Came across this archive in the thinkScript Lounge:
A couple of notes from Mobius, the developer of this script:
12:49 Mobius: As always I suggest living with any study for a while until you understand it before trading it.
12:51 Mobius: The signals will not repaint. And they are not early or late. So you need to be comfortable pulling the trigger when you see the signal. It's scalping and thinking too much.
12:55 Mobius: I've been able to easily clear 6 to 10 points a day with that study over the testing period. With few bad trades more than a couple points
12:56 Mobius: Seems best trades are out of the gate at RTH open
12:57 Mobius: spoke.. I'll use 2min, 5min and 15min depending on how volatile the market is
13:00 Mobius: Good clue on how volatile the market is, is ORB. if the range is 10 points or less the market is probably melting up and 15min is easier. If 20 points or so 5min. Large Opening Ranges of 40 or 50 points and 2min and it's wise to lighten up in risk. I'll often trade down to 2 contracts if the market is super volatile. Even add to positions of we're getting 10point bars
Code:
# Scalper
# Mobius
# V01.01
# Notes: Area between red and green horizontal plot lines (gray continuous cloud plot) represents body of trend. Area above and below red and green horizontal plot lines represents tail accumulation and distribution. Price will be more volitile in tails. Trading at signals is good for quick scalping trades.
input n = 8;
input averageType = AverageType.WILDERS;
input upper = 90;
input lower = 10;
input signals = yes;
def h = high;
def l = low;
def c = close;
def x = barNumber();
def nan = double.nan;
script Range
{
input c = close;
input n = 8;
def Min = lowest(close, n);
def Max = highest(close, n);
def hh = Highest(c, n);
def ll = Lowest(c, n);
plot R = (((Max - Min) * (c - ll)) / (hh - ll)) + Min;
}
def a = close;
def b = CompoundValue(1, b[1] + (a-b[1]) / (n * Power(a/b[1], 4)), a);
def Avg = MovingAverage(averageType, b-b[1], n);
def AbsAvg = MovingAverage(averageType, AbsValue(b-b[1]), n);
def R = Avg / AbsAvg;
def Lpivot;
def Lbar;
def Hpivot;
def Hbar;
if 50 * (R + 1) crosses below lower
{
Lpivot = h;
Lbar = x;
}
else
{
Lpivot = Lpivot[1];
Lbar = Lbar[1];
}
if 50 * (R + 1) crosses above upper
{
Hpivot = l;
Hbar = x;
}
else
{
Hpivot = Hpivot[1];
Hbar = Hbar[1];
}
plot st = Range(50 * (R + 1), n);
st.SetLineWeight(2);
st.AssignValueColor(if 50 * (R + 1) < lower
then color.red
else if 50 * (R + 1) > upper
then color.green
else color.light_gray);
st.HideBubble();
st.HideTitle();
plot lp = if x >= highestAll(Lbar)
then highestAll(if isNaN(c[-1])
then Lpivot
else nan)
else nan;
lp.SetLineWeight(2);
lp.SetDefaultColor(Color.Green);
lp.HideBubble();
lp.HideTitle();
plot hp = if x >= highestAll(Hbar)
then highestAll(if isNaN(c[-1])
then Hpivot
else nan)
else nan;
hp.SetlineWeight(2);
hp.SetDefaultColor(Color.Red);
hp.HideBubble();
hp.HideTitle();
addCloud(lp, st, color.light_red, color.gray);
addCloud(st, hp, color.light_green, color.gray);
plot upSignal = if signals and
50 * (R + 1) crosses above lower
then l - (3*tickSize())
else nan;
upSignal.SetPaintingStrategy(PaintingStrategy.Arrow_UP);
upSignal.SetLineWeight(3);
upSignal.SetDefaultColor(Color.Green);
upSignal.HideBubble();
upSignal.HideTitle();
plot up2Signal = if signals and
50 * (R + 1) crosses above upper
then l - (5*tickSize())
else nan;
up2Signal.SetPaintingStrategy(PaintingStrategy.Arrow_UP);
up2Signal.SetLineWeight(1);
up2Signal.SetDefaultColor(Color.Cyan);
up2Signal.HideBubble();
up2Signal.HideTitle();
plot dnSignal = if signals and
50 * (R + 1) crosses below upper
then h + (3*tickSize())
else nan;
dnSignal.SetPaintingStrategy(PaintingStrategy.Arrow_DOWN);
dnSignal.SetLineWeight(3);
dnSignal.SetDefaultColor(Color.Red);
dnSignal.HideBubble();
dnSignal.HideTitle();
plot dn2Signal = if signals and
50 * (R + 1) crosses below lower
then h + (5*tickSize())
else nan;
dn2Signal.SetPaintingStrategy(PaintingStrategy.Arrow_DOWN);
dn2Signal.SetLineWeight(1);
dn2Signal.SetDefaultColor(Color.Magenta);
dn2Signal.HideBubble();
dn2Signal.HideTitle();
# End Code ScalperA couple of notes from Mobius, the developer of this script:
12:49 Mobius: As always I suggest living with any study for a while until you understand it before trading it.
12:51 Mobius: The signals will not repaint. And they are not early or late. So you need to be comfortable pulling the trigger when you see the signal. It's scalping and thinking too much.
12:55 Mobius: I've been able to easily clear 6 to 10 points a day with that study over the testing period. With few bad trades more than a couple points
12:56 Mobius: Seems best trades are out of the gate at RTH open
12:57 Mobius: spoke.. I'll use 2min, 5min and 15min depending on how volatile the market is
13:00 Mobius: Good clue on how volatile the market is, is ORB. if the range is 10 points or less the market is probably melting up and 15min is easier. If 20 points or so 5min. Large Opening Ranges of 40 or 50 points and 2min and it's wise to lighten up in risk. I'll often trade down to 2 contracts if the market is super volatile. Even add to positions of we're getting 10point bars
