Repaints The PAM High Low Chart Setup For ThinkOrSwim

[jay2]

Will the latest include the buy signals again? Bubble/Arrow toggle? Also bar color on buys?

 

[OGOptionSlayer]

@OGOptionSlayer : Do you wait for the first 30 minutes of market open to enter? the first 30 minutes is a kind of setting the tone for rest of the day. Also, may I know why in the below diagram, Squeeze shows Increasing light blue bars while the price came down in the first 30 minutes, Is this called divergence? Went through SATY ATR levels and I really like them. Hope I will do some paper trading tomorrow. Can you show me an example of where you place your SL based on today's price action. Also, how utilizing Squeeze Pro/TTM Squeeze helped you not to shaken out in manipulated markets? Can you show a trade example. Thank you so much for your ideas and contribution. Really helping my trading to improve a lot but today I took a big Loss on /GL /CL and /ES as well. Almost 3 months of my profit is gone in one day. May I know what does black dots represent in Squeeze Pro?

https://imgur.com/a/8zWGViz

Do you wait for the first 30 minutes of market open to enter? I never take a trade in the first 10 minutes. I will take one in the first 30 if I send the trend is settling but definitely never the first 10 unless I'm trying a specific setup called ORB (Opening Range Breakout).

Also, may I know why in the below diagram, Squeeze shows Increasing light blue bars while the price came down in the first 30 minutes, Is this called divergence? Squeeze has everything to do with the Bollinger Bands going into the Kelner channels with a standard deviation of 2.0 on the BB's with a factor of 1.0 on the KC's. As the BB's go into the KC's which means BB's are now within a 1.0 standard deviation, that is called a squeeze.

The black dots are identifying that this is occurring.

Can you show me an example of where you place your SL based on today's price action? My S/L's vary greatly depending on what I feel it needs to be. But I would use slightly above the stop loss line of PAM. PAM gives you a great stop loss and I just go slightly above it to make sure I'm not getting faked out by an institution.


Also, how utilizing Squeeze Pro/TTM Squeeze helped you not to shaken out in manipulated markets? Notice how those bars turned cyan (light blue). If you would get in a trade with cyan bars like that. I would wait until two consecutive bars turn dark blue to get out of the trade. Squeezes last for 6-10 candles on average and you will see this occur quite often.

Green dots are no squeeze, black are squeeze, red are mid-squeeze (slightly stronger than black), yellow (nuclear squeeze) SH*TS about to get real.

 

[OGOptionSlayer]

Will the latest include the buy signals again? Bubble/Arrow toggle? Also bar color on buys?

We've taken out the "Buy Put" and "Buy Call signals I believe but bars are still colored and you get the arrows.

 

[profitmaya]

I'm going to let @Chemmy handle that one. I'm not sure. I know we have some kinks to work out still. What version are you using? It looks like an old version. Here is the latest: http://tos.mx/NiWsfTL

This is the one I have, today it worked like a charm....its really fantastic...I got weak hands so took profits earlier otherwise it would have been multi bagger. I lost so much and I always want to take profits very early but while taking Loss, i'm taking big Loss. I keep trying so much to contain myself but I always get the thought that I should get my money back. any tips on how to overcome this.

Looks at this beauty today

https://imgur.com/a/vvWo9fL

I have added SATY ATR levels but all those are moving lines along with the price so I could not find a best way to make use of those ATR targets. Could you please explain how you use them?

 

[HODL-Lay-HE-hoo!]

This is the one I have, today it worked like a charm....its really fantastic...I got weak hands so took profits earlier otherwise it would have been multi bagger. I lost so much and I always want to take profits very early but while taking Loss, i'm taking big Loss. I keep trying so much to contain myself but I always get the thought that I should get my money back. any tips on how to overcome this.

Looks at this beauty today

https://imgur.com/a/vvWo9fL

I have added SATY ATR levels but all those are moving lines along with the price so I could not find a best way to make use of those ATR targets. Could you please explain how you use them?

Tip #1 JUST GIVE UP!!!! Haha jayyy kay guys just joking...

If I understand you correctly it sounds like you have anxiety upon entering a position and watch in disbelief when said position goes against you preventing you from hitting the sell button. Been there.

1. It sounds as if you may be trading too close to expiration at your current skill level or confidence level. Choose a further out expiration if that is the case stay within one or two strikes of ATM to avoid the extreme volatility of 0-1-2-3 DTE contracts. Ideally you would look back on your trades and see a common denominator for example "Every time I lose 50% or more on a trade has been with 0 DTE contracts" then you would know not to trade them yet. No indicator can make you a worry free trader. That being said when you have watched your preferred indicator and the underlying long enough to understand what they are telling you it will definitely help relieve some stress.

2. Work on your entry point. Using whichever indicator you prefer go back through the chart and look for things such as "When this indicator signals the buy arrow there is normally a pullback before the move up" therefore you would attempt to start entering your position on the pullback which would give you some room to breathe if the price fluctuates. If you tend to jump the gun on entry work on that of course and possibly average into the trade (NOT AVERAGE DOWN ON A LOSING TRADE)

3. It is crucial to have or develop the discipline to cut loosing trades. Your brain will not like this given your current state therefore you have to have a PLAN and follow that plan like your account depends on it! You do not need to have a 15 rule system. Just make a plan to exit if things go south for example: "When I enter this position I will cut the trade if price goes below the green zone" If it goes below that level and your cut the trade then it goes up 100% its better than possibly losing 100% and get this through your brain... if you had a bad entry you can always stop out and re-enter the trade!

4. As for holding to maximize gains being able to understand and trust what your indicators are telling you and just understanding price action will help however... it is better to make small gains over time rather than a big gain followed by huge losses. When you make those small gains by "cutting early" you will notice a key component to a successful trader... consistency... at which point you may choose to scale up the amount of contracts cut 90% when you normally do and let the others ride to your next target. Take your small gains and scale up overtime after you have a consistent strategy and the discipline to follow it.

Good day sir.

 

[Chemmy]

It would be great if the first count of the candle can be colored. Only the first count and the last count which is the 20th count candle. Maybe @Chemmy can help with this. Also, @Chemmy there is an indicator I'd like you to look at and it's not related to PAM. Do I have to send the thread here?

Sure, do you mean if the length is 20 then to color the 20th candle back? Or to color the first candle after the swing high/low is confirmed? I'm currently adding the fib and buffer options to the study this weekend, so I can add that as well.

also, if you have another indicator you want coded you should probably just start another thread -- you're welcome to mention me on it so that I see it.

 

[Chemmy]

Will the latest include the buy signals again? Bubble/Arrow toggle? Also bar color on buys?

Yes, I'm adding all of that -- the newer version I sent out is the barebones prototype of the non-repainting signal, just to make sure that was a style that everyone was okay with. working on adding the bells and whistles now

 

[Chemmy]

@OGOptionSlayer/ @Chemmy : Can you tell me why it generated a Buy Signal today at the yellow circle at 3:45 AM EST...I checked the last 20 candle close and its no where related to the buy signal...I'm trying to better understand when the buy and sell signals are actually generated.

https://imgur.com/a/ty6AtmG

Sorry if I'm misunderstanding here, are you asking why there was a buy signal generated here at all? Or the logic that goes behind generating the signals?

The previous version of this quite literally just looks at all of the candles beyond that vertical line -- then when it finds a lowest low, it generates a zone from high to low on that candle. When price closes above that zone's high, the next candle generates a buy signal with a stop at the low of the zone.

So in your picture, the reason that buy signal was generated was because price had closed above the high of the lowest low, signifying a potential reversal. Does that make sense? Or is that not what you were concerned about?

 

[OGOptionSlayer]

As requested, PAM Indicator First Tutorial Video:

 

[OGOptionSlayer]

This is the one I have, today it worked like a charm....its really fantastic...I got weak hands so took profits earlier otherwise it would have been multi bagger. I lost so much and I always want to take profits very early but while taking Loss, i'm taking big Loss. I keep trying so much to contain myself but I always get the thought that I should get my money back. any tips on how to overcome this.

Looks at this beauty today

https://imgur.com/a/vvWo9fL

I have added SATY ATR levels but all those are moving lines along with the price so I could not find a best way to make use of those ATR targets. Could you please explain how you use them?

Man, this makes me so happy. Don't worry about getting FOMO. It happens to all of us. Guess what though, you were profitable and every day you give yourself a much better chance by having the discipline you showed here. Watch my video as I explain how to use the 13 and 48 ema to stay in that trade and not paperhand.

You've asked so many questions and really tried to understand this process and it makes me so happy to see it working for you.

 

[mailbagman2000]

Man, this makes me so happy. Don't worry about getting FOMO. It happens to all of us. Guess what though, you were profitable and every day you give yourself a much better chance by having the discipline you showed here. Watch my video as I explain how to use the 13 and 48 ema to stay in that trade and not paperhand.

You've asked so many questions and really tried to understand this process and it makes me so happy to see it working for you.

Link to your video?

 

[OGOptionSlayer]

Link to your video?

 

[profitmaya]

Sorry if I'm misunderstanding here, are you asking why there was a buy signal generated here at all? Or the logic that goes behind generating the signals?

The previous version of this quite literally just looks at all of the candles beyond that vertical line -- then when it finds a lowest low, it generates a zone from high to low on that candle. When price closes above that zone's high, the next candle generates a buy signal with a stop at the low of the zone.

So in your picture, the reason that buy signal was generated was because price had closed above the high of the lowest low, signifying a potential reversal. Does that make sense? Or is that not what you were concerned about?

@Chemmy Thanks for response. my question is, I put a length of 20 and as I understand, it means check LL in the last 20 candles and create a zone from that point, when the following candles close above , generate a Buy Signal.
In the chart that I Showed, when you go 20 candles back, you want to see the candles making LL in that zone and as you can see candles were higher than the Buy zone it created so I had the question on how it generated Buy Signal over there?

 

[STB]

Does this repaint signals, because it looks to good to be true. Looking forward to see how it works on Monday

.

 

[profitmaya]

Tip #1 JUST GIVE UP!!!! Haha jayyy kay guys just joking...

If I understand you correctly it sounds like you have anxiety upon entering a position and watch in disbelief when said position goes against you preventing you from hitting the sell button. Been there.

1. It sounds as if you may be trading too close to expiration at your current skill level or confidence level. Choose a further out expiration if that is the case stay within one or two strikes of ATM to avoid the extreme volatility of 0-1-2-3 DTE contracts. Ideally you would look back on your trades and see a common denominator for example "Every time I lose 50% or more on a trade has been with 0 DTE contracts" then you would know not to trade them yet. No indicator can make you a worry free trader. That being said when you have watched your preferred indicator and the underlying long enough to understand what they are telling you it will definitely help relieve some stress.

2. Work on your entry point. Using whichever indicator you prefer go back through the chart and look for things such as "When this indicator signals the buy arrow there is normally a pullback before the move up" therefore you would attempt to start entering your position on the pullback which would give you some room to breathe if the price fluctuates. If you tend to jump the gun on entry work on that of course and possibly average into the trade (NOT AVERAGE DOWN ON A LOSING TRADE)

3. It is crucial to have or develop the discipline to cut loosing trades. Your brain will not like this given your current state therefore you have to have a PLAN and follow that plan like your account depends on it! You do not need to have a 15 rule system. Just make a plan to exit if things go south for example: "When I enter this position I will cut the trade if price goes below the green zone" If it goes below that level and your cut the trade then it goes up 100% its better than possibly losing 100% and get this through your brain... if you had a bad entry you can always stop out and re-enter the trade!

4. As for holding to maximize gains being able to understand and trust what your indicators are telling you and just understanding price action will help however... it is better to make small gains over time rather than a big gain followed by huge losses. When you make those small gains by "cutting early" you will notice a key component to a successful trader... consistency... at which point you may choose to scale up the amount of contracts cut 90% when you normally do and let the others ride to your next target. Take your small gains and scale up overtime after you have a consistent strategy and the discipline to follow it.

Good day sir.

If I understand you correctly it sounds like you have anxiety upon entering a position and watch in disbelief when said position goes against you preventing you from hitting the sell button.

Absolutely Right.

1. It sounds as if you may be trading too close to expiration at your current skill level or confidence level. Choose a further out expiration if that is the case stay within one or two strikes of ATM to avoid the extreme volatility of 0-1-2-3 DTE contracts. Ideally you would look back on your trades and see a common denominator for example "Every time I lose 50% or more on a trade has been with 0 DTE contracts" then you would know not to trade them yet. No indicator can make you a worry free trader. That being said when you have watched your preferred indicator and the underlying long enough to understand what they are telling you it will definitely help relieve some stress.

I tried long dated options last year and most of the gains I had was due to covered calls but my other long dated options caused a big damage so overall took a big Loss ( 20 K ) in last year. I started doing short dated options so I can get good sleep. Initially I was successful and with all these news catalyst events and violent moves, my P&L got catastrophic. Now, I started doing futures and it's not been successful in that also so far.


2. Work on your entry point. Using whichever indicator you prefer go back through the chart and look for things such as "When this indicator signals the buy arrow there is normally a pullback before the move up" therefore you would attempt to start entering your position on the pullback which would give you some room to breathe if the price fluctuates. If you tend to jump the gun on entry work on that of course and possibly average into the trade (NOT AVERAGE DOWN ON A LOSING TRADE)

Thank you. Will work on this.


3. It is crucial to have or develop the discipline to cut loosing trades. Your brain will not like this given your current state therefore you have to have a PLAN and follow that plan like your account depends on it! You do not need to have a 15 rule system. Just make a plan to exit if things go south for example: "When I enter this position I will cut the trade if price goes below the green zone" If it goes below that level and your cut the trade then it goes up 100% its better than possibly losing 100% and get this through your brain... if you had a bad entry you can always stop out and re-enter the trade!

This is my toughest one, 95% of time as soon I enter, it just goes in opposite direction and makes me disbelieve that my system is incorrect and feel like god is punishing me for unknown sins i committed ! As you rightly said, it just goes up as soon as I quit further destructing my belief. I started putting SL but every trade I took , kept hitting SL and reversing so I stopped doing SL and enter only TP ( take profit order)..it was successful for some trades and some trades I had to take huge loss wiping off the gains I made.

4. As for holding to maximize gains being able to understand and trust what your indicators are telling you and just understanding price action will help however... it is better to make small gains over time rather than a big gain followed by huge losses. When you make those small gains by "cutting early" you will notice a key component to a successful trader... consistency... at which point you may choose to scale up the amount of contracts cut 90% when you normally do and let the others ride to your next target. Take your small gains and scale up overtime after you have a consistent strategy and the discipline to follow it.

In my case , it's completely opposite. I take small small gains followed by a huge loss i.e it wipes off my entire profit and puts me in a loss situation ...I recover and then go +ve but whenever I feel confident and increase the size, that trade I take a big Loss ....this keeps repeating whatever I trade or however I trade. I traded /GC ..gained 2.5K in 3 days but lost 3K in the next 3 days....I traded Oil ..gained 1K in first day and Lost 5K in the next 5 days...Underlying instrument and my approach is constantly adapting but still i'm loosing big.

 

[profitmaya]

Does this repaint signals, because it looks to good to be true. Looking forward to see how it works on Monday

.

Wow..like those bubbles showing Stops. Appreciate if you can share link.

 

[STB]

Wow..like those bubbles showing Stops. Appreciate if you can share link.

It was already in the code just # out.
Just add this.

addchartbubble(swinghigh, high, "Stop " + high, color.yellow);
addchartbubble(swinglow, low, "Stop " + low, color.yellow);

 

[OGOptionSlayer]

Does this repaint signals, because it looks to good to be true. Looking forward to see how it works on Monday

.

It definitely repaints. It takes the last 20 candles and paint the high and low of those 20 candles. I altered the strategy from Mastering the Trade by John Carter to match an intraday trading style. His trade is called the HOD and LOD setup where he only takes into account the highest high and lowest low. I got to thinking that this could be applied anywhere, not just in those specific parameters. And already understanding the TradingWarz golden indicator setup, I put some concepts in with John Carter's strategy thus forming the PAM indicator.

 

[OGOptionSlayer]

Absolutely Right.

1. It sounds as if you may be trading too close to expiration at your current skill level or confidence level. Choose a further out expiration if that is the case stay within one or two strikes of ATM to avoid the extreme volatility of 0-1-2-3 DTE contracts. Ideally you would look back on your trades and see a common denominator for example "Every time I lose 50% or more on a trade has been with 0 DTE contracts" then you would know not to trade them yet. No indicator can make you a worry free trader. That being said when you have watched your preferred indicator and the underlying long enough to understand what they are telling you it will definitely help relieve some stress.

I tried long dated options last year and most of the gains I had was due to covered calls but my other long dated options caused a big damage so overall took a big Loss ( 20 K ) in last year. I started doing short dated options so I can get good sleep. Initially I was successful and with all these news catalyst events and violent moves, my P&L got catastrophic. Now, I started doing futures and it's not been successful in that also so far.


2. Work on your entry point. Using whichever indicator you prefer go back through the chart and look for things such as "When this indicator signals the buy arrow there is normally a pullback before the move up" therefore you would attempt to start entering your position on the pullback which would give you some room to breathe if the price fluctuates. If you tend to jump the gun on entry work on that of course and possibly average into the trade (NOT AVERAGE DOWN ON A LOSING TRADE)

Thank you. Will work on this.


3. It is crucial to have or develop the discipline to cut loosing trades. Your brain will not like this given your current state therefore you have to have a PLAN and follow that plan like your account depends on it! You do not need to have a 15 rule system. Just make a plan to exit if things go south for example: "When I enter this position I will cut the trade if price goes below the green zone" If it goes below that level and your cut the trade then it goes up 100% its better than possibly losing 100% and get this through your brain... if you had a bad entry you can always stop out and re-enter the trade!

This is my toughest one, 95% of time as soon I enter, it just goes in opposite direction and makes me disbelieve that my system is incorrect and feel like god is punishing me for unknown sins i committed ! As you rightly said, it just goes up as soon as I quit further destructing my belief. I started putting SL but every trade I took , kept hitting SL and reversing so I stopped doing SL and enter only TP ( take profit order)..it was successful for some trades and some trades I had to take huge loss wiping off the gains I made.

4. As for holding to maximize gains being able to understand and trust what your indicators are telling you and just understanding price action will help however... it is better to make small gains over time rather than a big gain followed by huge losses. When you make those small gains by "cutting early" you will notice a key component to a successful trader... consistency... at which point you may choose to scale up the amount of contracts cut 90% when you normally do and let the others ride to your next target. Take your small gains and scale up overtime after you have a consistent strategy and the discipline to follow it.

In my case , it's completely opposite. I take small small gains followed by a huge loss i.e it wipes off my entire profit and puts me in a loss situation ...I recover and then go +ve but whenever I feel confident and increase the size, that trade I take a big Loss ....this keeps repeating whatever I trade or however I trade. I traded /GC ..gained 2.5K in 3 days but lost 3K in the next 3 days....I traded Oil ..gained 1K in first day and Lost 5K in the next 5 days...Underlying instrument and my approach is constantly adapting but still i'm loosing big.

I will create a video on how to ensure you stay in those big gainers and cut your losses short. New video is coming soon. Probably will be how I setup the indicator and the next one will be more about how to use it in a strategy although this indicator is just a study, not a strategy.

 

[jay2]

@OGOptionSlayer - in the video.. you're on a 3m timeframe.. is your agg set to 5m? or at 15m?