Repaints The PAM High Low Chart Setup For ThinkOrSwim

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it was on point today on the break of that low ...didnt take the trade bc the stop loss was too high...should have gone with the last HL of the last 2 red candle. dohh
 

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Sure, here is the latest update. I would be cautious on 1m to 10m timeframes unless you are a seasoned trader and your TA is solid enough to understand how to use an area of confluence to confirm what the indicator is telling you. I stand by saying that on 15m timeframes and above, this thing is very accurate.

Anything lower than that and you are playing with fire. I personally use it on 1m and 3m for entries only. I don't look for the trend in these timeframes and it's something I suggest never doing. You only are confirming entry on these timeframes.

The more timeframes that have signals, the better chances you are to make profit. But nothing is ever given and this indicator has been wrong and will be wrong in the future so always always always follow the stop loss. It's super tight and you can re-enter later.
 
it was on point today on the break of that low ...didnt take the trade bc the stop loss was too high...should have gone with the last HL of the last 2 red candle. dohh
Get used to the indicator and watch it work then trade with it. Learn those Outside Bar rules. I typically take the next candle if it closes above or below that outside bar and I set my stop loss where the LL or HH was on the stop loss depending on if it is a call or put signal respectively.

Also, you can see on that $SPY move that it got you in the puts and then it got you in the +$2 move on the call as well. It's a reversal sniffer lol.
 
My man!! I got the reversal trade v shape hehehe +2.0 points lol using shares though...not ready for option yet. Moving my sl up every HH
You may see why I use the Squeeze Pro instead. I like to see a true reversal and not a simple retracement. The retracement is just people taking profits and is not an indicator of true market sentiment. Combine TTM Squeeze or Squeeze Pro along with flow data and you have the potential to stay in to make huge gains. I take one maybe two trades per day and usually come out with 100% gainers. But it's about being patient and making sure the market is trending. On chop days, I simply just scalp and use more the 1m and 3m to do that. But get good with the indicator and learn it's faults as well as its benefits before you do that.
 
This is precisely right. For me, I always have the 10 SMA and 50 SMA on my chart to understand what market we are in. 10 SMA above the 50 SMA = Bull Market (for my analysis) and vice versa. I use Squeeze Pro (or TTM Squeeze) to stay in trades where market makers typically shake everyone out. It does lead to lighter profits on many trades but they are still around 50% but it leaves me in trades like last Thursday where it went 1000% and $470 put contracts when to $4700 a piece.

It's also why I stress proper risk management and getting out when the stop loss is hit. Those trades are probably not going to materialize into big gains and at that point, save the capital for a better opportunity. It may reverse back but then you just get in the trade again. It's trial and error but you want to decrease those errors as much as feasibly possible so you can get max value when you are accurate.
How do you have your ttm squeeze set up is it the default on TOS or you have it set different? Just trying to stay in longer feel like I cut too short? I also use the 10 and 50 sma's. Like at 10:45 today it gave me the put signal but I cut it too short and it drop pretty good. I didnt even let myself catch half of the move.
 
You may see why I use the Squeeze Pro instead. I like to see a true reversal and not a simple retracement. The retracement is just people taking profits and is not an indicator of true market sentiment. Combine TTM Squeeze or Squeeze Pro along with flow data and you have the potential to stay in to make huge gains. I take one maybe two trades per day and usually come out with 100% gainers. But it's about being patient and making sure the market is trending. On chop days, I simply just scalp and use more the 1m and 3m to do that. But get good with the indicator and learn it's faults as well as its benefits before you do that.

Thank you! I used to scalp low floater with miniocre result..I want to give this a try on 1-5 mins tf. Is possible to link your indicator for that tf? Or Ill just change to 30-40 look back?
 
How do you have your ttm squeeze set up is it the default on TOS or you have it set different? Just trying to stay in longer feel like I cut too short? I also use the 10 and 50 sma's. Like at 10:45 today it gave me the put signal but I cut it too short and it drop pretty good. I didnt even let myself catch half of the move.
Yo.. move your sl to LL on put and you would have capture at least 2.5+ ..15 mins is pretty easy to do once that last candle closed.
 
How do you have your ttm squeeze set up is it the default on TOS or you have it set different? Just trying to stay in longer feel like I cut too short? I also use the 10 and 50 sma's. Like at 10:45 today it gave me the put signal but I cut it too short and it drop pretty good. I didnt even let myself catch half of the move.
I leave it as default. I'm really only looking for bar color changes. John Carter stays in reversals religiously until he gets two bars on TTM Squeeze or Squeeze Pro that change either from red to yellow (puts) or sky blue to dark blue (calls). He waits for the 2nd candle to close and then he exits. You don't really need it to catch the squeeze because this indicator actually puts you ahead of the squeeze which is where he says you must be to get the big gains.

But the best signal I've found for the indicator is within the indicator itself. It goes like this:
1) You get a "Buy Put" signal and get in.
2) The indicator does its job and then the momentum starts to reverse slightly.
3) The indicator now has made a new low in the past twenty candles.
4) The next candle closes above the solid line and gives you a "Buy Call" signal.
5) Exit trade.
 
Just lovin' this with fibs. Cyan candle is the signal candle. Didn't take the signal just before the opening bell because MACD-BB wasn't in confluence. Another signal came late morning. Drew a fib from low of the leg containing the signal to the first pivot. Waited for the institutions to bring price back a half or a third to shake out retail traders before pushing price to its profit targets.

 
Just lovin' this with fibs. Cyan candle is the signal candle. Didn't take the signal just before the opening bell because MACD-BB wasn't in confluence. Another signal came late morning. Drew a fib from low of the leg containing the signal to the first pivot. Waited for the institutions to bring price back a half or a third to shake out retail traders before pushing price to its profit targets.

That cluster is beautiful. Right in the perfect area for entry. I imagined this when I was learning fib retracements. I'm glad you are finding good use in it. Now if we can get @halcyonguy, the genius behind the code, to help us create a TOS scanner. That will be the icing on the cake.
 
@OGOptionSlayer: I am loving it so far. I took couple of ES calls/puts and worked out fine. Trying to practice this in demo account.
Btw do you have any reading material on how this things work. I am trying to figure out how does this work if I do not have any indicator.
Would mind sharing screen shot of how you combine this with squeeze pro? That will help me learn how you combine them together.
 
yo my man you can go to scanner- > and do price cross below or above the trigger candle.. i think they in z3 and z5. so its price cross up z5 for bull and price cross below z3 for bear within whatever #of bar you want. you could reference it to watchlist also.
That cluster is beautiful. Right in the perfect area for entry. I imagined this when I was learning fib retracements. I'm glad you are finding good use in it. Now if we can get @halcyonguy, the genius behind the code, to help us create a TOS scanner. That will be the icing on the cake.
 
Last edited:
Just lovin' this with fibs. Cyan candle is the signal candle. Didn't take the signal just before the opening bell because MACD-BB wasn't in confluence. Another signal came late morning. Drew a fib from low of the leg containing the signal to the first pivot. Waited for the institutions to bring price back a half or a third to shake out retail traders before pushing price to its profit targets.

Can someone share the codes for the high low range with Fibonacci levels shown above?
 
Can someone share the codes for the high low range with Fibonacci levels shown above?
@halcyonguy, I think we should do the following next:
1) something that makes it where Fibs are optionally added (maybe a good or bad idea, what do you think?)
2) Entry candle painted would be much better than bubble if possible. Bubble gets in the way of the ema/sma indicators and other important indicators people may use.

If you are too busy, let me know. This is amazing work though and I would still like us to collaborate on this as much as possible.
 
Here is the scanner I setup. It catches the close candle for any buy put or call signal. Please make improvements. I'm more of an idea, pattern recognition person, not a good technical person in terms of coding or setting up scans.

http://tos.mx/mxYaxzc
 
Can someone share the codes for the high low range with Fibonacci levels shown above?
I modified the Entry candle painted. It will paint magenta and cyan for put and calls.


Code:
# High_Low_range_carter_00e


#https://usethinkscript.com/threads/looking-to-setup-a-high-low-range.13750/
#Looking to Setup A High-Low Range
#OGOptionSlayer  12/19
##1
#So I use a very specific setup. It's kind of a mashup between what John Carter teaches with one of his in Mastering the Trade and TradingWarz Golden Indicator. I've used it for about 2 years now and it's extremely profitable. Honestly, I haven't backtested it but I would love to but I'm just not as technical as most in here. I know it brings me immense profit and on Friday, my port grew 11% using it. It's not a small port either. It's a reversal setup and it's solid with tight stop losses. I use it with a Darvas Box but TOS has a great Darvas Box study.


#I'm looking to see if someone can create an indicator for it. To keep this post as short as possible, here is the setup:


#1) Only using the last 20 candles on any timeframe.
#2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.
#3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).
#4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.
#5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.
#6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).
#7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.
#8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.




# 9  Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.


# 10  Once it has moved 50% from current entry,
#   for puts, put a stop loss at the HH of the last two candles
#   for calls, put a stop loss at the LL of the last two candles
#     to lock in profits




#=======================================




def bn = BarNumber();
def na = Double.NaN;


input buy_bubbles_on = yes;


input buy_type = { default completed_bar , active_bar };
def buyoff;
switch (buy_type) {
case completed_bar:
    buyoff = 1;
case active_bar:
    buyoff = 0;
}
# used in #4  buy puts , #7 calls




#---------------------------
# choose_wick_body01
#input plot_type = {default SMA, "Red EMA", "Green EMA", WMA};
input candle_levels = {default "wick" , "body" };
def highx;
def lowx;
switch (candle_levels) {
case "wick":
    highx = high;
    lowx = low;
case "body":
    highx = Max( open, close);
    lowx = Min( open, close);
}


#addlabel(yes, "choose=" + candle_levels + "..high=" + highx + "..low=" + lowx);
#-----------------------------






#1) Only using the last 20 candles on any timeframe.
input bars = 20;
def period = (!IsNaN(close) and IsNaN(close[-bars]));
#addverticalline(x,"-");






#2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.


# define group of x bars
def first = (!IsNaN(close[-(bars - 1)]) and IsNaN(close[-bars]));
AddVerticalLine(first, "-", Color.WHITE);






#----------------------------


# price level of the highest high
def hihi = if bn == 1 or isnan(close) then 0
#  else if first then Highest(high[-(bars - 1)], (bars - 1))
  else if first then Highest(high[-(bars - 1)], (bars - 0))
  else hihi[1];


# find bn of just the first occurance of hihi
def hihifirstbn =
  if hihi == 0 then 0
  else if hihifirstbn[1] > 0 then hihifirstbn[1]
  else if (hihi == high) then bn
  else hihifirstbn[1];


# bars after the hihi
def hi_bars = (hihifirstbn > 0 and bn >= hihifirstbn);


# hihi price level from 1st highest bar
def hihi_level = if bn == 1 or isnan(close) then na
#  else if hihifirstbn > 0 and bn >= hihifirstbn then hihi
  else if hi_bars then hihi
  else na;


# true on the hihi bar
def ishi = if bn == 1 then 0
  else if hihifirstbn == bn then 1
  else 0;








addchartbubble(0, low,
bn + "\n" +
hihifirstbn
, color.yellow, no);








#-------------------------------------


#def lolo = 0;




# find lowest low
#def lo = if bn == 1 then 0
#  else if first then Lowest(low[-(bars - 1)], (bars - 1))
#  else lo[1];


##def lo2 = (lo == low);
#def islo = (lo == low);




# price level of the lowest low
def lolo = if bn == 1 or isnan(close) then 0
#  else if first then lowest(low[-(bars - 1)], (bars - 1))
  else if first then lowest(low[-(bars - 1)], (bars - 0))
  else lolo[1];


# find bn of the first occurance of lolo
def lolofirstbn =
  if lolo == 0 then 0
  else if lolofirstbn[1] > 0 then lolofirstbn[1]
  else if (lolo == low) then bn
  else lolofirstbn[1];


# bars on and after the lolo
def lo_bars = (lolofirstbn > 0 and bn >= lolofirstbn);


# lolo price level from 1st lowest bar
def lolo_level = if bn == 1 or isnan(close) then na
#  else if lolofirstbn > 0 and bn >= lolofirstbn then lolo
  else if lo_bars then lolo
  else na;


# true on the lolo bar
def islo = if bn == 1 then 0
  else if lolofirstbn == bn then 1
  else 0;


















input test1 = no;
AddChartBubble(test1, 38,
hihi + "\n" +
#hi2 + "\n" +
ishi + "\n" +
lolo + "\n" +
#lo2
islo
, Color.YELLOW, yes);








input hilo_arrows = yes;


plot z1 = if hilo_arrows and ishi then high else na;
z1.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
z1.SetDefaultColor(Color.CYAN);
z1.SetLineWeight(3);
z1.HideBubble();


plot z2 = if hilo_arrows and islo then low else na;
z2.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
z2.SetDefaultColor(Color.CYAN);
z2.SetLineWeight(3);
z2.HideBubble();




#3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).


# buy put
def put_buy_hilo = if bn == 1 or isnan(close) then 0 else if ishi then low else put_buy_hilo[1];
plot z3 = if put_buy_hilo > 0 then put_buy_hilo else na;
z3.SetDefaultColor(Color.RED);




#4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.








# replace , draws many bubbles
#def buyput = if close[1] crosses below hilo then 1 else 0;
#def buyput = if close[buyoff] crosses below put_buy_hilo then 1 else 0;
#AddChartBubble(buy_bubbles_on and buyput, high * 1.0005, "Buy Put", Color.RED, yes);










# chg signal, remove dup signals
#  when triggered on first time, keep signal at 1.
#  then check for transition 0 to 1


# chg words ?   option ., stock oriented , or options
#  long-open , short-open
#  buy call , buy put


# bp = buyput
def bp1 = if period and !first then (close[buyoff] crosses below put_buy_hilo) else 0;
def bp2 =
  if bn == 1 then 0
  else if bp2[1] then bp2[1]
  else if bp1 then 1
  else bp2[1];
def bp3 = if !bp2[1] and bp2 then 1 else 0;


assignPriceColor(if bp3 then color.cyan else color.CURRENT);




addchartbubble(0,low*.997,
 close[buyoff] + "\n" +
 put_buy_hilo + "\n" +
 bp1 + "\n" +
 bp2 + "\n" +
 bp3
, color.yellow, no);










# buy only on first signal
#def buyput = if !period then 0
#  else if buyput[1] then buyput[1]
#  else if close[buyoff] crosses below hilo then 1
#  else buyput[1];


#def bp =  !buyput[1] and buyput;
#addchartbubble(bubbles_on and bp, high*1.001, "Buy Put", color.red, yes);




AddChartBubble(0, low * 0.997,
period + " p\n" +
#buyput + " bp\n" +
close[buyoff] + " cls\n" +
put_buy_hilo + " hl"
, Color.YELLOW, no);
















#5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.




# hihi_level


#def hilo = if bn == 1 then 0 else if hi2 then low else hilo[1];
#plot z3 = if hilo > 0 then hilo else na;


# put stop , short stop
#def put_sell_hihi = if bn == 1 then 0 else if ishi then high else put_sell_hihi[1];
#plot z4 = if put_sell_hihi > 0 then put_buy_hilo else na;


plot z4 = hihi_level;
z4.SetDefaultColor(Color.RED);
z4.SetStyle(Curve.MEDIUM_DASH);




#6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).


# buy call
#def call_buy_lohi = if bn == 1 or isnan(close) then na else if islo then high else call_buy_lohi[1];
# chg to 0 , simpler
def call_buy_lohi = if bn == 1 or isnan(close) then 0 else if islo then high else call_buy_lohi[1];
plot z5 = if  call_buy_lohi > 0 then call_buy_lohi else na;
z5.SetDefaultColor(Color.GREEN);






#7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.










# may bubbles
#def buycall = if close[1] crosses above lohi then 1 else 0;
#def buycall = if close[buyoff] crosses above call_buy_lohi then 1 else 0;
#AddChartBubble(buy_bubbles_on and buycall, low * 0.9995, "Buy Call", Color.GREEN, no);






# just first bubble
# bc = buycall
#def bc1 = if period and !first then (close[buyoff] crosses above call_buy_lohi) else 0;


# use offset so first bar of call_buy_lohi  checked is after the buy signal. so its not trying to cross above a na
#def bc1 = if period and !isnan(call_buy_lohi[1]) then (close[buyoff] crosses above call_buy_lohi) else 0;
def bc1 = if period and !first then (close[buyoff] crosses above call_buy_lohi) else 0;
def bc2 =
  if bn == 1 then 0
  else if bc2[1] then bc2[1]
  else if bc1 then 1
  else bc2[1];
def bc3 = if !bc2[1] and bc2 then 1 else 0;


assignPriceColor(if bc3 then color.magenta else color.CURRENT);




addchartbubble(0,low*.997,
 close[buyoff] + "\n" +
 call_buy_lohi + "\n" +
 bc1 + "\n" +
 bc2 + "\n" +
 bc3
, color.yellow, no);
#, (if bc3 then color.yellow else color.gray), no);








#8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.


#  call stop , long stop
#def call_sell_lolo = if bn == 1 then na else if islo then low else call_sell_lolo[1];
#plot z6 = call_sell_lolo;
plot z6 = lolo_level;
z6.SetDefaultColor(Color.GREEN);
z6.SetStyle(Curve.MEDIUM_DASH);






#9) Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.
# 10  Once it has moved 50% from current entry,
#   for puts, put a stop loss at the HH of the last two candles
#   for calls, put a stop loss at the LL of the last two candles


#input gain_stop_percent = 50;
input gain_stop_percent = 20;
def offx = 2;
def ref_bubble_x = (!IsNaN(close[offx]) and IsNaN(close[(offx-1)]));




# puts
#  draw stop ref line at (buy put $$) - 50%
# putreflevel = hilo - ( hilo * x%)




# puts
def putreflevel = put_buy_hilo - (put_buy_hilo * (gain_stop_percent/100));
# dashed line for stop , gray/red. draw dash line first
plot z23 = if put_buy_hilo > 0 then  putreflevel else na;
# this color will appear as longer dashes than next color
z23.SetDefaultColor(Color.light_red);
#z23.SetDefaultColor(Color.light_gray);
z23.SetStyle(Curve.medium_DASH);
plot z24 = z23;
z24.SetDefaultColor(Color.light_gray);
#z24.SetDefaultColor(Color.light_red);




addchartbubble(ref_bubble_x, z23[offx],
gain_stop_percent + "%  put stop ref"
, color.yellow, yes);






addchartbubble(0, low,
  put_buy_hilo + "\n" +
 putreflevel + "\n" +
 z23
, color.yellow, no);






# calls
def callreflevel = call_buy_lohi + (call_buy_lohi * (gain_stop_percent/100));
# dashed line for stop , gray/red. draw dash line first
plot z25 = if call_buy_lohi > 0 then callreflevel else na;
# this color will appear as longer dashes than next color
z25.SetDefaultColor(Color.green);
#z25.SetDefaultColor(Color.light_gray);
z25.SetStyle(Curve.medium_DASH);
plot z26 = z25;
z26.SetDefaultColor(Color.blue);
#z26.SetDefaultColor(Color.gray);
#z26.SetDefaultColor(Color.light_red);




addchartbubble(ref_bubble_x, z25[offx],
gain_stop_percent + "%  call stop ref"
, color.yellow, no);


#
 
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