Mid Point Indicator

mc01439

mc01439

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Found this on another site some may find useful.

from the author;

"This will reset daily, regardless of timeframe (as long as the timeframe is lower than the midpoint you're tracking), as well as provides Daily, Weekly, and Monthly midpoints, as desired.
Lastly, this gives you the option to see the High and Low it's using or hide it, as needed, and rounds the Mid Point to the nearest tick value.
Here's what it looks like (showing the high and low, which you can hide): "


https://tos.mx/PYYVMuQ
 
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H

Hguru

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Can you show the same thing for each Daily Weekly Monthly for each on same chart so as to see what overlaps kind of like a Frank Dilernia type of thing.
 
mc01439

mc01439

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Can you show the same thing for each Daily Weekly Monthly for each on same chart so as to see what overlaps kind of like a Frank Dilernia type of thing.
Sure it can be done. I do not have the time to work on now but will look at over the weekend. Someone may already have if they do may post before then.
 
markos

markos

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@Hguru @mc01439 let me introduce you to each other. You're both /CL traders and Tick chart folks.
mc, hguru is someone I know of from ThinkScript Lounge and one day, it would be nice if one or both of you could write a tutorial on how to trade /CL without getting killed. :)😉 ---that was a joke,,,
 
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mc01439

mc01439

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Can you show the same thing for each Daily Weekly Monthly for each on same chart so as to see what overlaps kind of like a Frank Dilernia type of thing.
@Hguru - this is one way to get what you ask for until it is coded for all three mid - points. Just declare lower.

 
mc01439

mc01439

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@Hguru - after working with the code you asked about I would still use my original suggestion (shown above). Seems to show the moves the best. When I coded a new script to show Day, Week and Month in one code the lines do not show enough gap. But - I am not a ThinkScript expert just a hack....


 
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Hguru

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sorry for the late response just found some time to get back in here to look through things again, Thanks for the effort. I was thinking the same thing just to use the study multiple times with the Daily Weekly and Monthly settings to see where the overlaps occur. thx
 
Y

yamiyugi

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@Hguru @mc01439 let me introduce you to each other. You're both /CL traders and Tick chart folks.
mc, hguru is someone I know of from ThinkScript Lounge and one day, it would be nice if one or both of you could write a tutorial on how to trade /CL without getting killed. :)😉
i am also trading /cl but having consecutive losses :( Looking forward to the tutorial if there is any....
 
H

Hguru

Member
i am also trading /cl but having consecutive losses :( Looking forward to the tutorial if there is any....
I will write something on my experienced on how I am trading (Scalping ) CL when I get a chance within the next week. I also trade ES a little these days as well but I like the CL movement better. I will just say I have a trading plan with built in rules and I trade that plan and follow those rules as best I can. Also something to remember and something I say to other traders when in a CL trade each tick is worth $10 and commissions are about 1/2 a tick or $5 so any thing above 1 tick is money in your pocket and those ticks add up. More later...
 
Y

yamiyugi

New member
I will write something on my experienced on how I am trading (Scalping ) CL when I get a chance within the next week. I also trade ES a little these days as well but I like the CL movement better. I will just say I have a trading plan with built in rules and I trade that plan and follow those rules as best I can. Also something to remember and something I say to other traders when in a CL trade each tick is worth $10 and commissions are about 1/2 a tick or $5 so any thing above 1 tick is money in your pocket and those ticks add up. More later...
Fantastic....appreciate your effort as i think i lost more than 5k this year trading /cl. After having found this website a week ago from youtube, it truly helps as it offers scripts that is not found in default thinkorswim indicators. Will work hard to improve my trading with all the "weapons" invented in this website. Thanks to all the great scriptwriter and mentor in this website.
 
H

Hguru

Member
Fantastic....appreciate your effort as i think i lost more than 5k this year trading /cl. After having found this website a week ago from youtube, it truly helps as it offers scripts that is not found in default thinkorswim indicators. Will work hard to improve my trading with all the "weapons" invented in this website. Thanks to all the great scriptwriter and mentor in this website.
Yami....in the mean time if you could explain how you are trading CL currently ...do you have a system or trading style your using ? What indicators are you using and how are you using them ? Give us an overall of what your doing and what you think is the biggest reason your losing. Are you scalping or trading for the bigger home run moves. What is the avg amount of ticks in your trades ? Etc etc the more info the better. Also if you have some chart pics post those as well...Thx
 
markos

markos

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@Hguru I was just joking about you and anyone else writing a tutorial. I would appreciate it, for those of us that are unfamiliar...
If you do, place it in the Tutorial section and be sure to put a simple disclaimer in there about it not necessarily being actionable information but as a tool for learnin', etc. Markos
 
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yamiyugi

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Yami....in the mean time if you could explain how you are trading CL currently ...do you have a system or trading style your using ? What indicators are you using and how are you using them ? Give us an overall of what your doing and what you think is the biggest reason your losing. Are you scalping or trading for the bigger home run moves. What is the avg amount of ticks in your trades ? Etc etc the more info the better. Also if you have some chart pics post those as well...Thx
Sorry for late reply as i am busy with other stuffs. I do not have a system, just trade based on price action and EMA. my trading style is scalping and my stop lost usually will be 15 ticks. Very often it will hit my stop loss and rebound, which is very frustrating at times. If you have any good system / strategy, i would be grateful if you could share it with me. Thanks.
 
mc01439

mc01439

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Sorry for late reply as i am busy with other stuffs. I do not have a system, just trade based on price action and EMA. my trading style is scalping and my stop lost usually will be 15 ticks. Very often it will hit my stop loss and rebound, which is very frustrating at times. If you have any good system / strategy, i would be grateful if you could share it with me. Thanks.
@yamiyugi - A few thoughts to do with as you want.

1) A 15 tick stop for /CL is very tight from my view. The average ATR for the 5 min bar over the past week or so is 9 ticks. It is not that surprising that you are being stopped out and then the market moves in your favor. Traders are always fishing for tight stops.

2) The number one issue I see with people trading /CL is they do not have enough capitol. At this time one contract is equal to $53640.00 so a 15 tick stop = .27%. You need to have a reserve of the the contract value for each contract you trade. The reserves could be in other instruments as long as they are very liquid.

3) You must have a system (rules) or you will be killed by a thousand paper cuts if you are lucky. Most without a system will be taken out quickly.

4) Most can not trade another's system - main reason they do not follow the rules. That was a hard and costly lesson for me many years ago.
 

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