High and Low Reversals Indicator + Day Trading Strategy

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thanos

New member
The script has set the bubbles to hide - LOD_h_line.hideBubble(); and HOD_l_line.hideBubble();

You can either edit the script and remove these lines OR
go to Edit Properties and check off the Show Bubble checkbox for both plots.

Hope that helps.

T
 
fjr1300

fjr1300

Active member
VIP
How can I use this indicator for the European session? I have not idea how to update the code to start at the European Open. Any guidance would be awesome.

Ben, your effort and guidance are priceless to this community. Awesome work that is greatly appreciated by new traders and experienced as well.
 
B

barbaros

Member
Has anyone figured out what the best indicators are to combine with this to make an educated decision? I am using MFI and RSI to gauge the intraday futures using a 2000t chart, which seems to smoothen a lot of the noise. I know there is no perfect indicator but what combinations can minimize the risk for this indicator?
 
T

thanos

New member
@barbaros if you really take a look at this indicator all it is doing is telling you when price has closed above the high of the lowest bar and below the low of the highest bar intraday for the day. It is no different then if you have a support and resistance line on your chart in which price moves above or below it throughout the course of the trading session. If you are using this as a trigger to get into a position then just like anything you need evidence of an oversold or overbought condition or something to suggest price will reverse or continuing in the signals direction. Take your pick is what i say there are tons of strategies out there. :)

I think what is misleading about this indicator that for those that take it at face value is that after the trading day is done it will always print what appears to be a successful buy or sell signal since price will always cross either below the low of the day's highest price bar or the high of the day's highest price bar unless the first bar of the day in your respective time frame was so wide that the rest of the bars thereafter never exceeds that bar's high or low. However, if you watch this indicator in action it can print multiple signals throughout the trading session but will only every show you either one buy or sell (or both) at the end of the trading day.
 
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hflyer001

New member
@BenTen I am a noob and am struggling to understand this indicator. The description says buy when the up or down indicator shows up. Does it really mean Buy/Long when the up indicator shows up and Sell/Short when the down indicator shows up? Also, it says cut your losses at the purple line. That doesn't make sense to me because I though the line to cut losses would be above the arrow candle. If we sell out at the purple line with the down arrow then we are possibly cutting our profits early.

I apologize for the novice question. Your clarification will be greatly appreciated. Thanks!
 
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ezrollin

Member
I cant believe I just found this. If there was a holy grail this might be it. Unless it repaints?
It works on mobile also!
I dont know how it can be improved.. Thanks
 
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BenTen

BenTen

Administrative
Staff
VIP
@hflyer001 I'm don't understand your question about the purple line and arrow. Can you rephrase or include a screenshot?

@ezrollin If you read through this entire thread, you will know that the indicator repaints.
 
fjr1300

fjr1300

Active member
VIP
How can I use this indicator for the European session? I have not idea how to update the code to start at the European Open. Any guidance would be awesome.

Ben, your effort and guidance are priceless to this community. Awesome work that is greatly appreciated by new traders and experienced as well.
@BenTen

A friend of mine figured out how to have the indicator set up for Asia / Europe session. So, I have one set up for the night and day trading sessions. Anyone interested, let me know and I will assist.
 
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fjr1300

fjr1300

Active member
VIP
Has anyone figured out what the best indicators are to combine with this to make an educated decision? I am using MFI and RSI to gauge the intraday futures using a 2000t chart, which seems to smoothen a lot of the noise. I know there is no perfect indicator but what combinations can minimize the risk for this indicator?
@barbaros I prefer to use the ATRTrailingStop in combination with this indicator.
 
J

J-Fearless

New member
Yes,...trend reversal indicator, originally reversal bubbles, interfered with some candles, and were changed to Arrows. The candle colors, magenta/Cyan,.....SpecialHi/Low......when a cyan candle is produced,.....place a buy or alert on the body NOT the wick,....and stop at bottom......same for magenta candles.....they are guidelines and not absolute. I read candles, although I have supplied a chart recently with a huge amount of information, I mainly read candles......the two indicators together are very good, you can place both overlap em in one space.....
Here's the ORB of ORB's I have set up on a grid of futures ,.......https://tos.mx/TvafCja place "Reversal," on the ORB,......try it, experiment, my ORB's are 1Min/1Day,......

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
 
M

mansor

Member
Thomas - After a week of searching in the chart link. I haven't been able to find the script that shows cyan & magenta color candle. Could you advice the script title? I using shared_ao_candle and getting halfback/back75/back25 bars next to the candle.

Thanks for your help
 
M

mansor

Member
@mansor Hi. What settings are you using on the ATR?
I'm not using ATR. If you want to use ATR, it's labeled as volstop (that's if you're using the link Thomas had shared about a week ago.)

On pg8 post #156, Thomas has shared pic of cyan and magenta colored candles denoting signals ( buy & sell). I have not been able to find it so far.
 
fjr1300

fjr1300

Active member
VIP
I would like to add a bubble to this indicator - ie. High of Day / Low of Day. I would like to do the same to the ATRTrailingStop ( Bullish / Bearish)
@BenTen I have no clue about thinkscript. It this too hard to do?
 
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Thomas

Active member
Thomas - After a week of searching in the chart link. I haven't been able to find the script that shows cyan & magenta color candle. Could you advice the script title? I using shared_ao_candle and getting halfback/back75/back25 bars next to the candle.

Thanks for your help
Mansor,....https://tos.mx/6yBs0p6
 
horserider

horserider

Well-known member
VIP
@fjr1300 Settings,general, display,show hi lo bubbles
 
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
Open ORB, don't touch a thing, 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......
 
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J

J-Fearless

New 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......

Thanks Thomas. Appreciate the help
 
fjr1300

fjr1300

Active member
VIP
@fjr1300 Settings,general, display,show hi lo bubbles
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.
 
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