_BB more visible.

Also redundant are the red and green arrows (marked with yellow diamonds). The change in candle color is already giving you the information. Again, I suggest not plotting the redundant data (arrows) and see if candle color alone helps to clarify price action for you.

https://imgur.com/a/6DfVXdi

Best wishes and happy trading. Nothing I said was meant to criticize. I just think that de-cluttering the chart a little may help important pieces of information pop out more. Of course, it goes without saying, that you should paper trade changes in indicators/strategies while finalizing your trading plan. And you should be wary of advice from internet strangers like me

Well I think my question may have be asked. I couldn't make the changes in the B4 that you were mentioning.. I don't have the drop box.

 

[s1111]

is this for the confirmation candle but not for Consensus Confirmation Candle, right? Could I copy your code for the Consensus Candle?

Yes it's for confirmation candle , not sure it will work with consensus . Chris just updated his consensus v5 which have less labels give it a try .

 

[Christopher84]

Well I think my question may have be asked. I couldn't make the changes in the B4 that you were mentioning.. I don't have the drop box.

If you are trying to turn off the candle painting strategy on the B4, go to the “bar color” input and change it to “none”.

 

[Trader Raider]

It is unfortunate that our indentions were once again misunderstood. I respect @BenTen's decision, however, we were at least expecting some sort of communication from him. We all contributed to this site and continue to do so. We are not stealing customers from this site. In fact, we are even directing people who are not members of this site to come here to get other scripts.

There is no live training on this site and this is what we thought we can help with. Majority of the traders here are new to trading and we wanted to share our experience with them. Charging for our time to meet live for hours to go over charts is only the natural compensation. Compensation we ask for is not for membership to steal members from this site but to pre-purchase live sessions on monthly basis. Which experienced trader will meet with you live for $25/hr and teach you how to trade?? If Ben was not happy with such an engagement, he could have definitely mention it instead of locking the thread, and we would have removed anything that is offending.

Unfortunately, we cannot provide B4 study updates now that the thread is locked. We have a new version and there is no place to put it on this site.

I don't want to hijack this thread and let's not please discuss this here any further. @Christopher84 is doing a fantastic job with C3. Let's support him in his efforts instead.

Agree that @Christopher84 is doing wonderful work! Perhaps you would not feel "misunderstood" if you refrained from twisting words. I said "seeking" customers not stealing customers. Anyway, I appreciate the work you did on the B4 and wish you well in your endeavors.

 

[Trader Raider]

Well I think my question may have be asked. I couldn't make the changes in the B4 that you were mentioning.. I don't have the drop box.

Are you talking about blocking the clouds? If you have a box for RSM Clouds, please select "no" and see if that clears the cloud for you. Sorry if that doesn't work. Perhaps someone in Discord can help you.

Here are my settings to turn off the cloud.

https://imgur.com/a/RMZ5365

For the lower signals, this is how I have it set (yellow oval). Because I only want to see the RSI IFT and FST signals, I turn off all the plots inside the red oval. Hope that helps! I don't plot the BOP because it gives off too many signals.

https://imgur.com/a/WRdxeQX

Edit to insert image.

 

[maximillian]

@Christopher84 Could you explain what the yellow dots mean?

I cannot figure out how to import your watchlist that goes with the study, could you maybe share the link?

Thanks!

 

[tjlizwelicha]

Are you talking about blocking the clouds? If you have a box for RSM Clouds, please select "no" and see if that clears the cloud for you. Sorry if that doesn't work. Perhaps someone in Discord can help you.

Here are my settings to turn off the cloud.

https://imgur.com/a/RMZ5365

For the lower signals, this is how I have it set (yellow oval). Because I only want to see the RSI IFT and FST signals, I turn off all the plots inside the red oval. Hope that helps! I don't plot the BOP because it gives off too many signals.

https://imgur.com/a/WRdxeQX

Edit to insert image.

It worked, thanks for sharing. Nice and cleaned.