Repaints The PAM High Low Chart Setup For ThinkOrSwim

[OGOptionSlayer]

Thank you, I can see now exactly what you're talking about on Daily Market Tide. It looks like that section of the Unusual Whales platform doesn't use filters. The section that uses filters is the one I screenshotted, and I understand you're saying that you also watch that (in addition to Daily Market Tide) with the filters set so that you can see the particular, individual directional bets that are taking place.

The ones with the exclamation points (for "Volume>Open Interest") were hidden because I had the filter condition for "Size>Open Interest" and it seems that I need to switch it to "Volume>Open Interest" instead for these to show up:

It seems that having both of these switched on, instead of only the circled one, likewise causes the rows with exclamation points to not show up as results.

Yes, I turn these filters on and off throughout the day just to get a glimpse at total market movement. I also sometimes filter by OTM only to see if there is strong directional bias to one particular strike.

 

[TradingNumbers]

How do you minimize the false signals?
3m /ES

 

[OGOptionSlayer]

3m /ES

Be wary in the lower timeframes especially when it's choppy. I like to use the 30m or 15m to identify the long-term trend and then use the shorter timeframes for my entries. I've been using this strategy for a long time and that's the best way to approach it. Especially be cautious on futures.

 

[TradingNumbers]

Be wary in the lower timeframes especially when it's choppy. I like to use the 30m or 15m to identify the long-term trend and then use the shorter timeframes for my entries. I've been using this strategy for a long time and that's the best way to approach it.

Understood. So, you look for a signal in the higher timeframe and then look for a signal in the lower timeframe? or do you determine the entries in a different way?

 

[OGOptionSlayer]

I look for the signal in the higher timeframe and then I use different areas of confluence in the lower timeframes. I really like the combination of SATY ATR levels set on Day mode to see where I'm going to enter. I also look at the 13 and 48.5 ema's to ensure the short-term trend is matching the long-term that I identified in the higher timeframes. I use this indicator to trade futures, specifically /ES, so I understand where you are coming from.
Also, I think utilizing Squeeze Pro or TTM Squeeze really brings it home and let's me know if I should take the entry or not and it keeps me from getting shaken out in manipulated markets, like futures or $SPY and $SPX.

Also, on futures, look to take profit around the 50% retracement level or at the 13 ema for puts and the 48.5 ema for calls. It's okay to add to your position if you feel strongly about the trend but you know how price action fluctuates greatly in /ES.

 

[TradingNumbers]

I look for the signal in the higher timeframe and then I use different areas of confluence in the lower timeframes. I really like the combination of SATY ATR levels set on Day mode to see where I'm going to enter. I also look at the 13 and 48.5 ema's to ensure the short-term trend is matching the long-term that I identified in the higher timeframes. I use this indicator to trade futures, specifically /ES, so I understand where you are coming from.
Also, I think utilizing Squeeze Pro or TTM Squeeze really brings it home and let's me know if I should take the entry or not and it keeps me from getting shaken out in manipulated markets, like futures or $SPY and $SPX.

Also, on futures, look to take profit around the 50% retracement level or at the 13 ema for puts and the 48.5 ema for calls. It's okay to add to your position if you feel strongly about the trend but you know how price action fluctuates greatly in /ES.

Thank you for quick reply. It is difficult to hold positions when it starts reversing on you but then turns around and hits target.

Seems like a particularly difficult day today.

 

[OGOptionSlayer]

Thank you for quick reply. It is difficult to hold positions when it starts reversing on you but then turns around and hits target.

Seems like a particularly difficult day today.

It's pre-FOMC day. Many traders won't even trade on today or tomorrow due to crazy volatility. I prefer those days to scalp quickly. I have super tight stop losses on these days, more so than I normally do. If you practice good risk management, you will be okay. Definitely always stick to the stop losses of what the indicator gives you. Those are support and resistance levels.

On your chart that you quoted, look at how it retested the resistance but never hit your stop loss. That's why I always favor my indicator because it's price-action based and doesn't lag. It tells you the truth.

 

[METAL]

It's pre-FOMC day. Many traders won't even trade on today or tomorrow due to crazy volatility. I prefer those days to scalp quickly. I have super tight stop losses on these days, more so than I normally do. If you practice good risk management, you will be okay. Definitely always stick to the stop losses of what the indicator gives you. Those are support and resistance levels.

On your chart that you quoted, look at how it retested the resistance but never hit your stop loss. That's why I always favor my indicator because it's price-action based and doesn't lag. It tells you the truth.

It would be awesome if you could show a video of how you use this strategy. I have tested and I think I have a good entry and then the buy sig and cloud goes away. I am using 10 min and 5 min TF

 

[OGOptionSlayer]

It would be awesome if you could show a video of how you use this strategy. I have tested and I think I have a good entry and then the buy sig and cloud goes away. I am using 10 min and 5 min TF

I started using Loom and tried recording a full length video. Then Loom completely froze my browser and jettisoned the 15 minute video I had. But we don't talk about the video on here. Just know it's coming. Mods will delete our messages about videos because they take away from the real work that is going on with this great indicator. But it's coming. You can find me on Elon Musk's site if you have any other questions about videos.

 

[METAL]

I started using Loom and tried recording a full length video. Then Loom completely froze my browser and jettisoned the 15 minute video I had. But we don't talk about the video on here. Just know it's coming. Mods will delete our messages about videos because they take away from the real work that is going on with this great indicator. But it's coming. You can find me on Elon Musk's site if you have any other questions about videos.

Already found you there. What timeframes are you using. Like in the example you previously showed.

 

[OGOptionSlayer]

To identify the trend, I use 30m timeframe, at minimum the 15m. To get entries, I use the 3m or 10m.

 

[METAL]

To identify the trend, I use 30m timeframe, at minimum the 15m. To get entries, I use the 3m or 10m.

Gotcha. The reason I asked is that my chart did not look like yours at that time. I was looking at the 10m a 5m chart.

 

[OGOptionSlayer]

Gotcha. The reason I asked is that my chart did not look like yours at that time. I was looking at the 10m a 5m chart.

Yeah you can get fakeouts in those timeframes for sure with any indicator in any market. Always use longer timeframes to confirm your trend. It's okay to use the stop loss in the lower timeframe indicator, typically they will be the same as longer. But I still use the stop loss in the timeframe I get the signal on.

 

[METAL]

Yeah you can get fakeouts in those timeframes for sure with any indicator in any market. Always use longer timeframes to confirm your trend. It's okay to use the stop loss in the lower timeframe indicator, typically they will be the same as longer. But I still use the stop loss in the timeframe I get the signal on.

Yep. I know. I always use higher timeframes to confirm.

 

[fskhan]

I look for the signal in the higher timeframe and then I use different areas of confluence in the lower timeframes. I really like the combination of SATY ATR levels set on Day mode to see where I'm going to enter. I also look at the 13 and 48.5 ema's to ensure the short-term trend is matching the long-term that I identified in the higher timeframes. I use this indicator to trade futures, specifically /ES, so I understand where you are coming from.
Also, I think utilizing Squeeze Pro or TTM Squeeze really brings it home and let's me know if I should take the entry or not and it keeps me from getting shaken out in manipulated markets, like futures or $SPY and $SPX.

Also, on futures, look to take profit around the 50% retracement level or at the 13 ema for puts and the 48.5 ema for calls. It's okay to add to your position if you feel strongly about the trend but you know how price action fluctuates greatly in /ES.

For trend,

I use the following to determine the trend of the day I use $VOLD and $ADD and then $SP500MUP on a Today and 5min chart. It even helps when trend changes its direction. Check it out in the next few days and share your experience.

 

[fskhan]

I have updated the code to remove duplicate signals in post:
https://usethinkscript.com/threads/high-low-range-chart-setup-for-thinkorswim.13750/post-118026

# ... 01-31-2023 - Farooq Khan - remove duplicate Sell Put / Call Signals. Only show the very 1st signal for each set

I am thinking about hiding the signal when it is grossly against the trend shown by $VOLD and $ADD and $SP500MUP.

Comments?

 

[Focus]

I look for the signal in the higher timeframe and then I use different areas of confluence in the lower timeframes. I really like the combination of SATY ATR levels set on Day mode to see where I'm going to enter. I also look at the 13 and 48.5 ema's to ensure the short-term trend is matching the long-term that I identified in the higher timeframes. I use this indicator to trade futures, specifically /ES, so I understand where you are coming from.
Also, I think utilizing Squeeze Pro or TTM Squeeze really brings it home and let's me know if I should take the entry or not and it keeps me from getting shaken out in manipulated markets, like futures or $SPY and $SPX.

Also, on futures, look to take profit around the 50% retracement level or at the 13 ema for puts and the 48.5 ema for calls. It's okay to add to your position if you feel strongly about the trend but you know how price action fluctuates greatly in /ES.

Do you use the 13ema and 48.5ema on your short trend charts? You said that you use 3m and 10m to look for entries after looking at 30m or 15m for the trend of SPY, SPX and /ES.

 

[TradingNumbers]

I have updated the code to remove duplicate signals in post:
https://usethinkscript.com/threads/high-low-range-chart-setup-for-thinkorswim.13750/post-118026

# ... 01-31-2023 - Farooq Khan - remove duplicate Sell Put / Call Signals. Only show the very 1st signal for each set

I am thinking about hiding the signal when it is grossly against the trend shown by $VOLD and $ADD and $SP500MUP.

Comments?

It will awesome to combine all 3 charts and conditions into a single indicator but make all compounding filters options.

 

[OGOptionSlayer]

I have updated the code to remove duplicate signals in post:
https://usethinkscript.com/threads/high-low-range-chart-setup-for-thinkorswim.13750/post-118026

# ... 01-31-2023 - Farooq Khan - remove duplicate Sell Put / Call Signals. Only show the very 1st signal for each set

I am thinking about hiding the signal when it is grossly against the trend shown by $VOLD and $ADD and $SP500MUP.

Comments?

I think that's objective unless we can clearly define what 'grossly' means. Not a bad idea but let's define 'grossly' and work from there. Also, this is now the latest indicator code? This isn't for backtesting purposes right?

The indicator is called the "PAM" indicator. Stands for Price Action Momentum, it's also a reference to my favorite movie, Stepbrothers.

Unless you guys can come up with a better name. No one made any suggestions lol.

 

[OGOptionSlayer]

Do you use the 13ema and 48.5ema on your short trend charts? You said that you use 3m and 10m to look for entries after looking at 30m or 15m for the trend of SPY, SPX and /ES.

I only use 13 and 48 ema's on all charts. I used to use the 10 SMA and 50 SMA. I stay in trades for about an hour on average as I'm using the higher timeframes to identify the trend so these work fine for me.