High and Low Reversals Indicator + Day Trading Strategy

D

[deleted]13

Guest
Thank you @horserider . But I was referring to this indicator:

# Overnight Trading Hours High and Low Reversals
# Mobius
# V01.08.20.2018 Chat Room Request
# Alerts added by BenTen at useThinkScript.com

and also adding bubbles to my ATRTrailingStop indicator.

I was trying to link an image example, but I get an error when trying to link to an image on Google Photos.
https://photos.app.goo.gl/CegyPzC6ETT4eeRk8
 
D

[deleted]13

Guest
Thank you @horserider . But I was referring to this indicator:

# Overnight Trading Hours High and Low Reversals
# Mobius
# V01.08.20.2018 Chat Room Request
# Alerts added by BenTen at useThinkScript.com

and also adding bubbles to my ATRTrailingStop indicator.

I am now realizing my mistake in my comments. The chart also calls a bubble to the price marker on the right of the chart. I was referring to a bubble that shows on the actual chart such as (High of Day / Low of Day) or for the ATR ( Bullish / Bearish ) appearing on top of the indicator trend change as confirmation.
 
B

barbaros

Active member
Open ORB, don't touch a think, look through where the labels are, there should be an explanation of what, for example "OR," means,....risk-on, then there's risk-off, etc......best breakout tool,.....the line of horizontal dots after first 30 minutes tell you, either blue, positive day, or red, negative day. So,...open that engine......

@Thomas @J-Fearless this looks pretty powerful. I'm still having a hard time nailing down the full understanding though. Do you put order in when breaks below RO? Should this be used in combination with other indicators to confirm? How should you trade around Risk On and Risk Off?
 
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J

J-Fearless

New member
@Thomas @J-Fearless this looks pretty powerful. I'm still having a hard time nailing down the full understanding though. Do you put order in when breaks below RO? Should this be used in combination with other indicators to confirm? How should you trade around Risk On and Risk Off?

Hi Barbaros,

I used this today to devastating effect on a 1m chart. 10 wins, 1 loss. It even caught the Airlines rallying which was very nice. I personally put orders in as soon as it broke out of the opening range, and set the RO as my first profit target. Sometimes they were too close so I was in after it broke RO. Then I scaled out at each level and adjusted trailing stops to the previous level, leaving a runner at the end where I just observed price action till it looked like it was cratering and exited. If you'd like some other indicators to help confirm, ATRTrailingStop can help, but I found it counterproductive. SuperTrend probably better. Personally I can trade using morning levels without any indicators at all, but this is nice since it adds realistic targets and saves me the effort of drawing levels. Second day using and don't feel like I needed additional confirmations. Only thing I will add, is if the break up or down is counter to the morning trend (the vertical dots), then I removed all contracts at the first target, since I figure it's a weaker break.

Hope that helps and keep in mind I only loaded this up 3 days ago and just played with it for the first day. It spoke to me because it simplifies what I already do in my regular trading strat.

best
-J
 
B

barbaros

Active member
@J-Fearless thanks for the quick response and explanation. I appreciate everyones help as I am trying to increase my trading experience.
Where would you put your stop loss in this chart? I am using 2000t /ES.

 
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horserider

horserider

Well-known member
VIP
@fjr1300 Just add this type code where you want bubbles.

AddChartBubble(ArrowUP == ArrowUP , ArrowUP , "Buy", Color.GREEN,yes);
AddChartBubble(ArrowDN == ArrowDN , ArrowDN , "Sell", Color.RED, yes);
 
D

[deleted]13

Guest
@fjr1300 Just add this type code where you want bubbles.

AddChartBubble(ArrowUP == ArrowUP , ArrowUP , "Buy", Color.GREEN,yes);
AddChartBubble(ArrowDN == ArrowDN , ArrowDN , "Sell", Color.RED, yes);

wow. that simple..? awesome. Let me try it. Thank you @horserider
 
J

J-Fearless

New member
@barbaros I would have put it at the thin red line, for a small loss, then traded the second breakout again this time with more successfully. It’s worth noting that since my stops are mental, it’s possible I may not here exited. I’m not sure how fast this was moving beings ticks and all but it’s possible I would have watched the price action a bit and stayed in the trade as it broke down again. Since it topped twice at the SL and then came back down.

As much as I love rules to a system sometimes experience and intuition guide your hand too.it was still in the bear zone and with not too much buying pressure. If that second peak had been higher (the body) than yeah I probably would have been out. Either way jumping back into the trade on the next breakdown would have more than made up for the loss if I had exited.
 
D

[deleted]13

Guest
@horserider
I get an error. (No Such Variable: ArrowDN at... etc.

I just have no clue other than picking a spot and pasting it.

@horserider
Here is my UPDATED (Pasted what you provided at the bottom) code:

input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};
input averageType = AverageType.WILDERS;
Assert(ATRFactor > 0, "'atr factor' must be positive: " + ATRFactor);
def HiLo = Min(high - low, 1.5 * Average(high - low, ATRPeriod));
def HRef = if low <= high[1] then high - close[1] else (high - close[1]) - 0.5 * (low - high[1]); def LRef = if high >= low[1]
then close[1] - low
else (close[1] - low) - 0.5 * (low[1] - high);
def trueRange;
switch (trailType) {
case modified:
trueRange = Max(HiLo, Max(HRef, LRef));
case unmodified:
trueRange = TrueRange(high, close, low);
}
def loss = ATRFactor * MovingAverage(averageType, trueRange, ATRPeriod);
def state = {default init, long, short};
def trail;
switch (state[1]) {
case init:
if (!IsNaN(loss)) {
switch (firstTrade) {
case long:
state = state.long;
trail = close - loss;
case short:
state = state.short;
trail = close + loss;
}
} else {
state = state.init;
trail = Double.NaN;
}
case long:
if (close > trail[1]) {
state = state.long;
trail = Max(trail[1], close - loss);
} else {
state = state.short;
trail = close + loss;
}
case short:
if (close < trail[1]) {
state = state.short;
trail = Min(trail[1], close + loss);
} else {
state = state.long;
trail = close - loss;
}
}
plot BuySignal = if Crosses(state == state.long, 0, CrossingDirection.ABOVE) then low else Double.NaN;
BuySignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
plot SellSignal = if Crosses(state == state.short, 0, CrossingDirection.ABOVE) then high else Double.NaN;
SellSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
plot TrailingStop = trail;
TrailingStop.SetPaintingStrategy(PaintingStrategy.POINTS);
TrailingStop.DefineColor("Buy", GetColor(0));
TrailingStop.DefineColor("Sell", GetColor(1));
TrailingStop.AssignValueColor(if state == state.long
then TrailingStop.Color("Sell")
else TrailingStop.Color("Buy"));
Alert(BuySignal, "Trail Stop Long Entry", Alert.BAR, Sound.RING);
Alert(SellSignal, "Trail Stop Short Entry", Alert.BAR, Sound.RING);

AddChartBubble(BuySignal == BuySignal , BuySignal , "Buy", Color.GREEN,no);
AddChartBubble(SellSignal == SellSignal , SellSignal , "Sell", Color.RED, yes);


# End Code
 
Last edited by a moderator:
B

barbaros

Active member
@J-Fearless Thank you for your comments. I agree to watch the price action. Here is another example for April 24th. It opened bearish. However, it reversed and gone the other direction.

 
horserider

horserider

Well-known member
VIP
@fjr1300 Please explain what you wish coded in better detail. Those bubbles were for the hi lo study.
Now that you displayed the code it is easier to help.

Erase what you pasted before and then at the bottom of all the code you can paste this;

AddChartBubble(BuySignal == BuySignal , BuySignal , "Buy", Color.GREEN,no);
AddChartBubble(SellSignal == SellSignal , SellSignal , "Sell", Color.RED, yes);
 
D

[deleted]13

Guest
@horserider
I get an error. (No Such Variable: ArrowDN at... etc.

I just have no clue other than picking a spot and pasting it.

@horserider
Here is my UPDATED (Pasted what you provided at the bottom) code:

input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};
input averageType = AverageType.WILDERS;
Assert(ATRFactor > 0, "'atr factor' must be positive: " + ATRFactor);
def HiLo = Min(high - low, 1.5 * Average(high - low, ATRPeriod));
def HRef = if low <= high[1] then high - close[1] else (high - close[1]) - 0.5 * (low - high[1]); def LRef = if high >= low[1]
then close[1] - low
else (close[1] - low) - 0.5 * (low[1] - high);
def trueRange;
switch (trailType) {
case modified:
trueRange = Max(HiLo, Max(HRef, LRef));
case unmodified:
trueRange = TrueRange(high, close, low);
}
def loss = ATRFactor * MovingAverage(averageType, trueRange, ATRPeriod);
def state = {default init, long, short};
def trail;
switch (state[1]) {
case init:
if (!IsNaN(loss)) {
switch (firstTrade) {
case long:
state = state.long;
trail = close - loss;
case short:
state = state.short;
trail = close + loss;
}
} else {
state = state.init;
trail = Double.NaN;
}
case long:
if (close > trail[1]) {
state = state.long;
trail = Max(trail[1], close - loss);
} else {
state = state.short;
trail = close + loss;
}
case short:
if (close < trail[1]) {
state = state.short;
trail = Min(trail[1], close + loss);
} else {
state = state.long;
trail = close - loss;
}
}
plot BuySignal = if Crosses(state == state.long, 0, CrossingDirection.ABOVE) then low else Double.NaN;
BuySignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
plot SellSignal = if Crosses(state == state.short, 0, CrossingDirection.ABOVE) then high else Double.NaN;
SellSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
plot TrailingStop = trail;
TrailingStop.SetPaintingStrategy(PaintingStrategy.POINTS);
TrailingStop.DefineColor("Buy", GetColor(0));
TrailingStop.DefineColor("Sell", GetColor(1));
TrailingStop.AssignValueColor(if state == state.long
then TrailingStop.Color("Sell")
else TrailingStop.Color("Buy"));
Alert(BuySignal, "Trail Stop Long Entry", Alert.BAR, Sound.RING);
Alert(SellSignal, "Trail Stop Short Entry", Alert.BAR, Sound.RING);

AddChartBubble(BuySignal == BuySignal , BuySignal , "Buy", Color.GREEN,no);
AddChartBubble(SellSignal == SellSignal , SellSignal , "Sell", Color.RED, yes);


# End Code

@horserider - Awesome That works. Great Job.
 
D

[deleted]13

Guest
@fjr1300 Please explain what you wish coded in better detail. Those bubbles were for the hi lo study.
Now that you displayed the code it is easier to help.

Erase what you pasted before and then at the bottom of all the code you can paste this;

AddChartBubble(BuySignal == BuySignal , BuySignal , "Buy", Color.GREEN,no);
AddChartBubble(SellSignal == SellSignal , SellSignal , "Sell", Color.RED, yes);


@horserider Exactly what I was looking for. Thank you.
 
T

Thomas

Active member
@Thomas @J-Fearless this looks pretty powerful. I'm still having a hard time nailing down the full understanding though. Do you put order in when breaks below RO? Should this be used in combination with other indicators to confirm? How should you trade around Risk On and Risk Off?
Use alert......or place buy above price
 
T

Thomas

Active member
OMG - Thomas hi!!!!!

I've been messing with the ORBV4 yesterday after close and this morning ran 5 live option trades with it (short) and all printed. AAPL even made it down to T5 before I hit my trailing stop. I'm not sure if I'm using it correctly at all though. Not sure what most of the acronyms mean (RO? for example).

Is there a thread somewhere that explains the features at all? I tried searching ORB but it's too short and ORBV4 brought up nothing. I'd love to understand it better and see what's going on under the hood.

Would very much appreciate a link to a thread or a quick explanation if that's not possible.

Appreciate your time.

Thx -J
Here's a very I have set up on futures,......note color change.....https://tos.mx/r4GGvMT
 
T

Thomas

Active member
Hahahaha,...first I have to interpret my writing, internet sketchy, anyway,....color changes in the Laguerre script attached will change from neutral gray to either green or red,....visual thing,.....more important, the price action....
 
T

Thomas

Active member
Hi Barbaros,

I used this today to devastating effect on a 1m chart. 10 wins, 1 loss. It even caught the Airlines rallying which was very nice. I personally put orders in as soon as it broke out of the opening range, and set the RO as my first profit target. Sometimes they were too close so I was in after it broke RO. Then I scaled out at each level and adjusted trailing stops to the previous level, leaving a runner at the end where I just observed price action till it looked like it was cratering and exited. If you'd like some other indicators to help confirm, ATRTrailingStop can help, but I found it counterproductive. SuperTrend probably better. Personally I can trade using morning levels without any indicators at all, but this is nice since it adds realistic targets and saves me the effort of drawing levels. Second day using and don't feel like I needed additional confirmations. Only thing I will add, is if the break up or down is counter to the morning trend (the vertical dots), then I removed all contracts at the first target, since I figure it's a weaker break.

Hope that helps and keep in mind I only loaded this up 3 days ago and just played with it for the first day. It spoke to me because it simplifies what I already do in my regular trading strat.

best
-J
Yes,....you must study how this trades,...how it works, what to look for, trailstop, etc.....Mobius mentioned the only thing he trades,....targets, etc....observe it if you are unsure.....enter a feeler trade.....
 
Z

zachlovescoffee

New member
Hi, nice indicator. It's not clear to me how to use it on a bullish play? If the green arrow up indicator appears and candles close out above the purple line does that indicate the play is still valid? I have a situation where a green up arrow appears, the purple line appears and candles are breaking above it and now a purple down arrow appears. Thanks :)
 
G

gooseyCA

New member
Hi @BenTen,

I have been using the original # Regular Trading Hours High and Low Reversals (# V01.08.20.2018 Chat Room Request), is there a way to create a scan from it?

To display the stocks from the scan that have drawn the low indicator in the last 3 minutes. Then I can create an alert to sound when a new stock is added. This way I don't have to have the charts open to get the alert, trying to capture when the stock is around the low indicator?

Appreciate your help!

Thanks!
 

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