Confirmation Candles Indicator For ThinkorSwim

[KPasciak]

In the ThinkScript Code, I see that some values are set, but not to what is in your notes as "Typical"
Why were these particular values chosen?

#DMI Oscillator
def DMI_length = 5;#Typically set to 10

#Trend_Periods
def TP_fastLength = 3;#Typically 7
def TP_slowLength = 4;#Typically 15

#Polarized Fractal Efficiency
def PFE_length = 5;#Typically 10
def smoothingLength = 2.5;#Typically 5

 

[Christopher84]

In the ThinkScript Code, I see that some values are set, but not to what is in your notes as "Typical"
Why were these particular values chosen?

#DMI Oscillator
def DMI_length = 5;#Typically set to 10

#Trend_Periods
def TP_fastLength = 3;#Typically 7
def TP_slowLength = 4;#Typically 15

#Polarized Fractal Efficiency
def PFE_length = 5;#Typically 10
def smoothingLength = 2.5;#Typically 5

Hi KPasciak!
Good question! I test each of the study sets individually for their efficacy and what they contribute. I wanted each study set to be able to be used as their own candle painting strategy before putting them all together. I found those setting to created a better balance within the system. I left the typical values in as a reminder while I was tinkering with the levels.

 

[Christopher84]

Great discussion, thanks Chris. Would you mind linking most recent versions of Starc extensions, B4 lower and MA cloud you're using?

My latest versions of my indicators can be found on pg.1 of this thread with the exception of the STARC extensions. Here are those.

#Created 03/20/2021 by Christopher84 in colaboration with Xeonox and SleepZ

declare weak_volume_dependency;

input price = close;
input ATR_length = 15;
input SMA_length = 6;
input displace = 0;
input multiplier_factor = 1.5;

def val = Average(price, sma_length);

def average_true_range = Average(TrueRange(high, close, low), length = atr_length);

plot Upper_Band = val[-displace] + multiplier_factor * average_true_range[-displace];
Upper_Band.SetStyle(Curve.SHORT_DASH);
Upper_Band.SetLineWeight(2);
Upper_Band.SetDefaultColor(Color.Gray);

plot Middle_Band = val[-displace];
Middle_Band.SetStyle(Curve.SHORT_DASH);
Middle_Band.SetLineWeight(2);
Middle_Band.SetDefaultColor(Color.Gray);

plot Lower_Band = val[-displace] - multiplier_factor * average_true_range[-displace];
Lower_Band.SetStyle(Curve.SHORT_DASH);
Lower_Band.SetLineWeight(2);
Lower_Band.SetDefaultColor(Color.Gray);

#Plotting STARC slope into extension area
#input Extension_length = 20
input extension_length_limited_to = 50;
def lastbar = if isnan(close[-1]) and !isnan(close) then barnumber() else double.nan;
def inertline = inertiaall(Upper_Band,2);
def EXT_Upper_Band = if !IsNaN(close()) then inertline else EXT_Upper_Band[1] + ((EXT_Upper_Band[1] - EXT_Upper_Band[2]) / (2 - 1));
plot extension = if barnumber()<=highestall(lastbar)+ extension_length_limited_to then EXT_Upper_Band else double.nan;
extension.SetStyle(Curve.SHORT_DASH);
extension.SetLineWeight(2);
extension.SetDefaultColor(Color.white);

def inertline2 = inertiaall(Lower_Band,2);
def EXT_Lower_Band = if !IsNaN(close()) then inertline2 else EXT_Lower_Band[1] + ((EXT_Lower_Band[1] - EXT_Lower_Band[2]) / (2 - 1));
plot extension2 = if barnumber()<=highestall(lastbar)+ extension_length_limited_to then EXT_Lower_Band else double.nan;
extension2.SetStyle(Curve.SHORT_DASH);
extension2.SetLineWeight(2);
extension2.SetDefaultColor(Color.white);


def cross = if extension crosses extension2 then barnumber() else double.nan;
plot x    = if barnumber()==highestall(cross) then extension else double.nan;
x.setpaintingStrategy(PaintingStrategy.ARROW_UP);
addchartbubble(barnumber()==highestall(cross), highestall(x), round(highestall(x)),color.white);

 

[Fluideng]

@BenTen , I've added this code to add the value of the Confirmation level above each candle, but the down arrows are blocking the numbers. Is it possible to show the arrows above the numbers or vise versa?

input Confirmation_Level_Values_on = yes;
plot barType = IF Confirmation_Level_Values_on THEN Agreement_Level else Double.NaN;
barType.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
barType.AssignValueColor( if ((Agreement_Level >= 12) and (Consensus_Line >= 4)) then Color.RED else if ((Agreement_Level <= 3) and (Consensus_Line <= -3)) then Color.Green else color.Gray);

 

[Christopher84]

@ben, I've added this code to add the value of the Confirmation level above each candle, but the down arrows are blocking the numbers. Is it possible to show the arrows above the numbers or vise versa?

input Confirmation_Level_Values_on = yes;
plot barType = IF Confirmation_Level_Values_on THEN Agreement_Level else Double.NaN;
barType.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
barType.AssignValueColor( if ((Agreement_Level >= 12) and (Consensus_Line >= 4)) then Color.RED else if ((Agreement_Level <= 3) and (Consensus_Line <= -3)) then Color.Green else color.Gray);

Hi Fluideng,
Just a thought, but why don’t you turn the arrows off since the color of the candle is telling you the same information? Probably not the answer you are looking for, but seemed like an obvious solution.

 

[Malachaim]

Live discussion today on CC Candles after the bell!

I missed the discussion yesterday. Also, is there a link for the discussions ? I would love to attend. Is the discussion recorded by any chance ?

 

[Christopher84]

I missed the discussion yesterday. Also, is there a link for the discussions ? I would love to attend. Is the discussion recorded by any chance ?

Hi Malachaim!
Since you are VIP, you have access to the usethinkscript discord. Find me there, I think I may be able to help you out.

 

[Christopher84]

Hi Malachaim!
Since you are VIP, you have access to the usethinkscript discord. Find me there, I think I may be able to help you out.

Hi Malachaim!
We have a recording of the session thanks to MikeK(thank you for your efforts Mike). He was nice enough to post it on YouTube for anyone that missed the discussion. The quality wasn’t 100%, but for an unplanned recording off discord, I would say it turned out well. Hope you find it useful!

 

[tjlizwelicha]

Hi Malachaim!
We have a recording of the session thanks to MikeK(thank you for your efforts Mike). He was nice enough to post it on YouTube for anyone that missed the discussion. The quality wasn’t 100%, but for an unplanned recording off discord, I would say it turned out well. Hope you find it useful!

Thank you so much, I missed it.

 

[s1111]

Thank you so much for the recording!! Very informative.

 

[svencool]

Thank you so much for the recording!! Very informative.

I just wish I could have gotten a true HD Recording of it Lol.....

 

[s1111]

I just wish I could have gotten a true HD Recording of it There's always next time

 

[President_Evil]

Christopher, thank you so much for this set of indicators - they are phenomenal. Question: Do you have a more recent version of the scan for MA cloud inversions? Also, can you suggest any tweaks to pick up more results? The earlier version I ran only seems to pick up tickers after the MA cloud flipped, but I'm looking for a scan to detect when cloud is getting close to inverting (green cloud, red dotted 1 day and 1 week borders).

Also, one last suggestion. The Friday discord discussion was very helpful. Would you be open do doing one during trading hours when you can talk us through how you are reading your indicator?

 

[Fluideng]

@Christopher84, Could you share your modified version of the ichimoku cloud you used in the video?

 

[Trader Raider]

Thank you, MikeK, for posting the recording!

@Christopher84, have only been able to catch part of the video so far. From what I've heard, it sounds like you're giving a color-coded lesson in price action. Nicely done

Edit: Finished the video. Lots of good advice there! Wish I'd had this a few years ago when I was just starting out.

 

[Zoomer]

I think the best idea is to give you the components of the scan so you are able to setup instead of relying on the share link. So here are the codes I am using to do the scan with images to show my settings.
.................................

Let me know if you have any trouble setting it up. I had to break the code up a bit due to it being an MTF indicator.

@Christopher84 - Really nice intro video of your indicator. Thanks a lot. I have set up the scan as per instructions (including All Stocks) but do not see anything in pre-market. Is that typically true or have I set it up incorrectly?

 

[nitrous]

@Christopher84 Any plans to include the arrows once again for buy/sell for the c3 indicator.

Would love to see those arrows back, in addition to the the colored candles we have now in place.

Thanks

 

[easyman]

@Christopher84 - Really nice intro video of your indicator. Thanks a lot. I have set up the scan as per instructions (including All Stocks) but do not see anything in pre-market. Is that typically true or have I set it up incorrectly?

Not christopher ...but trying to help.
You might have set it up wrong... Check the images on the scan (particularly LESS THAN or TRUE/FALSE)... if you flip/setup wrong... it may not show.

Good luck

 

[Zoomer]

Not christopher ...but trying to help.
You might have set it up wrong... Check the images on the scan (particularly LESS THAN or TRUE/FALSE)... if you flip/setup wrong... it may not show.

Good luck

Thanks @easyman I had accidentally used the default value of 10 on EMA instead of 45.

 

[Trader Raider]

Looks like the market makers on the RTY were listening to @Christopher84's presentation The other indices made similar premarket moves, but only the RTY kept it going into the open. Only hit 1 of 2 targets, but hey, that's life.

https://imgur.com/a/J3y9zdv