RSI Laguerre with Fractal Energy for ThinkorSwim

[Craighaber71]

@markos

Made a few changes to the RSIlg. May be easier to understand and use. "C" = FE_Consolidation and "E" = FE_Exhaustion for the gamma line.

What do the different colors mean..?

RED....YELLOW...PINK

 

[mc01439]

Guess you are referring to the colors for RSI;

Magenta = short (yellow @ less than .20 = hold with caution)
Green = long (yellow @ more than .80 = hold with caution)
Yellow = between .20 and .80 no trade / close trade

This was may intent when I added the colors. I wait for the bar to close and use additional information for all my trades. This can be used with the "Trend Reversal Indicator" to confirm.

Looking at the code below may help you understand what I am looking for;

RSI.DefineColor("Up", CreateColor( 0, 220, 0));
RSI.DefineColor("Down", Color.MAGENTA);
RSI.SetLineWeight(3);
RSI.AssignValueColor(if RSI > RSI[1] and RSI[1] > RSI [2] then RSI.Color("Up") else if RSI < RSI[1] and RSI[1] < RSI [2] then RSI.Color("Down") else Color.YELLOW);

 

[markos]

@mc01439 You clearly know what you are doing with the code.
But, I do feel that the above description of the colors may be mis-leading to some. It's ok if it works for you.
In other words, they dont match up well with my tutorial or my understanding.
RSILg between .20 and .80 is just the directional strength. FE is something different.
Please review The RSI Laguerre Tutorial to see what Mobius said in his notes.
Also, this code has been hacked by many & located here: Universe of thinkScript>03. Technical Analyssis>Momentum>Over 25 iterations.

 

[mc01439]

@mc01439 You clearly know what you are doing with the code.
But, I do feel that the above description of the colors may be mis-leading to some. It's ok if it works for you.
In other words, they dont match up well with my tutorial or my understanding.
RSILg between .20 and .80 is just the directional strength. FE is something different.
Please review The RSI Laguerre Tutorial to see what Mobius said in his notes.
Also, this code has been hacked by many & located here: Universe of thinkScript>03. Technical Analyssis>Momentum>Over 25 iterations.

Thank You Markos - I know I am using RSILg in a different way than it was described by the writer. It fits my style and seems to work for me at this time.

What may be different with me is I trade only oil (/CL) futures and trade using tick charts. Matter of fact I do not use FE at all; does nothing for the way I trade.

What I like about this site is it allows you to enhance your coding skills for self reliance by learning from other like you. Very Grateful to you and the other major contributors on this site.

 

[markos]

RED....YELLOW...PINK

Don't use that one, use the one that is updated now in the post. As @mc01439 said, he trades /CL and has no need for FE.
The reason for two charts is because we need to keep in practice of watching multiple time frames. If you don't like 2 charts because of screen space, move it to a single chart. No Problem doing so, however it works best for you.

 

[Craighaber71]

Would anyone have a watch list code for fractial energy below .38 to make column green and anything above is red...I've been working on it but no luck...Thanks

 

[markos]

Craig, try to build it of off this. This is Doc's plain FE or Chop Indicator, there is a scan you can build off of. The RSILg is Good to make an indicator of. The Fractal Energy shouldn't be colored, as it is just a guide.

https://usethinkscript.com/threads/fractal-energy-aka-chop-index-for-thinkorswim.341/

 

[tenacity11]

Is there are alert that can be set up for when RSI moves into the red zone in the indicator. thanks

 

[markos]

Is there are alert that can be set up for when RSI moves into the red zone in the indicator. thanks

Yes, please review the script. It is already baked into the pie!

 

[tenacity11]

Yes, please review the script. It is already baked into the pie!

Thanks Markos. It would have smacked me in the face if I had paid attention the first time I added the indicator.

 

[mc01439]

Some may find this useful - does a nice job of explaining RSILg.

 

[tenacity11]

Some may find this useful - does a nice job of explaining RSILg.

Thanks for posting this.

 

[markos]

Thanks for posting this.

The Man doing the training was a senior exec with ToS before they were bought out by AMTD. It was Don Kaufman's job to do all of the swim lessons videos that were taken off of Youtube when TDameritrade bought them. Then he was the Head Corporate trainer in Singapore and Hong Kong, and finally, ThinkorSwim's Head of Risk Management, Options & Futures. Yeah, I guess I'm a big fan.

 

[tenacity11]

The Man doing the training was a senior exec with ToS before they were bought out by AMTD. It was Don Kaufman's job to do all of the swim lessons videos that were taken off of Youtube when TDameritrade bought them. Then he was the Head Corporate trainer in Singapore and Hong Kong, and finally, ThinkorSwim's Head of Risk Management, Options & Futures. Yeah, I guess I'm a big fan.

I'll be watching more videos. It does appear he is more into options. I'm more into stocks.

 

[markos]

I'll be watching more videos. It does appear he is more into options. I'm more into stocks.

I mostly use options as a hedge to the downside, which they taught me. You can learn a lot from an options trader like Don. He teaches Expected move, which is important for us mainly stock people because it helps you to not get stopped out so easily! Even if I don't agree with some things, I watch their nightly video. Short and to the point. They have a number of swing trade instructors there as well.

 

[tenacity11]

I mostly use options as a hedge to the downside, which they taught me. You can learn a lot from an options trader like Don. He teaches Expected move, which is important for us mainly stock people because it helps you to not get stopped out so easily! Even if I don't agree with some things, I watch their nightly video. Short and to the point. They have a number of swing trade instructors there as well.

Appreciate the input and help. I'll take some time to do some more in depth research with them.

 

[John808]

Heres one more video on RSI Laguerre with Fractal energy from Doc Severson at Theo trades.

 

[DDW]

Are you using 15 minute chart primarily?

 

[markos]

I believe that they go down to less than 15 minutes in both videos.
Please watch both videos.
well worth your time, if you are going to do it right!

 

[DDW]

Will watch for sure. I remember seeing a Doc Severson presentation a few years ago where he was demonstrating this. Maybe that is one of these vids. He used an "anchor" chart of a longer term time frame and a "signal" chart on a smaller time frame. Anchor chart showed him the trend and the signal chart was used to pinpoint an entry. The two charts needed to be at factors of five: 2 minute/10 minute 3 minute/15 minute etc.