Confirmation Candles Indicator For ThinkorSwim

[qimy6688]

Hi @qimy6688,
I am not an experienced trader. I have been trading for a couple of years only without much success until I found this site. I've learned a lot from experiences shared by other traders and by great tools and strategies like the Confirmation candles shared by @Christopher84 , which in my humble opinion is amazing. I am very conservative and don't have enough time to trade which is why I scalp .
Related to your question , for the 2 & 5 min charts I set the 5min to 8/21 and the 2 min to 8/40. On Thursday 4,28 there was a slight negative move and eventually a positive move around noon.

(1) Price action in 5 min chart was below the smooth 50 EMA (blue line) so I'm looking for shorts, the chart shows the strategy sell signal arrow triggered around 9:35 am, and confirmed by B4 lower indicator. This results in a short trade for a few points. Consolidation is observed from 10 to 12 as indicated by the orange dots [Expansion contraction indicator], no trades during this period of time for me.

(2) Around 12:10 in the 5 min chart, after half hour of contraction, a bar closed over smoooth 50 EMA, a buy signal is triggered by C3 MAX strategy, and B4 is showing strong upward move. This is confirmed in the 2 min chart resulting in calls trade. Sold the calls once the RSM cloud dissapeared in B4 around 13:30 and left a runner since the C3 MF line was green and still above the EMA cloud . Closed the runner approx 15:00 when a squeeze started to form in 5 min chart.

Hope this help. Again, C3 Max V2 strategy works extremely well from my perspective. I don't take all the signals as you see, need to work with my emotions and be less conservative. Let me know your experience with 3& 10 min charts. Will explore using it.

https://imgur.com/a/2vPZews

Thank you very much for the trading experience you have shared. I have just started trading for 6 months and have been losing money. I've been using Consensus Confirmation Candles for almost two weeks now and I've started making money. Many thanks to Christopher84 for the study.
The following is my experience, with a good profit in these two weeks.
Based on the CODE C3-V5-SPX, daytrade for options of SPX, 0DTE--5DTE, trade after 10:00 AM
1. Observe the trend of Vol-Add-Tick of SPX
2. open CALL: Candles are green in 10 Min and 3 Min, Vol-Add-Tick is the positive trend, bullish trend, find the buy signal in 1 Min chart to Long the CALL.
3. close CALL: if the sell signal appears in the 1 Min chart, I close the CALL when the profit is 30%+.
4. close CALL: if the sell signal appears in the 1 Min chart very soon after I open the CALL, I will try to find the confirmation in the 3 Min chart. close the CALL when the candles of 3 Min and 1Min change to red or sell signal appear in 3 Min. If Vol-Add-Tick is the negative trend, after closing the CALL I will short the PUT immediately.
5. PUT is the same situation.

 

[Christopher84]

@Christopher84 Hope all is well!! Been having some success with the many indicators you have out so I just want to say thanks for all the hard work you put into each one. Been incorporating the emad range to my strategy an I think it fits right in but I have a question or maybe a request. Can you do a scan for it when it crosses the zero line? I tried it but maybe doing something wrong. I used price close crossed emad zero line within 1 bar on a 3 minute.

Hi @TapthatAsk,
Unfortunately, using the EMAD Range for scans will not work well since it specifies an aggregation period within the code. ToS currently is unable to scan MTF indicators. Sorry I don't have better news on that one.

 

[wshao8]

Hi @kls06541,
The red down signal lets the trader know to take profit. This topic has been discussed in detail. Green candles in red channels and red candles in green channels, are also touched on a bit in the video. There's also a diagram on pg.1. I hope this helps!

Hi Chris, when I use this system for vix, or spx, these indicators does not show up, only green or red bars. But for other stocks, even spy, everything is good. Do you know why? I am using Consensus Confirmation Candles C3 V6.

 

[ALV]

Hi Chris, when I use this system for vix, or spx, these indicators does not show up, only green or red bars. But for other stocks, even spy, everything is good. Do you know why? I am using Consensus Confirmation Candles C3 V6.

Hi @wshao8;
Try Consensus Confirmation Candles) C3 v5 FOREX & SPX Compatible which is in page 1. C3 V6 will not work in SPX.
Hope this help.

 

[RoninTrader]

Hi @qimy6688,
I am not an experienced trader. I have been trading for a couple of years only without much success until I found this site. I've learned a lot from experiences shared by other traders and by great tools and strategies like the Confirmation candles shared by @Christopher84 , which in my humble opinion is amazing. I am very conservative and don't have enough time to trade which is why I scalp .
Related to your question , for the 2 & 5 min charts I set the 5min to 8/21 and the 2 min to 8/40. On Thursday 4,28 there was a slight negative move and eventually a positive move around noon.

(1) Price action in 5 min chart was below the smooth 50 EMA (blue line) so I'm looking for shorts, the chart shows the strategy sell signal arrow triggered around 9:35 am, and confirmed by B4 lower indicator. This results in a short trade for a few points. Consolidation is observed from 10 to 12 as indicated by the orange dots [Expansion contraction indicator], no trades during this period of time for me.

(2) Around 12:10 in the 5 min chart, after half hour of contraction, a bar closed over smoooth 50 EMA, a buy signal is triggered by C3 MAX strategy, and B4 is showing strong upward move. This is confirmed in the 2 min chart resulting in calls trade. Sold the calls once the RSM cloud dissapeared in B4 around 13:30 and left a runner since the C3 MF line was green and still above the EMA cloud . Closed the runner approx 15:00 when a squeeze started to form in 5 min chart.

Hope this help. Again, C3 Max V2 strategy works extremely well from my perspective. I don't take all the signals as you see, need to work with my emotions and be less conservative. Let me know your experience with 3& 10 min charts. Will explore using it.

https://imgur.com/a/2vPZews

Great Examples @ALV

 

[wshao8]

I really like the trendlines and channels shows in this chart

. but it is from tradingview I saw. Does anyone know if we have a TOS version?

 

[TapthatAsk]

Hi @TapthatAsk,
Unfortunately, using the EMAD Range for scans will not work well since it specifies an aggregation period within the code. ToS currently is unable to scan MTF indicators. Sorry I don't have better news on that one.

@Christopher84 Oh it's all good, I actually figured out a way to make it work with my strategy but thanks!! What do you have coming up next in your bag of greatness?

 

[lolreconlol]

Anyone primarily using the Scalper? Any tips? What timeframe have you had the most success with, 1 minute? Would you recommend any other indicators from the first post? Made some quick money on SPY today but I'm sure I'm not using this correctly

 

[Christopher84]

@Christopher84 Oh it's all good, I actually figured out a way to make it work with my strategy but thanks!! What do you have coming up next in your bag of greatness?

Hi @TapthatAsk!
I'll be releasing some new stuff soon. I've primarily been working on strategies recently but I'm sure I'll have some new studies in the mix.

 

[otal]

Hi @TapthatAsk!
I'll be releasing some new stuff soon. I've primarily been working on strategies recently but I'm sure I'll have some new studies in the mix.

Christopher84​

We will be attentive to your great launches, I am a player of green candles with red channels and vice versa. God continue to bless you.
Greetings from the land of coffee.

 

[Trader Raider]

I'll be releasing some new stuff soon.

You've been so successful that you're running out of room on page1 of this thread! Maybe new indicators/strats deserve a new thread? Or not ... as you think best

I need to learn how to code faster. I've got part of the scalper ported over to EL. It's been incredibly difficult and time consuming because I make mistakes on nearly every line. But that experience makes me appreciate even more how much code you and others share here!

Sounds like you're about to release more goodies that will further challenge (or more likely overwhelm!) my kindergarten coding

 

[lolreconlol]

You've been so successful that you're running out of room on page1 of this thread! Maybe new indicators/strats deserve a new thread? Or not ... as you think best

I need to learn how to code faster. I've got part of the scalper ported over to EL. It's been incredibly difficult and time consuming because I make mistakes on nearly every line. But that experience makes me appreciate even more how much code you and others share here!

Sounds like you're about to release more goodies that will further challenge (or more likely overwhelm!) my kindergarten coding

You still using the scalper? Are you using c3 as well or just scalper? What timeframes do you use? Any tips?

 

[Trader Raider]

You still using the scalper? Are you using c3 as well or just scalper? What timeframes do you use? Any tips?

Hi Lolreconlol. Don't mean to sound evasive but I cannot give a direct answer. Timeframes I use depend on the instrument, time of day, and the type of trade I'm watching for. Typically, I use a grid with multiple timeframes and use the lower timeframe (anywhere from 2-15 min) to fine tune an entry that aligns with the higher timeframe (1 hour - daily). My advice is to make a grid with several timeframes and watch price play out to find the timeframe and settings where the indicators best confirm your reading of the price action.

Best wishes and happy trading.

Oh, to answer your question, I prefer the scalper.

 

[irishgold]

@Christopher84 Looking forward to any new ideas. I converted the consensus part of Scalper to NinjaTrader , so far no repainting like TOS does, I'm working on creating a strategy in NT, I know TOS backtest is erroneous but it shows promise nonetheless.

 

[Trader Raider]

@Christopher84 Looking forward to any new ideas. I converted the consensus part of Scalper to NinjaTrader , so far no repainting like TOS does, I'm working on creating a strategy in NT, I know TOS backtest is erroneous but it shows promise nonetheless.

Same here for EasyLanguage (TradeStation). For me, adjusting the Spark to 3 or 4 EMAs has been helpful in improving the profit factor. Height is something I haven't tinkered with yet ... have you?

Today I hope to finish coding an automated bracket order so that the strategy will enter me into the trade then allow me to drag and drop the stop and target on the chart. That's the best I can do until I can finalize exit criteria. I've tested various aspects of the scalper in live and sim auto trading, and it's great at entry but my automated exits leave a lot to be desired!

I'd be very interested to hear anything you learn as you work on building a strategy. And like you, I look forward to whatever Christopher has coming next!

 

[irishgold]

@Trader Raider I notice that the height is calculated but it is never used as signal for anything. I have TOS with Scalper and C3_Max, also use the Triple Exhaustion Indicator, and WelKinsky Volume Indicator along with the Active Trader watching the bid/ask. trade only NQ, it helps show the energy and the likelihood of a movement. Your automated bracket order is that in TradeStation? and what conditions are you monitoring for the automation?

 

[Trader Raider]

I notice that the height is calculated but it is never used as signal for anything.

What I did was calculate a height score based on the same formula as the Spark. I made a histogram for spark scores and then superimposed the height score on the histogram as a line. I'm finding it very useful. For example, this morning on the 2 min NQ when the short signal fired about a half hour before the US market opened, the height score wasn't below 0 yet. As a general rule, I don't think I want an algo entering shorts unless the height score is negative. But I don't know for certain because I haven't tested it yet.

Conditions I've monitored so far are the consensusBias, consensusR, and Spark to see how they change in real time histograms (the only indicator I know how to make, LOL). This allowed me to test a range of specific values for each variable instead of < or > conditions.

Thank you for mentioning the other indicators. I will take a look at them over the weekend. Yes, TS has bracket orders that can be put into an automated strategy.

 

[eagle_ai]

Sorry about that, I erred

Could you please tell me what I did wrong here? Purchase Price for $37.71 & Sold for $37.57

That long entry was 100% against the trend

 

[Christopher84]

Just added 2 new strategies on pg.1 of the thread. The first is based on Ehler's Distant Coefficient Filter.

The second strategy is based off of the HiLo study.

Both strategies are adjustable. I hope everyone finds them useful. Happy trading!

 

[Trader Raider]

Just added 2 new strategies on pg.1 of the thread. The first is based on Ehler's Distant Coefficient Filter.

Wow, THANK YOU! More great work and you fit it into the first page. Can't wait to watch these on my charts this afternoon.

Thank you again for your generosity!