Mimicking "Power X Strategy" by Markus Heitkoetter

[cos251]

The problem in using this indicator is that the signals can erase before the candle is finished forming. To be sure the arrow will stay, you have to be two candles into the signal, and to be sure that the cloud will stay, you have to already be three candles into the signal. It seems at least half of the signals that make it to the cloud stage fail just after the cloud is formed.

Are you using an MTF version that you are seeing repainting? That should be the case, as with any MTF version of a script.

 

[ApeX Predator]

@cos251 may be time to make a new Indicator Page with all the Scripts and details at top and keep replacing any modified code. So some of these questions can be re-directed to Indicator page.

-S

 

[cos251]

Thanks for your reply . After installing on windows laptop . Whats the next step pls? Thx

For the scans?
I would refer you to this post. @SuryaKiranC did an excellent job of providing instructions and summaries on setting them up.
https://usethinkscript.com/threads/mimicking-power-x-strategy-by-markus-heitkoetter.4283/post-47414

 

[cos251]

@cos251 may be time to make a new Indicator Page with all the Scripts and details at top and keep replacing any modified code. So some of these questions can be re-directed to Indicator page.

-S

Sounds good, I can work on this if that is cool. Also, do you think we should put this in the "Indicators" forum/channel or "Strategies"?

 

[Chence27]

Are you using an MTF version that you are seeing repainting? That should be the case, as with any MTF version of a script.

No, it's not repainting. I said that while the candle is forming, signals can disappear. Once the candle is complete and the next candle starts to form, the signal stays.

 

[ApeX Predator]

Indicators, I think because, people can still takes pieces of this and use for their respective setup/Trading strategies.

 

[cos251]

No, it's not repainting. I said that while the candle is forming, signals can disappear. Once the candle is complete and the next candle starts to form, the signal stays.

@Chence27 - thanks for clarifying - sorry about that.

 

[Chence27]

@Chenc27 - thanks for clarifying - sorry about that.

The issue is that for most signals, once the first few candles are complete and the signal is there to stay, the move is already over. Jumping in before the signal is permanent would allow you to be in the trade for the entirety of the move but since a lot of the signals disappear while the candles are forming, this isn't viable.

 

[cos251]

The issue is that for most signals, once the first few candles are complete and the signal is there to stay, the move is already over. Jumping in before the signal is permanent would allow you to be in the trade for the entirety of the move but since a lot of the signals disappear while the candles are forming, this isn't viable.

I would agree. Stocks need to be on the move or have volume. What time frames are you using and what other indicators are you using to find potential candidates?

 

[Chence27]

I would agree. Stocks need to be on the move or have volume. What time frames are you using and what other indicators are you using to find potential candidates?

I'm using a 1 min chart but I've look at other time frames and it happens on all of them. Probably a bit more often on the smaller time frames of course. I'm also using EMAs and the Top breakout indicator.

 

[cos251]

I'm using a 1 min chart but I've look at other time frames and it happens on all of them. Probably a bit more often on the smaller time frames of course. I'm also using moving averages and the Top breakout indicator.

Gotcha'. I moved all my charts to a 2m TF and even that is still pretty noisy and full of false signals. I then try and use 5m and 15m for further confirmation along with buy/sell pressure, candle patterns, sup/res and the RAF.

 

[Chence27]

Gotcha'. I moved all my charts to a 2m TF and even that is still pretty noisy and full of false signals. I then try and use 5m and 15m for further confirmation along with buy/sell pressure, candle patterns, sup/res and the RAF.

Do you use this setup live?

 

[cos251]

Do you use this setup live?

Yes. I've used it for several weeks now in live trading. I can say as with any other indicator, I do not use it as my sole indicator for entry or exit. In fact, I have one or two other indicators that I am looking at for a signal of a possible play and I am learning that by far, the most important is volume. I am trying to build a consistent trading plan and pattern to stick to.

 

[Chence27]

Yes. I've used it for several weeks now in live trading. I can say as with any other indicator, I do not use it as my sole indicator for entry or exit. In fact, I have one or two other indicators that I am looking at for a signal of a possible play and I am learning that by far, the most important is volume. I am trying to build a consistent trading plan and pattern to stick to.

Would you mind sharing your strategy?

 

[cos251]

Would you mind sharing your strategy?

Like indicators or answer questions? Happy to share the indicators that are feely available. I have 2 that are custom/proprietary.

1. One of them is an action indicator I cobbled together from a standard indicator already freely available - Aroon Indicator
2. Second one is the FisherTransformer (also known as ST RAF) which we cannot code for any longer
   1. The Fisher Transformer is freely available in TOS but the source code is not made available
      1. It is basically a transformed Stochastic
3. Third one is the Advanced Volume Study found here
   1. https://usethinkscript.com/threads/advanced-volume-indicator-for-thinkorswim.1665/
4. ATR WL Column
5. RVOL WL Column
6. % Change from open

My goal is to look for movers early into the session and trade quickly. I don't like being in trades any longer than 5-10 minutes. I made a trade this morning on NIO and I was literally in and out on the same bar on the 2m chart (got lucky with how much it moved and took profit). I don't have my full trading system down though, still a work in progress. I am working towards having an established plan and criteria that is met for me to get into a trade and sticking to it. I do this now, but am trying to refine until I hit a sweet spot. The RSM strategy just helps provide visual confirmation of where the stock may be going.

*EDIT - I also use a variety of MA's - I like at a minimum the 5, 9 and 35 (they can SMA or EMA) - I currently use SMA

 

[Chence27]

Like indicators or answer questions? Happy to share the indicators that are feely available. I have 2 that are custom/proprietary.

1. One of them is an action indicator I cobbled together from a standard indicator already freely available - Aroon Indicator
2. Second one is the FisherTransformer (also known as ST RAF) which we cannot code for any longer
   1. The Fisher Transformer is freely available in TOS but the source code is not made available
      1. It is basically a transformed Stochastic
3. Third one is the Advanced Volume Study found here
   1. https://usethinkscript.com/threads/advanced-volume-indicator-for-thinkorswim.1665/
4. ATR WL Column
5. RVOL WL Column
6. % Change from open

My goal is to look for movers early into the session and trade quickly. I don't like being in trades any longer than 5-10 minutes. I made a trade this morning on NIO and I was literally in and out on the same bar on the 2m chart (got lucky with how much it moved and took profit). I don't have my full trading system down though, still a work in progress. I am working towards having an established plan and criteria that is met for me to get into a trade and sticking to it. I do this now, but am trying to refine until I hit a sweet spot. The RSM strategy just helps provide visual confirmation of where the stock may be going.

*EDIT - I also use a variety of MA's - I like at a minimum the 5, 9 and 35 (they can SMA or EMA) - I currently use SMA

I'm definitely gonna check out that volume indicator, thanks for sharing. So what are the current criteria that need to be met for you to take a trade? What do you need to see with price action and your indicators?

 

[cos251]

I'm definitely gonna check out that volume indicator, thanks for sharing. So what are the current criteria that need to be met for you to take a trade? What do you need to see with price action and your indicators?

I'm usually looking for 3 things to start.

1. Wait about 4-8 minutes from open and see what is moving up my WL
   1. I'm looking for stocks that are creeping up in these categories
      1. RVOL, ATR, and % Change From Open
2. I'm looking for stocks that are indicating movement or action based on my Aroon Indicator
3. Volume
   1. I'm looking at the 2m, 5m and 15m volume bars with "show buy/sell pressure" turned on in the Advanced Volume Indicator
   2. I don't necessarily care what direction, I just want to see a trend developing in volume and consistent buy or selling

This is my watchlist. The majority if not all of these stocks stayed at the top of my watch list after about 10 minutes into the day.
There are more further down the list where ATR and RVOL were good movers today, but just too many to focus on or watch.

Once I start to pick up a couple (only time to focus on 2 maybe 3 at at time) I start looking at other indicators

1. Is there an RSM Trend on MTF
2. DO I have buy signals from the RAF on MTF
3. Are we sitting above or below MA's and in relation to VWAP
4. If I can't catch the movers I don't sweat it, plays are available most of the day, just gotta be patient and watch for patterns.
5. Look major support or resistance levels
6. I also have the TICK and TICK/Q loaded along with cumulative counts for each to keep an eye on market conditions and trends.

I hope some of this helps. Again, don't take any of it as scripture, just trying to find my way as well

 

[Learnbot]

The problem in using this indicator is that the signals can erase before the candle is finished forming. To be sure the arrow will stay, you have to be two candles into the signal, and to be sure that the cloud will stay, you have to already be three candles into the signal. It seems at least half of the signals that make it to the cloud stage fail just after the cloud is formed.

@Chence27 good to know, so do you use this power x indicator or found a way to properly use this indicator even with the issues u mentioned?

 

[Chence27]

@Chence27 good to know, so do you use this power x indicator or found a way to properly use this indicator even with the issues u mentioned?

I tried it paper trading today and it didn't perform as well as I thought. Probably not going to use it. Signals are usually too late. It does give signals to get into nice big trends but I'm not sure if that outweighs all the false signals.

 

[Learnbot]

I tried it paper trading today and it didn't perform as well as I thought. Probably not going to use it. Signals are usually too late. It does give signals to get into nice big trends but I'm not sure if that outweighs all the false signals.

I have been trying to use this study on 5 min chart, when I get the signal (either long or short) on 5 min, then I go into 1min chart and find the entry in (long or short). Seems to be working well (paper testing currently). Any guidance will be appreciated