Confirmation Candles Indicator For ThinkorSwim

[Christopher84]

Chris do I apply the PLD bands to the an existing chart for the 3min? I copied it from the 1st page and when applied to a clean script nothing happens. I did use the link for the 15min chart you posted here for @FOTM_8888

Hi @sean1970ss,
That's correct. Here's the 3 min chart https://tos.mx/DBc4EKE. Hope this helps!

 

[homeplate]

Confirmation Candles upper and lower studies, as well as, CC Candles upper and lower studies have been updated and cleaned up a bit. Be sure to check them out on the first page of this thread!

Hi @Christopher84 . I was hoping you could educate me on your labels. I attached a screen print. labels

 

[homeplate]

Hi @Christopher84 - I wanted to ask a question about the Confirmation_Level that shows at the top of the graph. Is there an index that tells you what to confirmation level means when it says something like Confirmation_Level 12 or 1 thru ? Also, is there ever a negative number associated with the confirmation level. Finally, does the confirmation level coinside with the Looking to Buy, Looking to Sell and what do you believe the ideal time for the graph should be? (v.10) (1 min, 30 sec, ?) Thank you in advance for answering.

Sincerely,
HomePlate

 

[rk2705]

Hi @sean1970ss,
That's correct. Here's the 3 min chart https://tos.mx/DBc4EKE. Hope this helps!

Hi Chris,
i am big fan of your scripts. I have one request. Is there any Possibility to convert the Signal (UP /Down Arrow) in to Automated Order. I know this is strategy , and automated order needed Study to full fill the STUDY condition.

Is it possible to convert your Strategy to Study , so that we can used in Conditional Order when condition Met . Thanks in advance.

 

[HODL-Lay-HE-hoo!]

@rk2705 load the scalper strategy as opposed to the study and it will add order (not full auto ofcourse)

 

[HODL-Lay-HE-hoo!]

Hey @Christopher84 should the watchlist columns for consensus level that are already posted earlier in the thread work or correspond to the Max spark consensus label?

Also... The C3 Line turns to yellow to indicate OB OS... is it possible to make a label or wl column to indicate that the line has turned yellow X# of times over the past however many bars - as it seems to turn yellow more than once before reversal.

Thanks for everything... you are a mans man.... a man amongst men... which i guess would mean your just average? You are ABOVE average is what I am trying to say ok?!

 

[latinbori123456]

Hello All.

I just have to give the utmost respect to Chris for this. I finally learned how to use this indicator on a 5 min timeframe and have been trading SPY, AMZN, NIO, MSFT 0 day to expire options for 4 weeks. I have had a 85% win rate. The failures were me knowing I did something I shouldn’t have and cut quickly.

Long story short, my losses have been 20-40% and my wins have been 90-120% every time, with an occasional 1000% runners (nailed 3 on SPY in a month).

This c3 max on the first page has saved my life. I’m slowly recovering all my OTC losses from being a noob back in Feb 2021 and I now got rid of OTC from my custom scanners.

I have become the lead trader of my small private group bc of this indicator and all the things I learned for over a year of losing.

Hey Chris, is there’s anything I can do to repay you for your kindness?

 

[latinbori123456]

For

Hello All.

I just have to give the utmost respect to Chris for this. I finally learned how to use this indicator on a 5 min timeframe and have been trading SPY, AMZN, NIO, MSFT 0 day to expire options for 4 weeks. I have had a 85% win rate. The failures were me knowing I did something I shouldn’t have and cut quickly.

Long story short, my losses have been 20-40% and my wins have been 90-120% every time, with an occasional 1000% runners (nailed 3 on SPY in a month).

This c3 max on the first page has saved my life. I’m slowly recovering all my OTC losses from being a noob back in Feb 2021 and I now got rid of OTC from my custom scanners.

I have become the lead trader of my small private group bc of this indicator and all the things I learned for over a year of losing.

Hey Chris, is there’s anything I can do to repay you for your kindness?

For anyone interested, it’s literally just waiting for a green zone to form, buy 1 call (I use 1 for 100% gainers or buy and even number of calls and sell half when I hit 100 and ride the rest free) when the ticker breaks out of the zone to upside which a matching color trend line and signal arrow, and selling when a new red zone formed. As mentioned, I either close my 1 contract or sell half of my even positions to have the half I sold cover a complete loss on the other half at expiration and I ride those other options for free.

Buy puts on red zone and close out on the green ones.

If you use other indicators like MACD, stochastic, onbalancedvolume modified (all standard in TOS) you will avoid the chop days and not enter.

RSI above 50 is uptrend and below 50 is downtrend, OBVM is a stochastic but for volume, so crossovers help, MACD histogram divergences help, MFI above/below 51 are up/downtrend incorporating price and volume (combo of a candle chart and OBVM).

When you start seeing these all align, along with the consensus rating and these zones, it’s pretty much been very easy.

 

[HODL-Lay-HE-hoo!]

Hello All.

I just have to give the utmost respect to Chris for this. I finally learned how to use this indicator on a 5 min timeframe and have been trading SPY, AMZN, NIO, MSFT 0 day to expire options for 4 weeks. I have had a 85% win rate. The failures were me knowing I did something I shouldn’t have and cut quickly.

Long story short, my losses have been 20-40% and my wins have been 90-120% every time, with an occasional 1000% runners (nailed 3 on SPY in a month).

This c3 max on the first page has saved my life. I’m slowly recovering all my OTC losses from being a noob back in Feb 2021 and I now got rid of OTC from my custom scanners.

I have become the lead trader of my small private group bc of this indicator and all the things I learned for over a year of losing.

Hey Chris, is there’s anything I can do to repay you for your kindness?

Hey, do you always wait until x time to consider buying (after getting the signal to buy), or as soon as you get the signal you buy the contract even if it is 5 mins after market open?

 

[latinbori123456]

I always wait for a zone to form and usually set an OCO order to trigger a buy a call only if the price is above a certain PPS (10 ticks above the resistance) or buy a put if the price is below a certain PPS (10 ticks below).

Either one of those orders will trigger and the other will cancel.

At that point I get a text message and I will put a stop loss on that order to market sell if the PPS breaks back into the zone at the halfway point(risk management).

If my stop loss isn’t triggered I’ll just keep my computer on the 5 min chart, wait for a new zone to form and take it from there

 

[HODL-Lay-HE-hoo!]

For

For anyone interested, it’s literally just waiting for a green zone to form, buy 1 call (I use 1 for 100% gainers or buy and even number of calls and sell half when I hit 100 and ride the rest free) when the ticker breaks out of the zone to upside which a matching color trend line and signal arrow, and selling when a new red zone formed. As mentioned, I either close my 1 contract or sell half of my even positions to have the half I sold cover a complete loss on the other half at expiration and I ride those other options for free.

Buy puts on red zone and close out on the green ones.

If you use other indicators like MACD, stochastic, onbalancedvolume modified (all standard in TOS) you will avoid the chop days and not enter.

RSI above 50 is uptrend and below 50 is downtrend, OBVM is a stochastic but for volume, so crossovers help, MACD histogram divergences help, MFI above/below 51 are up/downtrend incorporating price and volume (combo of a candle chart and OBVM).

When you start seeing these all align, along with the consensus rating and these zones, it’s pretty much been very easy.

Good explanation sir. I like to use scalper with an indicator coded by TWOO... I think it is called Index Equity Sectors or something of that nature - it seems to be a very good indication of chop vs a strong trend up or down (although you have to input the new sector weights manually as needed).

I was under the impression scalper/confirmation candles already accounts for MACD RSI etc. as a consensus factor? I could be mistaken though.

 

[latinbori123456]

Good explanation sir. I like to use scalper with an indicator coded by TWOO... I think it is called Index Equity Sectors or something of that nature - it seems to be a very good indication of chop vs a strong trend up or down (although you have to input the new sector weights manually as needed).

I was under the impression scalper/confirmation candles already accounts for MACD RSI etc. as a consensus factor? I could be mistaken though.

I honestly don’t know what the scalper alert is for. I use EMA 8/21, ttm squeeze, and the ttm short wave indicator to see whether or not a stock will squeeze to the upside or downside.

The consensus number does account for macd and rsi, but it’s not exclusive to them. The consensus could have 7 indicators in alignment l, but that does not confirm rsi and macd are part of those 7. I just look for anything over 8 and use the ttm squeeze and short term wave to determine direction.

 

[Trader Raider]

I was under the impression scalper/confirmation candles already accounts for MACD RSI etc. as a consensus factor? I could be mistaken though.

The scalper bias is based on stacked EMAs. If you look at the code, you can see how they're added up to form a score. Don't recall seeing MACD or RSI in Scalper, at least not v2 when I ported it to EL. It also uses the MAMA FAMA in calculating the C3 line.

Christopher is free to correct me if I'm wrong. Best wishes and Happy Trading!

 

[Sbollapa]

@Christopher84 I was paper trading today using TS & PLD strategy on 15/3min charts and noticed a strange thing when I was using it on 2 machines(2 different accounts with the same settings on both)
At 10:15AM, I see that in one machine I see that candle is touching the blue line and in another it was not touching. Do you know what could cause this issue?

 

[Christopher84]

@Christopher84 I was paper trading today using TS & PLD strategy on 15/3min charts and noticed a strange thing when I was using it on 2 machines(2 different accounts with the same settings on both)
At 10:15AM, I see that in one machine I see that candle is touching the blue line and in another it was not touching. Do you know what could cause this issue?

Hi @Sbollapa!
Looks like the blue line on the top chart is Ehler's Distant Coeffecient Filter and the on the lower chart the blue line the is the PDL. That would probably explain why the lines look different. Hope that helps!

 

[Christopher84]

Hi @Christopher84 - I wanted to ask a question about the Confirmation_Level that shows at the top of the graph. Is there an index that tells you what to confirmation level means when it says something like Confirmation_Level 12 or 1 thru ? Also, is there ever a negative number associated with the confirmation level. Finally, does the confirmation level coinside with the Looking to Buy, Looking to Sell and what do you believe the ideal time for the graph should be? (v.10) (1 min, 30 sec, ?) Thank you in advance for answering.

Sincerely,
HomePlate

Hi @homeplate!
Confirmation Level will only show positive numbers. The number shown as the Confirmation Level, is the number of studies that are indicating an upward move in price. Look to Buy and Look to Sell use Consensus Level(looks at both upward and downward indications of price movement) instead of Confirmation Level (although Confirmation Level could likely be used in a similar fashion). As far as ideal time frame for trading, it's really just dependent on the trading style and asset you are looking trade as to what the ideal time frame may be. I have used these indicators on many different time frames and several different assets to execute different strategies. The best thing to do is to test your strategy thoroughly before attempting to execute it. Happy trading @homeplate!

 

[Christopher84]

The scalper bias is based on stacked EMAs. If you look at the code, you can see how they're added up to form a score. Don't recall seeing MACD or RSI in Scalper, at least not v2 when I ported it to EL. It also uses the MAMA FAMA in calculating the C3 line.

Christopher is free to correct me if I'm wrong. Best wishes and Happy Trading!

Hi @Trader Raider!
As usual, you are right on point. RSI and MACD are in Confirmation Level and Consensus Level calculations. Scalper is based purely on the EMA's.

 

[Christopher84]

Hello All.

I just have to give the utmost respect to Chris for this. I finally learned how to use this indicator on a 5 min timeframe and have been trading SPY, AMZN, NIO, MSFT 0 day to expire options for 4 weeks. I have had a 85% win rate. The failures were me knowing I did something I shouldn’t have and cut quickly.

Long story short, my losses have been 20-40% and my wins have been 90-120% every time, with an occasional 1000% runners (nailed 3 on SPY in a month).

This c3 max on the first page has saved my life. I’m slowly recovering all my OTC losses from being a noob back in Feb 2021 and I now got rid of OTC from my custom scanners.

I have become the lead trader of my small private group bc of this indicator and all the things I learned for over a year of losing.

Hey Chris, is there’s anything I can do to repay you for your kindness?

Hi @latinbori123456,
I developed these indicators to help people make better trading decisions. It makes my day to hear about the success you have had using them. Thank you for sharing your results! Look me up on discord. I would love to chat some time about how you are utilizing these tools. Congratulations and happy trading!!!

 

[METAL]

Hello All.

I just have to give the utmost respect to Chris for this. I finally learned how to use this indicator on a 5 min timeframe and have been trading SPY, AMZN, NIO, MSFT 0 day to expire options for 4 weeks. I have had a 85% win rate. The failures were me knowing I did something I shouldn’t have and cut quickly.

Long story short, my losses have been 20-40% and my wins have been 90-120% every time, with an occasional 1000% runners (nailed 3 on SPY in a month).

This c3 max on the first page has saved my life. I’m slowly recovering all my OTC losses from being a noob back in Feb 2021 and I now got rid of OTC from my custom scanners.

I have become the lead trader of my small private group bc of this indicator and all the things I learned for over a year of losing.

Hey Chris, is there’s anything I can do to repay you for your kindness?

@latinbori123456 Which strategy are you using for options? The PLD or the c3Max or something else?

 

[latinbori123456]

@latinbori123456 Which strategy are you using for options? The PLD or the c3Max or something else?

C3 max. My first data point is always the red supply/green demand zones forming for 15 minutes (3 5 min candles).

I don’t use extended hours.

once a zone forms I watch rsi, stochastic rsi, macd, on balance volume modified, MFI, and candle patterns on the 1 min to have an idea which direction Tge 1 min will push the 5 min.

From there I use the 15/30 minute chart to see the overall trend for that zone.

I watch for a breakout to either side and buy calls or outs accordingly until a new zone forms on the 5 min chart.

I then scale or close out.

Almost ever trade I had gotten correct has been 100% gain.

Very rarely have I gotten less than 75%, and some have run almost 1000% if I’m lucky.

If I enter a trade on Tge possible breakout, I always create either a market GTC sell to trigger and get out of the trade if the price falls back halfway into the zone bc odds are I got caught in a fakeout or I put a stop loss using the price of the option to sell at a 30% loss.

I have gotten a few wrong but I have been right 80% of the time, and for much more gains than I take losses.