Confirmation Candles Indicator For ThinkorSwim

[Christopher84]

Hi @Christopher84

I discovered this thread yesterday afternoon and found it very interesting. I stayed until 2:30 AM glued to the screen !! Tired with more than thirty pages of comments, but I think it's worth every minute. Just thank you for sharing.

I will start testing it today

Hi @andresuk!
Hope it's working out well for you! Happy trading!

 

[jorge50505]

@Christopher84 Very well done ... I am using it with my own indicator and looks real nice...

https://imgur.com/5HeZ36J

aspa what other indicators you got there?

 

[Christopher84]

Hi @Christopher84

any chance you have skype.. I would like to create a custom code.. Will need your help. I wont be asking for free code. hence thought to discuss with you on skype etc.

Hi @maka123!
I would be happy to discuss it with you in the discord group. My user name is the same on there.

 

[maka123]

hi pardon me.. may i know how to join discord group after i have connected my account?
@rad14733

 

[MerryDay]

@maka123
https://usethinkscript.com/threads/how-to-join-our-discord-chatroom.4897/

 

[CT88]

Hi Christopher,

I like the study. I'm using (Consensus Confirmation Candles) C3 v6 at the moment.. Although, I will test out a few others. I'd like to ask if you can please make a watchlist column for the squeeze alert, which changes colors like the chart label, but also shows how many bars have gone by since the last alert?

Also n addition to this study and a few others, I use a 32 Chart grid displaying just the basic charts. However, id like to add the yellow squeeze dots and the squeeze alert chart label to them. I've attempted to extract snippets of the code to make this work, but I haven't been able to figure out precisely what lines of code I need to use in order to display just those two items on the charts. Can you help me out with this as well, please? I'd like to do this to save on my pc's system resources. Thanks.

 

[Thoward604]

@Christopher84... thanks for all of your input and willingness to share. I watched your video a few times now and am very excited to try your system.. I've also read through the threads. The C3 feels like it matches my risk profile. I may have missed it but in your system how do you approach stop losses. I'm looking to do more swing trading and am often looking at the daily charts. Also, is the b4 your preferred lower study.... I see varies lower studies in your screen prints.

 

[Tonguscon]

@Christopher84 through backtesting it's great.
Do you know if the arrows repaint?

What is BTDConservative1? Just curious if you have a script?

 

[MerryDay]

@Tonguscon You can find more information about BTD Buy The Dip at the link below:
https://usethinkscript.com/threads/buy-the-dip-indicator-for-thinkorswim.3553/

 

[Christopher84]

@Christopher84... thanks for all of your input and willingness to share. I watched your video a few times now and am very excited to try your system.. I've also read through the threads. The C3 feels like it matches my risk profile. I may have missed it but in your system how do you approach stop losses. I'm looking to do more swing trading and am often looking at the daily charts. Also, is the b4 your preferred lower study.... I see varies lower studies in your screen prints.

Hi @Thoward604,
I do use a variety of indicators for my lower studies. The reason for this is that I create the lower studies while I am brainstorming. If I like the study, I tend to incorporate it into my upper study.

 

[ibenjamin305]

Does anybody have a scanner for confirmation candles study and is there one to scan for squeezes and also a column for the squeezes>

 

[Trader Raider]

Does anybody have a scanner for confirmation candles study and is there one to scan for squeezes and also a column for the squeezes>

If you use the search function to search this thread, you will find that the scan for the squeeze is located here.

Best wishes and happy trading!

 

[alexsmith3546]

@Christopher84 your overbought scanner + the consensus candles have been good to me to determine where to buy puts ($MRNA and PFE), I was looking at your overbought \oversold lower indicator and I am not sure how to read this chart

Now the price is strongly in the red cloud (and a big one) and it should retrace based upon what I have seen, but the lower indicator says we are no longer in overbought territory, so not sure how to read this....

This example below of EDIT seems fairly clear, overbought both on the cloud and the lower indicator and and I see a long wick which gives more confidence on a reversal but I am not sure how to read the above example

Also, the walmart chart is interesting since it shows as overbought in the lower chart but the upper chart is still very bullish, so looks like I need to wait to see the trend. Out of curiosity, why is that some oversold areas a cloud appears and some dont..

Any thoughts and inputs would be wonderful, as always, thank you for your incredible work on this.

 

[Thoward604]

@Christopher84 For the c3 upper study what's the difference in the label "consensus increasing = 16" being red vs green. In the post above, trend is bullish, most recent candle is green, all channels are green but the red consensus label is throwing me off a bit.

 

[Christopher84]

@Christopher84 For the c3 upper study what's the difference in the label "consensus increasing = 16" being red vs green. In the post above, trend is bullish, most recent candle is green, all channels are green but the red consensus label is throwing me off a bit.

Hi @Thoward604,
That mean that there is an that price is in an overbought condition. It will turn green when price is in an oversold condition.

 

[alexsmith3546]

Hi @Thoward604,
That mean that there is an that price is in an overbought condition. It will turn green when price is in an oversold condition.

@Christopher84 thank you, that makes sense, so how do we read red and 16 and consensus increasing, oversold but can potentially go higher ?

 

[rfb]

Hi @Christopher84

Thanks again for all your all your contributions to this thread! Greatly appreciated!! Been meaning to ask you if all the adjusted SPX/FOREX scripts on page 1 are the latest versions? Also, is there a way the Super OB/OS can be adjusted for SPX as well? Haven't been able to get that indicator to display, If not, no worries. Thank you.

 

[mikman]

This is awesome Christopher, thanks!

 

[alexsmith3546]

I had family out of town this weekend and since I was trying to be productive, i decided to spend my time listening to the video here

(its a recording of Christopher explaining the Consensus candles) and here are my rough notes which mostly answered all the questions I had



Notes on the C3

1. Green cloud , but red zone, still not going to break out, you want to ensure the green cloud and green zone
2. Price action should be evaluated in terms of the intermediate trend- green, red or grey
3. green channel - bullish trend
4. red candle in green channel is actually bullish
5. cloud oversold and flattening out (might see a spike soon), don’t get in here
6. if you see red candles in a green channel, go for it, especially a s squeeze in play
7. bullish practice action, right now in a support zone , is a bullish play
8. green candles in a red channel, nearing resistance is a good place to go short
9. red clouds act as markers to say , sell over the cloud or just look to see as you get close to it
10. ideally sell over the red cloud every time,they typically are reversal zones
11. the long cloud is a good indicator that the price will come to the base of the cloud (exception is if the support is above the base of the channel)
12. squeeze dots indicate a squeeze condition,
13. the red dots are indicators that its getting oversold (not completely oversold), do start looking at setting stop losses there or take some profits off
14. it can go above a long cloud, it can go above the long cloud as long as the support line is higher than the end of the cloud- at some point, it can hammer back below the cloud
15. when the price is a channel, indicates the price looking for direction and a squeeze is happening, wait for a breakout over the high (that said, it should be a solid breakout, not one which has a long wick, long wick means the price action is weak. B4 can help with this.
16. the consensus numbers are not as relevant as you might think
17. the consensus numbers are more binary
18. increasing is momentum (more studies and increasing) is good
19. red is overbought and green is oversold
20. Think of the consensus candles as a binary
21. breakout - agreement within the bands, the keltner bands were green
22. breakdown - bands were in agreement that it was breaking down, red color
23. in sideways move, bands are moving back and forth in terms in color , it oscillates between the high and low, so tagging the high and low
24. red channel, green candle is a good opportunity too short, do check with the B4
25. in a green cloud, once it descends below the green channel, look to buy since there will be sometimes some upward movement,
26. when the price movement punches the top of the channel, and pushes up, that’s a positive movement, when the near term resistance lines are pushing it upwards, its a good sign that you want in.
27. when the interim resistance lines are moving down, its a sign of a bearish signal
28. when you dont see to a cloud to get out, see for gojis or wait for the candle changes down
29. when you see the macdbb being red and the line being bent back its an option to short and the channel is red.
30. high hanging candle in red channel is a sharper move down
31. if the wicking is below the intermediate channel, multiple wicks, it can show that it has strong support and a potential reversal.
32. if its indecisive , consider it as red channel and get it as close as possible to the red channel
33. scalp with the trend, mean reversals are hard to to determine
34. Always a set a target, where price is going, how long are you going to run it there
35. green clouds provide support, but it can break down too
36. Look to the left to see the where the resistance channel was, the are always good intermediate areas to take profits or look to scale out,
    
    Please note I still need to watch the last 30 minutes again as I was getting tired around the 1 hour mark (it was 11 PM PST) so the notes dont reflect the ichimoku clouds and the starc bands yet.
    
    Hope this helps someone.

 

[tjlizwelicha]

I had family out of town this weekend and since I was trying to be productive, i decided to spend my time listening to the video here

(its a recording of Christopher explaining the Consensus candles) and here are my rough notes which mostly answered all the questions I had



Notes on the C3

1. Green cloud , but red zone, still not going to break out, you want to ensure the green cloud and green zone
2. Price action should be evaluated in terms of the intermediate trend- green, red or grey
3. green channel - bullish trend
4. red candle in green channel is actually bullish
5. cloud oversold and flattening out (might see a spike soon), don’t get in here
6. if you see red candles in a green channel, go for it, especially a s squeeze in play
7. bullish practice action, right now in a support zone , is a bullish play
8. green candles in a red channel, nearing resistance is a good place to go short
9. red clouds act as markers to say , sell over the cloud or just look to see as you get close to it
10. ideally sell over the red cloud every time,they typically are reversal zones
11. the long cloud is a good indicator that the price will come to the base of the cloud (exception is if the support is above the base of the channel)
12. squeeze dots indicate a squeeze condition,
13. the red dots are indicators that its getting oversold (not completely oversold), do start looking at setting stop losses there or take some profits off
14. it can go above a long cloud, it can go above the long cloud as long as the support line is higher than the end of the cloud- at some point, it can hammer back below the cloud
15. when the price is a channel, indicates the price looking for direction and a squeeze is happening, wait for a breakout over the high (that said, it should be a solid breakout, not one which has a long wick, long wick means the price action is weak. B4 can help with this.
16. the consensus numbers are not as relevant as you might think
17. the consensus numbers are more binary
18. increasing is momentum (more studies and increasing) is good
19. red is overbought and green is oversold
20. Think of the consensus candles as a binary
21. breakout - agreement within the bands, the keltner bands were green
22. breakdown - bands were in agreement that it was breaking down, red color
23. in sideways move, bands are moving back and forth in terms in color , it oscillates between the high and low, so tagging the high and low
24. red channel, green candle is a good opportunity too short, do check with the B4
25. in a green cloud, once it descends below the green channel, look to buy since there will be sometimes some upward movement,
26. when the price movement punches the top of the channel, and pushes up, that’s a positive movement, when the near term resistance lines are pushing it upwards, its a good sign that you want in.
27. when the interim resistance lines are moving down, its a sign of a bearish signal
28. when you dont see to a cloud to get out, see for gojis or wait for the candle changes down
29. when you see the macdbb being red and the line being bent back its an option to short and the channel is red.
30. high hanging candle in red channel is a sharper move down
31. if the wicking is below the intermediate channel, multiple wicks, it can show that it has strong support and a potential reversal.
32. if its indecisive , consider it as red channel and get it as close as possible to the red channel
33. scalp with the trend, mean reversals are hard to to determine
34. Always a set a target, where price is going, how long are you going to run it there
35. green clouds provide support, but it can break down too
36. Look to the left to see the where the resistance channel was, the are always good intermediate areas to take profits or look to scale out,
    
    Please note I still need to watch the last 30 minutes again as I was getting tired around the 1 hour mark (it was 11 PM PST) so the notes dont reflect the ichimoku clouds and the starc bands yet.
    
    Hope this helps someone.

Thank you so much for taking the time to share your notes.