Repaints Multi-Time Frame MTF PSAR for ThinkorSwim

[tradebyday]

What if it is derived from candle lookback, so instead of using specific settings for the "tick value" much like we'd choose the different time frames, but rather select #candles required to derive the answer? For example, staying on topic with PSAR, in its original form it has dots that sort of follow price as a "stop-loss" mechanism in its original creation for trend trading, in which PSAR forms its dots each candle when not in a MTF format. So say I use a 500tick chart, forming a PSAR dot every 500tick candle, then an other PSAR that derives its dots per every two 500tick candles (equivalent to 1000ticks), then a third derived on four candles (2000ticks), and so on. Obviously this is a very specific example, but if you understand kind of where I am going with this, would such a thing be possible @rad14733 ? But the goal would be to have settings to pick the specific #candles of lookback to derive the individual "MTF" components which would then create an "MTF" based indicator that works on ALL possible charts from time, range, renk, and tick charts. More or less thinking outloud on this concept but since I am not well versed in coding, I welcome any comments to both the feasibility of the idea, and if i am just overcomplicating a problem that has a very simple solution (just running multiple charts side by side) haha

 

[rad14733]

@tradebyday Google "mtf for tick charts" and see what you can find... Maybe someone has conquered your tick chart challenge...

 

[tradegeek]

@tradebyday @rad14733

What @tradebyday stated above makes sense. However, I've searched Google and read several "pro" thinkscripters stated that MTF for tick and range chart isn't possible. I'm not a coder but I think I'm pretty good at solving problems and sometimes what seems like something that can't be done could very well be done with a very simple solution.

I just altered the indicator to support tick and range charts. Yes, it can be done and I've done it! That means other MTF indicators could be made to support tick and range charts the same way. It's so ridiculously simple. I'm so proud of myself and my "copy and paste" abilities...LOL!


(I'll post it soon! Meanwhile here are some screenshots.)

 

[rad14733]

@tradegeek I eagerly await your discovery as I have switched back from using Renko Bars, for the most part, because of the whole MTF limitation...

 

[tradegeek]

@rad14733 @tradebyday

In my original post, I accidentally posted the MTF of the ATR Trailing Stop instead of the PSAR. I've updated the post along with the MTF PSAR for tick/range charts.

 

[rad14733]

@tradegeek I commend you for your efforts... Preliminary testing looks good...

 

[dinodotcom]

Can this be used as a scan?

 

[tradebyday]

@tradegeek Glad I could spur some inspiration, look forward to seeing the transformation that could occur with other MTF indicators. I will be testing this one out on several situations and will share if I find anything truly ground breaking

 

[pkcfc]

For any day traders, what are the time friends you guys recommend? Especially ones that'll keep its color without it changing to much. Thanks

 

[rad14733]

One thing I have noticed is that MTF_PSAR_Tick paints a lot faster than the Time based MTF_PSAR... Looking forward to see hw it performs in realtime trading...

 

[Iceburgh]

@rad14733 @tradebyday

In my original post, I accidentally posted the MTF of the ATR Trailing Stop instead of the PSAR. I've updated the post along with the MTF PSAR for tick/range charts.

just. copied and pasted code. It pulls up study on bottom of chart but its blank.. Any thoughts?

 

[BenTen]

@Iceburgh Make sure that you adjust the timeframe within the PSAR indicator. If your current chart's timeframe is higher than any of the indicator's timeframes, it will show up blank.

 

[rad14733]

@Iceburgh I have found, that, especially with the original time based MTF_PSAR script, that I often have to go back into the Edit Studies panel and click on Apply an additional time in order for the study to paint... I'm guessing it has to do with the MTF complexity and timing issues... Once it paints properly there are no issues until you enter the Edit Studies panel again... The MTF_PSAR_Tick script paints much faster and is less prone to not painting...

 

[tradebyday]

So some preliminary testing is yielding interesting results on the Tick based PSAR indicator. Funny enough using the settings: 3, 30, 50, 65, 75 on a 1min chart for NQ is showing some great results. I believe the key to this indicator is a second or third trend filter, I am using a donchian channel center line as an extra intraday filter and an hourly based 34EMA for my medium term filter (I use an MTF EMA line, but you can simply use a 2040EMA line on a 1min to achieve a similar result of filtering). Mostly long bias trades obviously over the last several days so a couple red days need to be tested properly to see if the settings above work for both bullish and bearish trends. I do prefer NQ over ES with something like this because it tends to have stronger trends one way or the other, ES can get real choppy, especially during regular market hours.

One thing I am testing along side is re-entry trades on trends. To hold the trade the entire trend as a day trader would be rather risky if you cannot stare at the screen all day. Some of theses trades could last hours and in overnight sessions you may miss the beginning of a long trend. But for re-entry, I look for when the lowest # candle based PSAR changes back with the trend (in my settings above that would be the 3 candle based dots). So 3 goes "downtrend" for a few candles, then when 3 goes back to "uptrend" (which may still need 3 candles of confirmation for painting purposes) we re-enter longs and can either hold to a TP, or close based on some other criteria like the 3 candle signaling "downtrend" again, then look for new entry. This could be used on longer based time, tick or range charts as well but I have not tested on other assets yet.

 

[tradebyday]

As far as color changes with the tick based PSAR are concerned, it appears to paint real time without re-painting, which is awesome! I guess that is most likely partially due to being based on candles, not specific values of time/tick/range, AND how the PSAR itself is calculated. I did highlight 6 clear color change zones on my 1 min chart today and will monitor over the rest of the week to make sure they do not change as more candles form going forward

 

[rad14733]

One nice advantage I have noticed with the MTF_PSAR.Tick compared to the MTF_PSAR is that MTF_PSAR.Tick Does Not Repaint...

I have also been playing with the settings to see what works best...

 

[pkcfc]

@rad14733 @tradebyday Thanks for letting us know that the PSAR.Tick Doesn't repaint. I know Tick Chart is usually used for Futures but I was wondering if you can use it on Stocks? Also I was wondering if you knew any good indicators that complement well with the MTF.PSAR.Tick indicator since this isn't time based. Thanks so much for your help!

 

[rad14733]

@rad14733 @tradebyday Thanks for letting us know that the PSAR.Tick Doesn't repaint. I know Tick Chart is usually used for Futures but I was wondering if you can use it on Stocks? Also I was wondering if you knew any good indicators that complement well with the MTF.PSAR.Tick indicator since this isn't time based. Thanks so much for your help!

Whatever method of charting that suits your trading and visual preference is what it's all about... Candlesticks, Range Bars, Heiken Ashi, Monkey Bars, or simple line chart, they all serve a purpose for someone... I'm going to give MTF_PSAR_Tick a go with Renko Bars and another indicator or three...

 

[Stanley]

@rad14733 @tradebyday

In my original post, I accidentally posted the MTF of the ATR Trailing Stop instead of the PSAR. I've updated the post along with the MTF PSAR for tick/range charts.

I just noticed that when you open study on this MFT Psar pink is for buy blue is for sell I think should be opposite?

 

[rad14733]

I just noticed that when you open study on this MFT Psar pink is for buy blue is for sell I think should be opposite?

Yes...