Mimicking "Power X Strategy" by Markus Heitkoetter

[Bugman]

Just incase,

https://tos.mx/UQ8j12s (Power-X Grid)
https://tos.mx/j4avVik (Power-X Scanner, rename it to FVO_RSM_Scan)

Scan Queries


FVO_RSM_Scan().UpTrendJustStarted
FVO_RSM_Scan().DownTrendJustStarted

FVO_RSM_Scan().UpTrend
FVO_RSM_Scan().DownTrend

@SuryaKiranC where/how do we utilize the Scan Queries in the code. I opened shared scanner, renamed to FVO_RSM_Scan. I get the custom scan with powerscan()."fiftyline". When ran, it returns 15567 stocks in alphabetical order. Obviously, I don't have something correct.

FVO_RSM_Scan().UpTrendJustStarted
FVO_RSM_Scan().DownTrendJustStarted

FVO_RSM_Scan().UpTrend
FVO_RSM_Scan().DownTrend

 

[ApeX Predator]

Look at the screenshot I posted @Bugman

Click on the pencil icon next to timeframe, then click on thinkscript editor, replace the code with the strings I provided.

 

[Bugman]

Look at the screenshot I posted @Bugman

Click on the pencil icon next to timeframe, then click on thinkscript editor, replace the code with the strings I provided.

@SuryaKiranC I am in the custom filter screen with pencil icon, clicked thinkscript editor and replaced code with string. The editor gives these error messages. I tried to reload/reopen both the powerx grid and scanner, renamed them as indicated.

No such function: FVO_RSM_Scan at 1:1
No such function: FVO_RSM_Scan at 1:1
Invalid statement: Unexpected part of function call at 1:16
No such function: FVO_RSM_Scan at 1:1
No such function: FVO_RSM_Scan at 1:1
Invalid statement: Unexpected part of function call at 1:16

 

[ApeX Predator]

@Bugman could you please post a screenshot of your scan script name and the scanner window?

 

[ApeX Predator]

@Bugman that suggest your Power-X Scanner script in your studies is not named "FVO_TSM_SCAN" Just goto your studies, and find the scanner script and rightclick and rename it.

 

[ApeX Predator]

@Bugman alright, final attempt of explaining this. if this is not working out for you, may be I will try and do a quick zoom call or a short Video.

• Go to comment 273 (https://usethinkscript.com/threads/mimicking-power-x-strategy-by-markus-heitkoetter.4283/post-46060) Copy everything under code.
• Go to ThinkorSwim, Click on Edit Study and Strategy Icon.
• Click Create (Create New Study)
• Remove the default plot statement and past the code you copied.
• Save the study with name "FVO_RSM_Scan", make sure it is not loaded into your studies on the right, if it is loaded by default when you saved it, please remove we don't need this on chart study.
• Go to Scan, Remove all the filters and add a new filter, select "Study" as a filter, Default study selected will be "ADXCrossOver", Click on Pencil Icon next to Default TimeFrame "D" and click "ThinkScript Editor".
• Here you can past one of the scan query FVO_RSM_Scan().UpTrendJustStarted or FVO_RSM_Scan().DownTrendJustStarted.
• You can even limit the scan results, by selecting a default narrowed down list as "S&P 500" under "Scan In" on the scan tab itself.
• Finally you can save the scan query with a name.
• Repeat the process again for the 2nd scan query.

Let me know if this helps.

Scanner Settings

 

[barbaros]

Guys, I need a little bit of an advise with this strategy. I am loving it so far, when it works. But, I am finding that there is a lot of touch an go when the market is ranging. I was profitable today, but could have gone negative if I took every trade. It was pretty much luck that I didn't trade it all. Here is an example of the entries where it gets to the entry price but reverses right away. I have the entry level set at 1 tick above or below the high and low. It didn't get to entry level where the "x" mark is but it did where the arrow marks are.

If you are trading with this, what is your game plan to prevent these types of fake breakouts?

 

[jox51]

@barbaros Are you trying to go long? Everything indicates to go short

 

[barbaros]

@barbaros Are you trying to go long? Everything indicates to go short

Ummm, it's one of those days. Let's disregard the first white arrow. The second white arrow also would have executed to short and then reversed.

 

[cos251]

Guys, I need a little bit of an advise with this strategy. I am loving it so far, when it works. But, I am finding that there is a lot of touch an go when the market is ranging. I was profitable today, but could have gone negative if I took every trade. It was pretty much luck that I didn't trade it all. Here is an example of the entries where it gets to the entry price but reverses right away. I have the entry level set at 1 tick above or below the high and low. It didn't get to entry level where the "x" mark is but it did where the arrow marks are.

If you are trading with this, what is your game plan to prevent these types of fake breakouts?

My $0.02 cents!
You still need to confirm with (in my opinion) volume and other timeframes. You want to know (or at least get an indication) of where the price action may be headed in higher timeframes, then use volume to find entries in either direction. Based on this picture, the trend is down and so the adage goes "trade with the trend, not against it".

Just my thoughts.

3rd confirmation is support and resistance levels.

 

[cos251]

@barbaros - I would also recommend looking into the Advanced Volume Indicator to help you see buying vs selling pressure in the volume indicator.


https://usethinkscript.com/threads/advanced-volume-indicator-for-thinkorswim.1665/

 

[ApeX Predator]

@barbaros what is your stoch K value in both the top and bottom studies? If it is still 5, can you try 14 once and see if the noise has reduced??

 

[ApeX Predator]

@cos251 if we all agree stoch K set to 14 is reducing the noise, can we fix it in all 3 scripts?

Top, bottom and scanner.

 

[cos251]

@cos251 if we all agree stoch K set to 14 is reducing the noise, can we fix it in all 3 scripts?

Top, bottom and scanner.

Copy that, I can adjust the posts - good call!

 

[barbaros]

Thanks for the responses guys. I have the stoch K set at 14 already. I will check out the volume indicator and look at MTF as @cos251 suggested.

 

[cos251]

Copy that, I can adjust the posts - good call!

Went back and updated about 6 posts with the fix, this way the correct settings are there from the get to. Thx @SuryaKiranC

 

[cos251]

@barbaros - some more reference material - (of course hindsight trading is always easy). I was able to scalp MSFT at the open and again on the first down trend after open for another small gain. I did not however get in on the very nice dip later in the morning.

As for the reference - see images below for 5m, 15m, 30m charts. You can see that the 30m provides a Down Signal on the first 30m BAR of the day. Within that, on the 5m TF you can see the ups and downs before the big dip starting around 9:30.
The 15m provides more detail than the 30m and you can see things lining up pretty good. At least this gives some indication of the potential trend (anything can happen as always). The Volume bars are the Advanced Volume Indicator (awesome) and you can see what is going on in terms of pressure. Lower time frames will serve as your entry point finders. ( I use 2m)

MSFT 5 Minute

• Triple Top Identified (almost a 4 top, trying to break 226)
• Triangle that will ultimately break one way or the other (it's in there just gotta spot it)
  • Triangle is more defined on 2m chart

MSFT 15 Minute more confirmation of trend and strength in selling pressure

MSFT 30 Minute - Shows strong down trend with the way I have my RAF configured.

 

[Joseph Patrick 18]

Went back and updated about 6 posts with the fix, this way the correct settings are there from the get to. Thx @SuryaKiranC

I am so sorry I f'd everybody up with the 5 instead of the 14 settings...my apologies to everyone.

 

[cos251]

I am so sorry I f'd everybody up with the 5 instead of the 14 settings...my apologies to everyone.

Not at all @Joseph Patrick 18 - The Signals already provided quality indication as to the strength of the trend based on the original config. The Stoch/K change to 14 help to improve the signal slightly. You put us on to the right track!

 

[Joseph Patrick 18]

Not at all @Joseph Patrick 18 - The Signals already provided quality indication as to the strength of the trend based on the original config. The Stoch/K change to 14 help to improve the signal slightly. You put us on to the right track!

Thanks Cos.