I totally agree. It's been a while since I added another indicator to my list.@GiantBull @TradingNumbers
Very nice indicator. The first indicator I have come across in a long time that I added to my trading chart. I also trade SPY options with price action and S/R levels that have proven their usefulness over time. With some modifications to the code to use both signals with and without consideration of TMO, I am really liking what I see.
Great work.
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Can you share your chart?
This is my setup
In the upper chart, I use the 50's channel (high and low) to give me a reference. Then use the channel as an entry point, above or below the 50's channel. The arrows in the top are Persons Piviots. The lower charts are 2 MACDs (1.5 minute and 3 minute). I really like the Big 4 in the setup, as it provides an element of clarity. all this on a 1 min timeframe
You need to turn off the strategy hold trend and put the strategy confirmation factor to 4 to get an accurate look at how the strategy is supposed to be and how I trade it. The trade you mentioned at 3:45 would not have been taken because the candles are gray. Meaning not all 4 indicators have fired a sell signal. As for the 3:15 one that trade would have also not been taken because the way I enter the trade is not when the high of the first green bar is broken. I wait for the high/low to be broken on the 1 min for the 3 min green/red bar and then wait for another candle to break the high/low of that candle on the 1 min. Kinda confusing but here's a picture that would help explain it better.
Wouldn’t this equate to 3 consecutive bars on 3m to break the past 2 candle highs?You need to turn off the strategy hold trend and put the strategy confirmation factor to 4 to get an accurate look at how the strategy is supposed to be and how I trade it. The trade you mentioned at 3:45 would not have been taken because the candles are gray. Meaning not all 4 indicators have fired a sell signal. As for the 3:15 one that trade would have also not been taken because the way I enter the trade is not when the high of the first green bar is broken. I wait for the high/low to be broken on the 1 min for the 3 min green/red bar and then wait for another candle to break the high/low of that candle on the 1 min. Kinda confusing but here's a picture that would help explain it better.
The white line is the the high of the 3 min green candle. At 3:19 price broke the high of that candle. So, I will then use the high of the 3:19 candle for my entry if price breaks through. The golden line would be my entry once price breaks it which it never did. I also didn't extend the lines all the way because if you go back to the 3 min chart the next candles are gray which nullify the previous green candles.
No, it would only be 2 technically on the 1 min chart. You're only looking at the 1 min chart. So, let's say you get a buy signal on the 3 min chart and the high for that candle is $1. Now you switch to the 1 min chart and let's say price breaks through $1 and makes a new high at $1.10. Now you will only enter the trade once that level of $1.10 gets broken. All this is happening on the 1 min. I take all my entries based of the 1 min. Don't enter as soon as the high is broken from the candle that gave you a buy signal. Based on back testing that can lead to some bad trades.
No the conditions were all met however choppiness is our enemy. I was prepared today since Powell is speaking at the house and was expecting this kind of price action, so I had my stop loss really tight. Remember there will be bad trades this strategy has a 70% success rate, so you are guaranteed to have some losing trades. As long as you get out withing your loss range you will be good long term.
I don't actually use a stop loss when trading options since you can get stopped out really fast when you don't want to. I have a dollar range and when I am in there I look to get out.
I believe you can scan with it if you turn on the arrows. signal_up and signal_dn is what you are looking for.
Just go to the scan tab, add a condition, select the indicator and look for the plots being true. I'll try to post screenshots if i get a free moment.SO....the question is (and I can't thinkscript) is there a method to SCAN for these potential stocks without going through them one by one? My guess is it's really easy, but I just don't see it...
Thanks for studies, do you have the code for scanner feature on thinkscript?I can't remember, if the ak trend is on that thread.
Links for the 4 indicators:
Anchored Momentum: https://tos.mx/buzNdWK
AK trend: https://tos.mx/ymhoN5R
Zscore indicator: https://tos.mx/ibBpRr6
Ehlers: https://tos.mx/14yaHql
I forgot to mention that I trade on a 3 min chart and I only trade SPY. The important part is to figure out when a trend has exhausted itself. I use a combo of support and resistance and also the TMO. Whenever it is overbought or oversold, I wait for price to reach a near-term resistance/support area and then watch for a buy/sell signal from the 4 indicators. If 3 out of the 4 indicators have fired a signal I am in the trade. I have tested about almost every indicator that has been posted on this website and I find these 4 to be pretty powerful when used together. I know there's many coders who have posted multiple indicators in one study such as the confirmation candles or the CSA indicators but unfortunately, I couldn't make money off of those.
I have been on this website for about a year now have successfully made $10,000 only last month starting my account from $1,500 using 4 indicators posted on here. I call them the big 4. Ehlers, anchored momentum, ak trend, and zscore. My strategy is simple. I wait until 3 out 4 of the indicators are either bullish or bearish to take on a trade. Over the years I have used other indicators as well but lost.
Shared Chart Link: http://tos.mx/M3STTOx Click here for --> Easiest way to load shared links
Looking at it now, it doesn't work too well with that logic. You say if the TMO is below zero, you are allowed to go long and if TMO is above zero, you are are allowed to go short. However, the cond_UP proposal above is you are allowed to go long when TMO is above zero. Opposite of your description. Also, looking at the chart, there are a lot of long opportunities here where you would be missing if you don't consider above zero TMO.
Here is another example. You would be missing a lot of these with TMO filtering.
Idea in v1.2 is that if the TMO crossed above zero, there is a higher probability that it will reach overbought condition, and when it crossed below zero, it has a higher probability that it will reach oversold condition. However, there are many cases where TMO will stay above zero or below zero and never cross zero to reversal, it will only be a pullback and continuation.
That is an option in the latest version.
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