Mark The MEJT Bars In ThinkOrSwim

[madantv73]

updated code can be found: https://usethinkscript.com/threads/mark-the-mejt-bars-in-thinkorswim.3238/#post-146786

 

[ajkhond]

I used the script written by@ madantv73 and modified the script to match the functionality of the original TradeStation script. The new script was written by me.

# TOS script to mark the MEJT bars
def begin = 1010;
def beginNoon = 1215;
def arrowsize = 5;
def firstbar = secondsFromTime(begin)==0;
def firstbarN = secondsFromTime(beginNoon)==0;



def count = if gettime() crosses above regularTradingstart(getyyyYMMDD())
then 1
else if !firstbar
then count[1] + 1
else
count[1];

DefineGlobalColor("Time", Color.YELLOW);
DefineGlobalColor("TimeR", color.RED);
plot changeBar = firstBar;
changeBar.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
changeBar.setlineWeight(arrowsize);
changeBar.setdefaultColor(globalColor("Time"));

plot changeBarN = firstbarN;
changeBarN.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_DOWN);
changeBarN.setlineWeight(arrowsize);
changeBarN.setdefaultColor(globalColor("TimeR"));

assignpriceColor(if secondsFromTime(1010) == 0 then GlobalColor("Time") else Color.Current);
assignpriceColor(if secondsFromTime(1015) == 0 then GlobalColor("Time") else Color.Current);
assignpriceColor(if secondsFromTime(1020) == 0 then GlobalColor("Time") else Color.Current);

assignpriceColor(if secondsFromTime(1215) == 0 then GlobalColor("TimeR") else Color.Current);
assignpriceColor(if secondsFromTime(1220) == 0 then GlobalColor("TimeR") else Color.Current);
assignpriceColor(if secondsFromTime(1225) == 0 then GlobalColor("TimeR") else Color.Current);

 

[Fierce_Ninja]

input begin = 1010;
input arrowsize = 5;
plot firstbar = secondsFromTime(begin)==0;
def count = if gettime() crosses above regularTradingstart(getyyyYMMDD())
then 1
else if !firstbar
then count[1] + 1
else count[1];

DefineGlobalColor("Time", Color.YELLOW);
firstbar.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
firstbar.setlineWeight(arrowsize);
firstbar.setdefaultColor(globalColor("Time"));
plot xcount = if firstbar then count + 1 else double.nan;
xcount.setpaintingStrategy(paintingStrategy.VALUES_ABOVE);
xcount.setdefaultColor(globalColor("Time"));

input begin2 = 1015;
input arrowsize2 = 5;
plot secondbar = secondsFromTime(begin2)==0;
def count2 = if gettime() crosses above regularTradingstart(getyyyYMMDD())
then 1
else if !secondbar
then count2[1] + 1
else count2[1];

DefineGlobalColor("Time", Color.YELLOW);
secondbar.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
secondbar.setlineWeight(arrowsize2);
secondbar.setdefaultColor(globalColor("Time"));
plot xcount2 = if secondbar then count2 + 1 else double.nan;
xcount2.setpaintingStrategy(paintingStrategy.VALUES_ABOVE);
xcount2.setdefaultColor(globalColor("Time"));


input begin3 = 1020;
input arrowsize3 = 5;
plot thirdbar = secondsFromTime(begin3)==0;
def count3 = if gettime() crosses above regularTradingstart(getyyyYMMDD())
then 1
else if !thirdbar
then count3[1] + 1
else count3[1];

DefineGlobalColor("Time", Color.YELLOW);
thirdbar.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
thirdbar.setlineWeight(arrowsize3);
thirdbar.setdefaultColor(globalColor("Time"));
plot xcount3 = if thirdbar then count + 1 else double.nan;
xcount3.setpaintingStrategy(paintingStrategy.VALUES_ABOVE);
xcount3.setdefaultColor(globalColor("Time"));

Thank you for sharing this. I am seeing multiple "up" arrows at local peaks instead of local troughs. Is that the correct behavior? See the 5 mt /ES chart below for last two days as an example

 

[Titan]

I have found the MEJT system to be very valuable for intraday scalping.
There is actually a morning MEJT projection that develops from the three 5 min bars stating 7:05 ending 7:20 PST
The afternoon 5 min bars start 10:10 ending 10:25 PST
You can find a MEJT SYSTEM book on ebay to learn how price projections are generated.
Simple summary: When an SPX projected price point is generated at the end of Morning and Afternoon three 5 MIN! price bars. Using my trading system, if the market has moved in opposite direction of the projected price projection, not yet met. Then I can add confidence that any signal I receive to change direction back towards the projected price. I will have added confidence in.
This script with the 5 min bars and arrows shown in Yellow for AM and RED for PM are very helpful, especially once you have more knowledge of MEJT SYSTEM. I certainly appreciate the input
If trading the ES mini, you simply need to determine the current differential in price between ES and SPX. Use the projected price to determine what your ES target number is.
NOTE VERY IMPORTANT!!!
The original converted script shown is incorrect on the times for the AM and PM bars.
To give credit for MEJT SYSTEM you can follow Jeffrey Tennant here for a better general knowledge.
https://www.youtube.com/@jeffreytennant

Here is the corrected version

# TOS script to mark the MEJT bars
def begin = 1005;
def beginNoon = 1310;
def arrowsize = 5;
def firstbar = secondsFromTime(begin)==0;
def firstbarN = secondsFromTime(beginNoon)==0;



def count = if gettime() crosses above regularTradingstart(getyyyYMMDD())
then 1
else if !firstbar
then count[1] + 1
else
count[1];

DefineGlobalColor("Time", Color.CYAN);
DefineGlobalColor("TimeR", color.YELLOW);
plot changeBar = firstBar;
changeBar.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
changeBar.setlineWeight(arrowsize);
changeBar.setdefaultColor(globalColor("Time"));

plot changeBarN = firstbarN;
changeBarN.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_DOWN);
changeBarN.setlineWeight(arrowsize);
changeBarN.setdefaultColor(globalColor("TimeR"));

assignpriceColor(if secondsFromTime(1005) == 0 then GlobalColor("Time") else Color.Current);
assignpriceColor(if secondsFromTime(1010) == 0 then GlobalColor("Time") else Color.Current);
assignpriceColor(if secondsFromTime(1015) == 0 then GlobalColor("Time") else Color.Current);

assignpriceColor(if secondsFromTime(1310) == 0 then GlobalColor("TimeR") else Color.Current);
assignpriceColor(if secondsFromTime(1315) == 0 then GlobalColor("TimeR") else Color.Current);
assignpriceColor(if secondsFromTime(1320) == 0 then GlobalColor("TimeR") else Color.Current);