SuperTrend Yahoo Finance Type for ThinkorSwim

[barbaros]

@HighBredCloud I finally understand your comments. Once I figured out that I need to adjust it to my risk tolerance, but still kept the rules as you detailed, I'm a happy camper. I will definitely keep watching this on the side for a while. Thank you for your help. I learned a lot with your comments.

 

[HighBredCloud]

@HighBredCloud I finally understand your comments. Once I figured out that I need to adjust it to my risk tolerance, but still kept the rules as you detailed, I'm a happy camper. I will definitely keep watching this on the side for a while. Thank you for your help. I learned a lot with your comments.

Your welcome...discipline and sticking to your rules is key...Risk tolerance is what will make or break your game plan. If you have an idea how to improve this then let me know...

What I am researching now is multi time frame approach in picking the right stocks to trade using this strategy...I have been scanning for stocks on the 2 hour timeframe and I am also using Trend Magic indicator across various timeframes 4h 2h 1h 30min 15min along with the SuperTrend...IF on all timeframes the SuperTrend is going in the same direction as Trend Magic indicator...than it gives you a higher probability of entering on the trade...I use the 15 min to get out...The 5 min can whipsaw you around a lot more.

 

[barbaros]

Your welcome...discipline and sticking to your rules is key...Risk tolerance is what will make or break your game plan. If you have an idea how to improve this then let me know...

What I am researching now is multi time frame approach in picking the right stocks to trade using this strategy...I have been scanning for stocks on the 2 hour timeframe and I am also using Trend Magic indicator across various timeframes 4h 2h 1h 30min 15min along with the SuperTrend...IF on all timeframes the SuperTrend is going in the same direction as Trend Magic indicator...than it gives you a higher probability of entering on the trade...I use the 15 min to get out...The 5 min can whipsaw you around a lot more.

I started pairing the 10min with Schaff Trend. It is not as choppy as MACD. I'm trying to figure out the optimal parameters to see if I can confirm before entry.

 

[barbaros]

@HighBredCloud I'm trying to find time to revisit this, but a related question came up. What do you think of the latency of ToS scanner? Does it take too long to update the watchlist that you miss the entries?

 

[HighBredCloud]

@HighBredCloud I'm trying to find time to revisit this, but a related question came up. What do you think of the latency of ToS scanner? Does it take too long to update the watchlist that you miss the entries?

Unfortunately that cannot be changed...I think the watchlist keeps refreshing every 3 min so if you are scanning using a 1 min timeframe you are certainly missing moves...To combat such a delay you may want to change the scanner settings on the Yahoo SuperTrend and the moving average type. I have been testing a 2.0 ATR MULT...kept NATR at 6 but changed from HULL to Wilders moving average on a 5 min timeframe. This will allow you to keep the trend longer than the default settings of 1.0 ATR MULT...These same settings work can be applied to a 3 min time frame as well. For 1 min or 2 min time frame try using 3.0 ATR MULT...Although I would not be scanning below a 3 min timeframe since the watchlist column updates EVERY 3 min...The lowest time period I would use is 3 min...that way you'd be 1-2 bars behind with the delay.

For entries always scan on a higher timeframe...I would use two instances of the Yahoo SuperTrend scan...set one to 15 min and the other to either 3 min or 5 min. That way you're pulling up results showing you a trend on 15 min and 5 min...

 

[barbaros]

Unfortunately that cannot be changed...I think the watchlist keeps refreshing every 3 min so if you are scanning using a 1 min timeframe you are certainly missing moves...To combat such a delay you may want to change the scanner settings on the Yahoo SuperTrend and the moving average type. I have been testing a 2.0 ATR MULT...kept NATR at 6 but changed from HULL to Wilders moving average on a 5 min timeframe. This will allow you to keep the trend longer than the default settings of 1.0 ATR MULT...These same settings work can be applied to a 3 min time frame as well. For 1 min or 2 min time frame try using 3.0 ATR MULT...Although I would not be scanning below a 3 min timeframe since the watchlist column updates EVERY 3 min...The lowest time period I would use is 3 min...that way you'd be 1-2 bars behind with the delay.

For entries always scan on a higher timeframe...I would use two instances of the Yahoo SuperTrend scan...set one to 15 min and the other to either 3 min or 5 min. That way you're pulling up results showing you a trend on 15 min and 5 min...

Got it. I am using 10min, 15min, and 1hr with momentum confirmations. I notice that the output changes, naturally, if I include the EXT hour data. What is your recommendation? should it have EXT turned on? or should the supertrend jump from the previous day close?

 

[HighBredCloud]

Got it. I am using 10min, 15min, and 1hr with momentum confirmations. I notice that the output changes, naturally, if I include the EXT hour data. What is your recommendation? should it have EXT turned on? or should the supertrend jump from the previous day close?

I have mine with EXT turned on...try using the settings I gave in my previous post to see how that works out...You might be able to ditch the 10 min time frame and use the 5 min with the new settings 15 min with the default settings or something such as .7/6...and same with the 1 hour...So far I am liking the 5 min settings. Keeps a nice trend.

 

[barbaros]

I have mine with EXT turned on...try using the settings I gave in my previous post to see how that works out...You might be able to ditch the 10 min time frame and use the 5 min with the new settings 15 min with the default settings or something such as .7/6...and same with the 1 hour...So far I am liking the 5 min settings. Keeps a nice trend.

It is performing better now. I wonder if this bullish scan strategy would perform acceptable during a bear market too? or should there be a bear scan for shortable stocks?

 

[HighBredCloud]

It is performing better now. I wonder if this bullish scan strategy would perform acceptable during a bear market too? or should there be a bear scan for shortable stocks?

Look at post #7...it has both BULL/BEAR SCANNER...I am looking over the 5 min and 15 min strategy...From what I am noticing with the new settings use the 15 min as the tend guide and enter on the 5 min. I am also playing around with settings on the 15 min and testing the 1.0/4 settings...seems to keep the trend longer...but also the pullback are more lethal. SHORTS work the same way...just in reverse order.

 

[barbaros]

Look at post #7...it has both BULL/BEAR SCANNER...I am looking over the 5 min and 15 min strategy...From what I am noticing with the new settings use the 15 min as the tend guide and enter on the 5 min. I am also playing around with settings on the 15 min and testing the 1.0/4 settings...seems to keep the trend longer...but also the pullback are more lethal. SHORTS work the same way...just in reverse order.

I have not shorted using this strategy yet. Do you find it more risky?

 

[HighBredCloud]

I have not shorted using this strategy yet. Do you find it more risky?

No...I actually prefer shorting...its the same thing. To put the odds more in your favor I run an RSI scanner with the following criteria...For LONGS I scan for 40 RSI on the DAILY...60 RSI on the 4h 2h 1h...for SHORTS I scan for 60 RSI on the DAILY and 40 RSI on 4h 2h 1h...combine this with two instances of the SuperTrend scanner from here with one set to the 15 min and the other 5 min...and you should get good results trending in one direction.

 

[barbaros]

@HighBredCloud sorry for so many questions. this is very helpful for me and i very much appreciate it.
For short position, search in % losers, right?

 

[Joseph Patrick 18]

@RConner7 Thank You for the scanners...will use all 3 of them this week to see what pulls the bests results. Can I pick your brain a bit about this SuperTrend a bit? I made an MTF version of this SuperTrend based on a CSA study that I am currently testing. I am trying to find the sweet spot setting for this SuperTrend on a 1 min timeframe but with a 5 min time aggregation. My current setting on the 5 min chart is .07 ATR MULT and I left the NATR default 6 setting.

As you know...using a multi time frame of 5 min on 1 min chart you are prone to have the candles repaint in this case 5 candles back on the 1 min timeframe while the 5 min candle is still in OPEN condition. Even AFTER the 5 min candle closes the 1 min will paint 5 candles or however many candles back as your aggregation...This is not the point as that is expected just stating the obvious for people who may not know this.

I have also made a lower study version of this SuperTrend using "POINTS" to reflect the color of the candles. I wanted to use the lower study in conjunction with the upper MTF SuperTrend to serve as an entry or exit indication. With this in mind what is your recommendation of using possibly a higher ATR MULT than the 1.0 default setting on a 1 min chart? Also should I bother changing NATR form 6 to something else? I am trying to see if there is a value running this SuperTrend in MTF format on lower timeframes along with a lower study set to the current timeframe to see if there is possibly a quicker exit opportunity than on the main chart...in this case the 5 min.

It is rather scary how accurate this SuperTrend is...Yesterday I was using On Demand and I was looking at my other indicators such as True Momentum Oscillator...my friend who was helping me test this was drawing his trend lines all over the chart as he usually does when live trading...to find that IF ONLY the SuperTrend was used the best results would have been obtained on lower timeframes such as 5 min or less...The test was on 1 min chart with a 3 min aggregation FYI...seemed to work really well.

On the flip side though...high timeframes such as 15m + are also responsive BUT as with any SuperTrends they do tend to lag a bit when it comes to the candle color change vs the trend...as expected. I've had really good luck testing RSI crossover with the 5 SMA as well Mobius Price Range Color study found below. The combination of RSI cross over with Price Range Color and Stochastics FULL seemed to work really well...Anyway you can look at incorporating any of those studies I mentioned above to this SuperTrend to be even more responsive on a higher timeframe without compromising the trend? Would be nice to identify pullbacks on higher timeframes quicker other than by utilizing multi timeframe as I mentioned above.

Below is the Price Range Color by Mobius I referred to above...its very similar to the RSI crossing the 5 SMA...

# Price Range Color
# Mobius
# Smooths price over a range of bars eliminating noise

input range = 4;

def h = highest(high, range);
def l = lowest(low, range);
def c = close;
def Data = if ((c - l) / (h - l)) > .5
            then low - tickSize()
            else high + TickSize();
AssignPriceColor(if data < low then color.green else color.red);

HighBredCloud


Your settings on the 5, 10 and 15 minutes are spot on...they look perfect...(ORIGINAL RC7 script..)(will also try your lower addition to RC7 script)

atr mult: I set to 0.7
natr: I set to 6

and it lines up with TRUE MOMENTUM OSCILATOR BY MOBIUS PERFECTLY...

5 Minute Chart

https://imgur.com/WSIKen8

10 and 15...

https://imgur.com/FLWOyHE

also I added a support resistance setup and it all looks good..gonna test it out...
If anyone wants the workspace here it is..hopefully it helps someone thanks

http://tos.mx/Lcli7iL


Im still playing around with the range on your lower script pls let me know what number you settle on thanks! The above is just RConner's original code not your bottom part...still playing with that.

 

[HighBredCloud]

HighBredCloud


Your settings on the 5, 10 and 15 minutes are spot on...they look perfect...(ORIGINAL RC7 script..)(will also try your lower addition to RC7 script)

atr mult: I set to 0.7
natr: I set to 6

and it lines up with TRUE MOMENTUM OSCILATOR BY MOBIUS PERFECTLY...

5 Minute Chart

https://imgur.com/WSIKen8

10 and 15...

https://imgur.com/FLWOyHE

also I added a support resistance setup and it all looks good..gonna test it out...
If anyone wants the workspace here it is..hopefully it helps someone thanks

http://tos.mx/Lcli7iL


Im still playing around with the range on your lower script pls let me know what number you settle on thanks! The above is just RConner's original code not your bottom part...still playing with that.

There's new settings that I am still testing on the 5 min time frame that look very promising. 2.00 ATR MULT and 6 NATR...Also change from HULL to WILDERS moving average. For the 15 min time frame I am testing 1.00 ATR MULT with 4 NATR...With these settings the trend is held for longer period and you can use the 5 and 15 min timeframes to get in when both match up. To be extra sure the 30 min time frame can be thrown in there with settings .70 ATR MULT and 4 NATR...Get into position when ALL 3 timeframes 5/15/30 line up. Will check out your S&R...

 

[HighBredCloud]

@HighBredCloud sorry for so many questions. this is very helpful for me and i very much appreciate it.
For short position, search in % losers, right?

Correct...This can give you nice results for all the stocks that have movement for the day. What I would also do is create a scan where you can edit the %Loser/Gainers...adjust the price you want...use average daily volume instead of volume. Make sure the tab that says SCAN IN is set to the %Losers or %Gainers depending if you're scanning for SHORTS or LONGS.

 

[Joseph Patrick 18]

There's new settings that I am still testing on the 5 min time frame that look very promising. 2.00 ATR MULT and 6 NATR...Also change from HULL to WILDERS moving average. For the 15 min time frame I am testing 1.00 ATR MULT with 4 NATR...With these settings the trend is held for longer period and you can use the 5 and 15 min timeframes to get in when both match up. To be extra sure the 30 min time frame can be thrown in there with settings .70 ATR MULT and 4 NATR...Get into position when ALL 3 timeframes 5/15/30 line up. Will check out your S&R...

There's new settings that I am still testing on the 5 min time frame that look very promising. 2.00 ATR MULT and 6 NATR...Also change from HULL to WILDERS moving average. For the 15 min time frame I am testing 1.00 ATR MULT with 4 NATR...With these settings the trend is held for longer period and you can use the 5 and 15 min timeframes to get in when both match up. To be extra sure the 30 min time frame can be thrown in there with settings .70 ATR MULT and 4 NATR...Get into position when ALL 3 timeframes 5/15/30 line up. Will check out your S&R...

Okay thanks very much for your help...I'm setting it up now and I'll let you know how I do...so just to be sure all three (5,10&30min)are all set to Wilder? And I am using RC7's original STY not your add on with the "range" of 4 correct? thx

The S&R that I use I got on one of the threads...(also the True Momentum Oscillator by Mobius is pretty accurate also) I looked at script but it didn't say who's it was...but it looks pretty accurate...also another thing that I use is the TTM WAVE and I only use Wave 1 and zero line and I change the colors to red and green and I have noticed that alot of times this is a precursor when momentum is changing..on the 3 min, 5min and 10 min it changes a full bar (when say going from green to red above zero line) before most other indicators...was going to ask someone to maybe put together a scan for it but I am just a novice and could be wrong..but thanks anyway for your help.

also I am thinking about becoming a VIP member...is there any instruction as to how to begin to learn how to write your own script? thx

 

[HighBredCloud]

Okay thanks very much for your help...I'm setting it up now and I'll let you know how I do...so just to be sure all three (5,10&30min)are all set to Wilder? And I am using RC7's original STY not your add on with the "range" of 4 correct? thx

The S&R that I use I got on one of the threads...(also the True Momentum Oscillator by Mobius is pretty accurate also) I looked at script but it didn't say who's it was...but it looks pretty accurate...also another thing that I use is the TTM WAVE and I only use Wave 1 and zero line and I change the colors to red and green and I have noticed that alot of times this is a precursor when momentum is changing..on the 3 min, 5min and 10 min it changes a full bar (when say going from green to red above zero line) before most other indicators...was going to ask someone to maybe put together a scan for it but I am just a novice and could be wrong..but thanks anyway for your help.

also I am thinking about becoming a VIP member...is there any instruction as to how to begin to learn how to write your own script? thx

You are always using the original script...you're just changing the settings in it. 5 min is the one where you set to 2.0 ATR MULT and 6 NATR with WILDERS. 15 minute you can either use 1.0 ATR MULT with 4 NATR and default HULL or .7 ATR MULT with 6 NATR...see which you like better...30 min for sure I would use .7 ATR MULT and 4 NATR with HULL.

The idea is to make sure that the 30 min and 15 min are going in the same direction as reflected by the SuperTrend...The 5 min is just to dial in your entry when to enter...The 5 min doesn't necessarily need to be in agreement with the 30 min or 15 min...with the longer 5 min settings and the WILDERS moving average. From what I have seen thus far the 15 min chart with the 1.0 ATR MULT and 4 NATR will be just as accurate as a 5 min timeframe...the 5 min just allows you to enter every 5 min vs every 15 min...

VIP gives you more access to indicators...I am not sure what you can see as far as any tutorials. I have not personally looked into any of that as I am not much of a coder...more of copy and paste to make what I see fit. Hope this helps...

 

[Joseph Patrick 18]

You are always using the original script...you're just changing the settings in it. 5 min is the one where you set to 2.0 ATR MULT and 6 NATR with WILDERS. 15 minute you can either use 1.0 ATR MULT with 4 NATR and default HULL or .7 ATR MULT with 6 NATR...see which you like better...30 min for sure I would use .7 ATR MULT and 4 NATR with HULL.

The idea is to make sure that the 30 min and 15 min are going in the same direction as reflected by the SuperTrend...The 5 min is just to dial in your entry when to enter...The 5 min doesn't necessarily need to be in agreement with the 30 min or 15 min...with the longer 5 min settings and the WILDERS moving average. From what I have seen thus far the 15 min chart with the 1.0 ATR MULT and 4 NATR will be just as accurate as a 5 min timeframe...the 5 min just allows you to enter every 5 min vs every 15 min...

VIP gives you more access to indicators...I am not sure what you can see as far as any tutorials. I have not personally looked into any of that as I am not much of a coder...more of copy and paste to make what I see fit. Hope this helps...

It definitely does I really appreciate it...lmao me too copy and paste but would like to learn...thanks again nice to meet you.

 

[barbaros]

I have a general question about watchlists based on these types of scanners. I see that this type of scanner looks for a trigger in the within 3 bars. There are many trades that are already over in 2 bars. Knowing how slow ToS updates the watchlists, trend would already be over by the time you get to it.

How do you overcome this? Do you change the script so it is looking only for <no trigger 1 bar ago> and <trigger now>?

 

[rene6985]

I want to try this Supertrend Indicator, to scalping tool, as soon as trend changes, and post its number, then automatically buy and sell for you with OCO bracket on it. Is there a way to do it.