High and Low Reversals Indicator + Intraday Strategy For ThinkOrSwim

[hflyer001]

@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!

 

[ezrollin]

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

 

[BenTen]

@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.

 

[[deleted]13]

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.

 

[[deleted]13]

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.

 

[[deleted]13]

@mansor Hi. What settings are you using on the ATR?

 

[mansor]

@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.

 

[[deleted]13]

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?

 

[Thomas]

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]

@fjr1300 Settings,general, display,show hi lo bubbles

 

[Thomas]

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......

 

[[deleted]13]

@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.

 

[[deleted]13]

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

 

[[deleted]13]

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.

 

[mansor]

Mansor,....https://tos.mx/6yBs0p6

Thomas - Thank You, I am able to find cyan/magenta candles now.

 

[barbaros]

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?

 

[J-Fearless]

@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

 

[barbaros]

@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.

 

[horserider]

@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);

 

[[deleted]13]

@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