High and Low Reversals Indicator + Intraday Strategy For ThinkOrSwim

[inpilna]

BenTen, does this indicator repaints? It must be, it probably constantly looks for a HOD or LOD, I wonder how many attempts it makes before it finds HOD or LOD. I will look into this during Regular market hours. Thank you.

 

[BenTen]

@inpilna It does. The one you see on your chart is the latest one but it does give out signals whenever there is a potential reversal after day high. Sometimes a stock would come down a bit and make a new day high, sometimes it would just be reversed after only making one day high. It only failed me once out of the 6 times I played it.

 

[zchoudhurystocks]

@BenTen out the 6 traders you took, did you look any other indication for confirmation.. or you just used the High low indicator by itself ? i will try it out tomorrow with regular small cap stocks.. I am not a big fan of option day trading due to greeks and IV..

 

[BenTen]

@zchoudhurystocks I had a separate chart with just this indicator but I don't recommend it. That was a risky move of mine. I highly advise that you add other indicators of choice to confirm the direction.

Another thing is that I haven't tested this on small cap stocks. You may want to be careful about that. Be sure to backtest it.

 

[San]

Hi Ben Ten, I am new to this form and i gone through your form and its interesting and lot of information.

I have q.. Do you any strategy or Trend or indicator to play option trade.

 

[BenTen]

@San Hey, welcome 😀 I'm not sure how much you are into charting, but I would say check out the Less is More strategy first. Then proceed to the Indicators category and see which indicators can be beneficial to you. For me, I like to keep things simple. Support / Resistance, Trend Lines, Moving Averages (30 and 300 ema, 5 and 10 MA). As far as trend indicator, I'm really digging the Super Trend. Hope that helps.

 

[CLC]

doesn't seem like it has alerts along with it...Can you please create the alerts???

Still amazing indicator!!!

THank you..

 

[BenTen]

@CLC You should be able to get alerted by setting up the scanner I shared in one of the messages above.

 

[Ace_Trader]

First [email protected] you are THE MAN...!! Thank you for sharing so much knowledge with the useThinkScript trading community. Karma will give you PHAT profits from your trades for helping others...!! 😄 For all of you who are worried about re-painting and the such, first of all.....you should NOT be using this as a stand-alone Green Light system. You should have other indicators and ESPECIALLY price action, support/resistance, trendlines, chart patterns, etc. CONFIRMING what this indicator is telling you. I like this indicator as a gauge. If it fires, and the rest of your TA confirms the signal....then you can then look to trade in the direction of the signal. Also, if it fires and you get in and make profits, then the stock starts to pullback (maybe into MA's), I would look at S&R, Fib Levels, and other indys to see if it is possible for the stock to continue again in the same direction of the signal. I have been seeing this on multiple charts as I backtest. So basically, this indy can give you an intra-day directional bias on the stock once it fires off. I REALLY like this indy a lot but by no means would I just trade based solely off of its signal. Other factors must confirm, but I think overall it is an amazing "heads up" as to what the stock may be doing in the short run. Trade well y'all. 😁

 

[laketrader]

Hi, I am new to this great site. I tried to set up the study alert using this indicator. But TOS complained about "Error processing referenced script HighLowReversal: No such function: BarNumber at 1:2

Expected double

Expected double at 1:34". Any suggestion to fix it?

thanks

 

[BenTen]

@laketrader Interesting, how did you get to that error? Can you share a screenshot of the screen?

 

[laketrader]

Yes. please see the screenshot. btw, the study showed up in the chart without any problem.

 

[BenTen]

@laketrader That's weird, maybe because the indicator doesn't have a built-in alert setting? I'll look into it.

 

[Likos]

@BenTen What would you recommend that can scan items (stocks, not options) $20 or bellow? Primarily, looking for breakouts, unusual volume, or big buy. My eyes grow tired of checking individually

 

[BenTen]

@Likos Are you looking to scan for stocks to buy shares on it?

 

[Likos]

@BenTen yes

 

[Steve2286]

Ben Do you have this for a watchlist column? Want to use it on 3min TF. And thanks for this site - lots of helpful information - -- great job!

 

[BenTen]

@Steve2286 Hey, welcome . I don't have a watchlist column for this yet. Will look into making one if possible.

 

[john3]

Ben,

I have been watching this indicator during RTH and it seems that it does not just use RTH's High/Low as a trigger. Would you please explain in plain English what criteria is used for a trigger? I've looked at the code but couldn't figure it out. It would help a lot if it would plot previous signals (not just the current one).

Appreciate your help!

 

[BenTen]

@john3 This is a known issue with this indicator, not that it causes any problems for me but the fact that it repaints (sometimes it doesn't) kind of confuses new users.

The logic for generating and repainting the signals:

• The indicator finds the highest candle for the trading session and then takes the low (sell)
• It finds the lowest candle of the trading session and takes the high of that candle (buy)
• Whenever price crosses either condition then it generates a signal

Hope that helps to clear things up. And at this point, there is no way to make it show all the old signals.