Confirmation Candles Indicator For ThinkorSwim

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


V9SjA1S.png
What is BTDConservative1? Just curious if you have a script?
 
@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.
 
Does anybody have a scanner for confirmation candles study and is there one to scan for squeezes and also a column for the squeezes>
 
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@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

R7qxhoJ.png


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

kMeePV7.png


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..

F7t0vQ7.png


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

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