Potential Breakout Arrow Plots Indicator for ThinkorSwim

  • Thread starter YungTraderFromMontana
  • Start date

What should I focus on making next

  • an exit indicator

    Votes: 15 53.6%
  • improving signals

    Votes: 10 35.7%
  • making new signals

    Votes: 2 7.1%
  • a sell calls plot

    Votes: 1 3.6%

  • Total voters
    28
YungTraderFromMontana

YungTraderFromMontana

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@YungTraderFromMontana Please mention in your original thread which part of the indicator will repaint. That way our members are noted before they use the indicator.
None of it repaints, a component of it does but the main arrows don't. The component is more of an assist then the main signal.
 
J007RMC

J007RMC

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Aside from script one bought basic market structure script, compliments to Robert Payne and Advanced Market Moves 2.0 by Ben and that's it really except for the public swing hi/lo study.. I've tied so many scripts over the last 12 months and I always revert back to simple as possible.
 
YungTraderFromMontana

YungTraderFromMontana

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@YungTraderFromMontana
Very interesting indicator! I wonder though - Why did you remove the exit/sell signals? I see in this post the script includes them but in your most recent they do not!

Will test this tomorrow side-by-side with a trend painter to get an idea of exits.

Thanks for your hard work!
Sorry I'm very unorganized with my code and sometimes I misplace certain versions. That was a good primitive exit indicator but one issue is that on longer runs it gets you out to soon so I was working on that.
 
W

wnozick

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Sorry I'm very unorganized with my code and sometimes I misplace certain versions. That was a good primitive exit indicator but one issue is that on longer runs it gets you out to soon so I was working on that.
Got it! Thanks for the response. I'll see if I can add that portion of the code to the latest version you've provided - very excited to try this tomorrow! Been tracking /ES with it and I see some solid buy signals.
 
BenTen

BenTen

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@YungTraderFromMontana I would make a note of that in the original thread just in case.
 
YungTraderFromMontana

YungTraderFromMontana

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I know this is somewhat of a mess of lines and arrows but this is how I currently use it.
@mashume recently made an amazing HMA concavity indicator and I know use it to assist my trades.
Here is the general idea. Trade on candles where there are multiple arrows or 2 consecutive arrows, many of the indicators use different approaches on determining a buy so they work well in harmony. If many of my arrows say buy, then it usually works. @wnozick I also re added the exit signals as big white arrows. They don't give an exit to every trade but they give a good one. If it doesn't give an exit use the concavity arrows instead. I hope you guys find a use out of my or @J007RMC's set ups. Happy trading. Also just a warning that some of the small arrows don't perform well on intraday, especially < 5m and the exit indicator was designed for the daily chart so on any intraday timeframes use the concavity signals (orange down arrows) as a exit. The big arrows however work on everything. Second warning is don't buy with the concavity signals, they look tempting but they are slightly delayed( 1 bar delay for confirmation), despite this you can use them delayed and they pair greatly with my arrows to confirm signal. I know this strategy sounds confusing so if you need any clarifications speak up.
Chart
https://tos.mx/tVpAmkF
edit: I updated the link, previous link had accidently included strategy arrows and lines unrelated to the strat. This should hurt your eyes less.
 
Last edited:
YungTraderFromMontana

YungTraderFromMontana

Active member
@YungTraderFromMontana I would make a note of that in the original thread just in case.
Added it although there is no repaint on earlier versions and only one of the 5+ plots has a small chance to repaint. Only the versions with J007RMC suggested indicator will there be a rare issue. I wouldn't take the time to make an indicator myself that often repaints because it is rarely useful in trading. Spent multiple hours playing with this to get it somewhat right.
 
YungTraderFromMontana

YungTraderFromMontana

Active member
@BenTen can you change the title to "promising arrow plots" or whatever you think is more fitting because we established it wasn't an atr. I don't want to have people confused where the atr component in the study is because there isn't one. I'm not sure if there is a name for indicators that use similar logic but it's essentially a breakout of lines established by previous candles h,l,o, and c. Along with other indicators to enhance/confirm signals.
 
W

wnozick

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@YungTraderFromMontana

Thanks for the updated chart! Are all of the spaghetti-looking likes buy & sell points? Just wondering what I can get rid of because even with the edited version you shared there's still a lot going on!
 
J007RMC

J007RMC

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Those are fibs I believe .50,.382,.618,.786 I like these be because my chart does no fill with lines. View the source code may be more information thanks.
 
J007RMC

J007RMC

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And if you need you can check those lines against fibs I believe they come very close.
 
J007RMC

J007RMC

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See member source of script on our platform for more information.
 
J007RMC

J007RMC

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Just open the study and uncheck the low 1-10 and high 1-10 selections
 
P

Playstation

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@YungTraderFromMontana The colored candle, i think (magenta?) signals a bearish reversal point and (cyan?) means bullish reversal? sorry I have minor colorblindness.
seems very accurate!
 
J007RMC

J007RMC

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I generally have to wait for a major/minor line to form
 

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