Confirmation Candles Indicator For ThinkorSwim

[sectorsailor]

I got it!! I copied the Code from yesterday's 8:44AM post and saw your direction that said to, "Install this as a study, then reference it in the scan setup." Thank you!!

 

[allnetbrett]

Hi Eddie! Thanks for trying this out. Typically I would suggest using confirmation level between 4-8. When you look at the lower study you can see why that may be. When you have agreement levels over 12, it seems to indicate a potential OB condition and when the agreement level is less than 3, it seems to indicate a potential OS condition. Let me know if this helps. Thanks again!

Christopher, Thank you for the time you have put into this. I watched the 1.5 hours video. It makes 99% sense, and am going to be using your method. What I dont understand is the upper label of "confirmation level". I have noticed when trading the /MNQ on a 2m/5m charts, the confirmation levels are always high... like 12-16... can you explain what that means? I dont know how to interpret that.

Thank you sir

 

[Angrybear]

Looks great thanks

 

[sectorsailor]

Just circling back regarding the column inquiry, since I wasn't able to get it to work. Is there a way to filter a list with the header notifications as columns...not sure what they are called. Seems like it would be useful to be able to do to screen a list. see attached.

 

[Christopher84]

Christopher, Thank you for the time you have put into this. I watched the 1.5 hours video. It makes 99% sense, and am going to be using your method. What I dont understand is the upper label of "confirmation level". I have noticed when trading the /MNQ on a 2m/5m charts, the confirmation levels are always high... like 12-16... can you explain what that means? I dont know how to interpret that.

Thank you sir

It means that the studies are indication upward price movement and potentially OB condition. Remember that just because something is OB doesn't necessarily mean reversal. Price can stay in OB or OS conditions for extended periods of time.

 

[sectorsailor]

UPDATED: nevermind below question. I found link to B4 on post #525. Thank you!
https://usethinkscript.com/threads/balanced-bb-breakout.5708/

I just watched the video. Thank you so much for posting. I noticed the lower indicator dosen't look the same as CC V10 version. Is there another version called the B4 that can be loaded also or does the V10 incorporate all the triggers/indicators?

 

[Christopher84]

UPDATED: nevermind below question. I found link to B4 on post #525. Thank you!
https://usethinkscript.com/threads/balanced-bb-breakout.5708/

I just watched the video. Thank you so much for posting. I noticed the lower indicator dosen't look the same as CC V10 version. Is there another version called the B4 that can be loaded also or does the V10 incorporate all the triggers/indicators?

I am currently using C3 v6 which is also on page 1 of this thread. CC v10 is a different indicator than the B4. Here’s a link to the B4 https://usethinkscript.com/threads/balanced-bb-breakout.5708/. I have found C3 v6 and B4 to be very complementary to each other.

 

[tomsey]

Hi Christopher,

Quick question.... Would you recommend the regular C3 v6 or the modified C3 v6 (for FOREX and SPX) for scalping the eMini S & P (/ES)?

Great work.... Thanks again for sharing... it's part of my everyday scalping of the/ES......

 

[Lieutenant Scalps]

Hi Christopher, I'm new to scans. What do you use for category typically when using "Scan In" I can never find the right balance between too many results and not enough results. Ex: Scan in S&P 500 vs Scan in Russell 3000. Thanks!

 

[Christopher84]

I would use the regular version. It includes the full study set.

 

[Christopher84]

Hi Christopher, I'm new to scans. What do you use for category typically when using "Scan In" I can never find the right balance between too many results and not enough results. Ex: Scan in S&P 500 vs Scan in Russell 3000. Thanks!

I scan my watchlist almost exclusively. Sometimes the weekly’s.

 

[tomsey]

I would use the regular version. It includes the full study set.

Thanks, Christopher....

 

[Trader Raider]

@Christopher84, your MTF clouds on 5 and 15 min charts nailed a perfect entry just after 9am. Both profit targets were taken out shortly after the open. What you've created with your candles and clouds is just awesome! Thank you again for sharing.

https://imgur.com/a/UtZ3bHU

 

[tjlizwelicha]

Overall it seems that you are reading the chart correctly, with 2 exceptions.
1. The lower study will not show a squeeze condition. The lower study is meant to show overbought and oversold conditions only. I will relabel the lines. Calling it squeeze level is probably where the confusion is coming in (sorry about that). Your interpretation of the Consensus line pulling away from support or resistance is great though.
2. The red dots and red clouds are areas to consider taking profits and reducing risk exposure. This doesn’t mean to necessarily exit your full position (although you could especially if price opens above the cloud). You will likely be able to buy back at a lower price. For instance, on your chart, if you would’ve exited your position when price was out of the cloud you would’ve been able to buy it back at a lower price as the red candle neared support.

That's where I have been going wrong. I was depending on the red dots and red clouds as a for sure. Thanks Christopher for the explanation.

 

[tjlizwelicha]

Just posted the new version with arrows!

Thanks again Christopher for all the hardworking and patience. Could you share your personal trading strategy using the Consensus C3 V6? For example: When you see such and such you do this to confirm. I hope this is making since. I was under the assumption that when I saw a red cloud or red dot, it was time for me to exit. I guess I am talking about your check off list strategy before entry or exiting. Thanks.

 

[Christopher84]

Thanks again Christopher for all the hardworking and patience. Could you share your personal trading strategy using the Consensus C3 V6? For example: When you see such and such you do this to confirm. I hope this is making since. I was under the assumption that when I saw a red cloud or red dot, it was time for me to exit. I guess I am talking about your check off list strategy before entry or exiting. Thanks.

Hi tjlizwelicha!
Those are great places to look to take profits and reduce risk. Sounds like you have the right idea. I discuss entries and exits in depth on the YouTube video. You may want to reference that for more insight on strategies using C3. Happy trading!

 

[tjlizwelicha]

I am trying to implement the MTF Start on my 15, 20, 1h charts, but I am messing up. I messed with both aggregation and the cloud still isn't lining correctly. Can someone help with the settings please?

 

[tomsey]

@Christopher84, your MTF clouds on 5 and 15 min charts nailed a perfect entry just after 9am. Both profit targets were taken out shortly after the open. What you've created with your candles and clouds is just awesome! Thank you again for sharing.

https://imgur.com/a/UtZ3bHU

Hi TR,

Any chance you can let me know what studies include the "Strong Trending 30", "Bullish", and "Stacked" labels at the top of your chart?

I'm using C3 v6...

 

[s1111]

@tomsey
Here is Bull Bear Label

#Indicates Trending or Chop

def h = high;
def l = low;
def o = open;
def c = close;

AddLabel(yes, " ", Color.BLACK);

input AverageType2 = AverageType.HULL;

def AvgLength = 13; #TOS default 8

def Lengthchop = 13;

def Choppy = 61.8;

def MidLine = 50;

def Trending = 38.2;


def AVG = MovingAverage(AverageType = AverageType2, c, AvgLength);

def CIB = ((Log(Sum(TrueRange(h, c, l), Lengthchop) /

(Highest(if h >= c[1] then h else

c[1], Lengthchop) -

Lowest( if l <= c[1] then l else c[1], Lengthchop)))

/ Log(10)) / (Log(Lengthchop) / Log(10))) * 100;

def CI = CIB;

input enableCHOP = yes;
AddLabel(enableCHOP, if CI > MidLine and CI < 62 then "MILD CHOP " + Round(CI, 0) else if CI >= 61.8 then "STRONG CHOP " + Round(CI, 0) else if CI <= MidLine and CI > 31.8 then " MILD TRENDING " + Round(CI, 0) else "STRONG TRENDING " + Round(CI, 0), if CI > MidLine then Color.YELLOW else Color.CYAN);


# Simple Trend Score
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/ViXoUfeL/

#AddLabel(YES, " ", Color.BLACK);

def TrendScore = If(close >= close[11], 1, -1) + If(close >= close[12], 1, -1) + If(close >= close[13], 1, -1) + If(close >= close[14], 1, -1) + If(close >= close[15], 1, -1) + If(close >= close[16], 1, -1) + If(close >= close[17], 1, -1) + If(close >= close[18], 1, -1) + If(close >= close[19], 1, -1) + If(close >= close[20], 1, -1);

def col1 = TrendScore > 5;
def col2 = TrendScore < -5;
def colNET = !col1 and !col2;
def histogram = TrendScore;

input showSTS = yes;
AddLabel(showSTS and col1, " Bullish ", Color.GREEN);
AddLabel(showSTS and col2, " Bearish ", Color.RED);
AddLabel(showSTS and colNET, " Neutral ", Color.GRAY);

 

[s1111]

@tomsey

Here is EMA Stacked

def stackedUp = MovAvgExponential("length" = 9)."AvgExp" is greater than MovAvgExponential("length" = 21)."AvgExp"
and MovAvgExponential("length" = 21)."AvgExp" is greater than MovAvgExponential("length" = 34)."AvgExp"
and MovAvgExponential("length" = 34)."AvgExp" is greater than MovAvgExponential("length" = 50)."AvgExp"
and MovAvgExponential("length" = 75)."AvgExp" is greater than MovAvgExponential("length" = 100)."AvgExp";


def stackedDn = MovAvgExponential("length" = 9)."AvgExp" is less than MovAvgExponential("length" = 21)."AvgExp"
and MovAvgExponential("length" = 21)."AvgExp" is less than MovAvgExponential("length" = 34)."AvgExp"
and MovAvgExponential("length" = 34)."AvgExp" is less than MovAvgExponential("length" = 50)."AvgExp"
and MovAvgExponential("length" = 75)."AvgExp" is less than MovAvgExponential("length" = 100)."AvgExp";


AddLabel(yes, " EMA 9-100 Stacked ", if stackedUp then Color.GREEN else if stackedDn then Color.RED else Color.GRAY);