High and Low Reversals Indicator + Intraday Strategy For ThinkOrSwim

[BenTen]

@mansor Both are similar in concept, they try to find the absolute top and bottom, and if it's wrong, the signal will disappear.

 

[Thomas]

@camitos If you have pre-market enabled, you should be able to see bullish signals as well.

I placed the reversal and have Hi_Low in same chart, reversal seems to indicate an earlier entry, and Hi_Low confirms with a slightly higher signal. I like both, makabe's reversal with candle color is my signal,..........

 

[Thomas]

@camitos If you have pre-market enabled, you should be able to see bullish signals as well.

Here's my chart,...seems to be alot on it, but, if you wait awhile before changing anything and study what's available,...it's a simple chart that uses the volstops as exits to stay in trade or out, plus the candle colors......https://tos.mx/l3gN0pq

 

[mansor]

I placed the reversal and have Hi_Low in same chart, reversal seems to indicate an earlier entry, and Hi_Low confirms with a slightly higher signal. I like both, makabe's reversal with candle color is my signal,..........

Thomas - Can you share the code of reversal, which reversal script are you referring to? Thanks in advance

 

[Thomas]

Thomas - Can you share the code of reversal, which reversal script are you referring to? Thanks in advance

Everything is in the chart that was shared.....

 

[camitos]

Here's my chart,...seems to be alot on it, but, if you wait awhile before changing anything and study what's available,...it's a simple chart that uses the volstops as exits to stay in trade or out, plus the candle colors......https://tos.mx/l3gN0pq

Sorry I don't know what a volstop is lol but I'll research. Yeah you definitely do have a lot going on there, I wish I knew what it all meant!

 

[camitos]

I placed the reversal and have Hi_Low in same chart, reversal seems to indicate an earlier entry, and Hi_Low confirms with a slightly higher signal. I like both, makabe's reversal with candle color is my signal,..........

What's Hi_Low, I only have LOD and HOD and ArrowUp and ArrowDn as my plots

 

[Thomas]

Sorry I don't know what a volstop is lol but I'll research. Yeah you definitely do have a lot going on there, I wish I knew what it all meant!

Hi_Low_makabe,.....is the candle color, magenta, cyan,....you notice after a cyan candle, an arrow up is entry and magenta, red arrow down,...volstop is a volatility stop that you can guage an exit price,.......but I don't remember the what the original share idea was for......

 

[Thomas]

Thomas - Can you share the code of reversal, which reversal script are you referring to? Thanks in advance

Did you get the reversal from the chart????

 

[mansor]

Did you get the reversal from the chart????

Hi Thomas - I was able to check out reversal script, is this one similar to trend reversal that has price bubbles and this version has arrows. I wanted to ask you about Special HILOS, is it like orb generally speaking, like a support and resistance scripts & input is the duration of 10 ticks/bars? thank you again

 

[Thomas]

Hi Thomas - I was able to check out reversal script, is this one similar to trend reversal that has price bubbles and this version has arrows. I wanted to ask you about Special HILOS, is it like orb generally speaking, like a support and resistance scripts & input is the duration of 10 ticks/bars? thank you again

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,......

 

[mansor]

Yes, originally this was reversal bubbles, but they interfered with some candles, "makabe," changed em to candle colors, magenta/Cyan,.....then the arrows were added.......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......
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,......

Thomas - There is def tons of information & scripts in that chart-link, Thank you! I will exp with orb, I do have reversal on 1m1d, however, they blink as transactions are being processed in that 1m range, sometimes they stick and sometimes they disappear. So I have another 10m1d chart with same trend reversal, to reconfirm green/red bubbles. To reconfirm reversal on 10m1d I use hi-low with arrows. I just can't seem to work five_min_pop on 10m chart.

 

[Thomas]

Here's a screen shot of how great this reversal is,.....the color candles give headsup.....

 

[Daruka]

Hello! In fact, I just registered to ask only one question: is it possible to program this indicator so that the price at which this level is built is indicated to the right of the purple line?

 

[Thomas]

Hello! In fact, I just registered to ask only one question: is it possible to program this indicator so that the price at which this level is built is indicated to the right of the purple line?

Sorry you registered for this answer,.....no one has perfected the reversal, or Hi_Low so it doesn't repaint,.......the magenta lines are handdrawn with elbow grease at a precise entry point,.....but, the colored candle are explained several times in the thread.

 

[Daruka]

Perhaps the difficulties in my English do not give the possibility of a correct idea. I'm wondering if it is possible for a level to be displayed in numbers? How red numbers are displayed in numbers on my screenshot

 

[Thomas]

Perhaps the difficulties in my English do not give the possibility of a correct idea. I'm wondering if it is possible for a level to be displayed in numbers? How red numbers are displayed in numbers on my screenshot

This is not my chart, but seems to be from beginning thread.....

 

[thanos]

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

 

[barbaros]

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?

 

[thanos]

@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.