Sideways Indicator for ThinkorSwim - Avoid Trading in Choppy Markets

MerryDay

MerryDay

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@thealphabreed,
You will find when using this site, it is helpful to read the threads from the beginning. You can often get additional insight into the subject matter and find the information that you are looking for. Thus saving yourself time and effort.
See comment #5 and comment #33
 
MerryDay

MerryDay

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@thealphabreed, Looking at Multiple Time Frames will confirm signals from your strategy. I don't do TTM squeezes but if you search the threads on the squeeze, you will find they extensively cover the use of MTFs.
Once you have confirmed your signal on the MTFs, you can use the one minute chart to time your entries and exits.
 
T

thealphabreed

Member
@thealphabreed, Looking at Multiple Time Frames will confirm signals from your strategy. I don't do TTM squeezes but if you search the threads on the squeeze, you will find they extensively cover the use of MTFs.
Once you have confirmed your signal on the MTFs, you can use the one minute chart to time your entries and exits.
Can you direct me to the link? I cant find it
 
MerryDay

MerryDay

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Let me preface this with, I am not trying to be snarky, truly. I am a newbie, too so I know how overwhelming all this can be.
To be good at stock trading, you need to build robust research and analysis skills.
I did a search on this site for MTF TTM squeeze and got 73 results. The very 1st result is six pages about that indicator and how to do MTF analysis.
You will need to be able to search this site and the whole of the internet in order to build the rest of your skills.
 
G

Ginu09

Member
@thealphabreed You should be looking at multiple timeframes, especially the higher timeframe. The 5min is the smallest timeframe I would go to.
I use the 5min chart for trend and the 2min chart for entries. 2min and 5min timeframes need to have confluence. Otherwise, you don’t know if a move on a lower timeframe is with or against the larger trend.
 
J

jan_angel

New member
2019 Donor
@BenTen

study notes comment that this indicator can be used to identify breakout patterns as well. How can I do that?

thanks
Jan
 
Chuck

Chuck

Member
Is their anyway to use this in conjunction with " SUPERTREND BY MOBIUS AND CCI ATR TREND COMBINED "....? I love using super trend but I am trying to stay out od midways movement.
 
Vince Field

Vince Field

Member
The above code doesn't produce any effect on my charts so I figure I need to add some values, as the note says, define consolidation range. However, I don't know where in the code to enter these values. Any help would be appreciated.
 
S

ShadowJack

New member
I know its kind of a silly change, but moved the consolidation range to an input so it is able to be changed from the settings

Rich (BB code):
# Sideways Indicator
# Original Code developed by WalkingBallista
# Concept and Idea by BenTen at useThinkScript.com
# Identify choppy market. Can also be used to find consolidation/breakout patterns.
# Version 1.0 (read changelog in the forum)

input length = 14;
input averageType = AverageType.WILDERS;
input price = close;
input consolidation_range = 5;

def hiDiff = high - high[1];
def loDiff = low[1] - low;

def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM =  if loDiff > hiDiff and loDiff > 0 then loDiff else 0;

def ATR = MovingAverage(averageType, TrueRange(high, close, low), length);
def "DI+" = 100 * MovingAverage(averageType, plusDM, length) / ATR;
def "DI-" = 100 * MovingAverage(averageType, minusDM, length) / ATR;

def range = AbsValue(AbsValue("DI+")-AbsValue("DI-"));

AssignPriceColor(if range < consolidation_range then Color.Yellow else Color.Current);
 
R

Rosalyn

New member
@Greenbacks Yes, the good thing is that it should work without any additional modification. Just make sure to set the correct timeframe you want to use for the watchlist column.
Hi @BenTen just to confirm, would this be set-up with the same conditions as the scanner that you highlighted above? I did it that way.
 
C

CoolMoeBee

New member
VIP
@BenTen
I posted a question yesterday on the main question forum before I saw this thread. There is a thread from the tc2000 forum that shows a scanner for range bound stocks. I was in the process of converting the small amount of code to build a scanner and ran into some issues. Could you look at it to see if you could mimic it. You are way more efficient in your code writing than I am and probably would be less than 20 lines of code (Maybe 50 for me). The video in the first post goes over everything and is a flash video.

Thanks
Brad
 
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