Repaints The PAM High Low Chart Setup For ThinkOrSwim

[OGOptionSlayer]

@OGOptionSlayer ... How can I custom my thinkorswim time frame to 65m? I tried doing that but it won't work. Also, I noticed that the “buy Call/buy Put” bubble repaints. Today, a Buy-Call bubble appeared in premarket, however, the bubble disappeared and then appeared on a candle at the market open. The candle it appeared on was one of the previous candles at the open on the 15m chart.

Because one of three possibilities:
1) The previous bubble was not in the last 20 candles so a new high or low was created thus repainting a new bubble.
2) The indicator noticed a new high or low, and it accurately painted a new bubble. This means that the stop loss on the previous bubble was hit and you should have exited the trade if you were in it.
3) It's a bug and we would need to see the actual screenshot so we can debug it. I have not seen this occur yet. I have seen the double painting of the bubbles and we are working on debugging that now.

For all members, if you are invested in this indicator's success to better your trading, please provide screenshots of any potential bugs you encounter and the exact timeframe, symbol, and any other pertinent information so we can quickly diagnose it.

It's a community effort and it's free to you. Let's make it great for everyone!

 

[OGOptionSlayer]

Hey @OGOptionSlayer what version of the script are you using now?

Honestly, I'm using @Chemmy's
https://usethinkscript.com/threads/...etup-for-thinkorswim.13750/page-4#post-115352
for now until we can merge it with @halcyonguy's version and have it all in one place. I love the Fib levels he used in it and they are optional. He also added clouding which is one thing I loved about Ripster's EMA cloud when I used it so it looks so good with the clouding.
Just use Chemmy's for now until @halcyonguy can do his updates. It's very good quality but has the double painting issue and he is working on debugging it.

 

[Focus]

in tos platform charts => chart settings => time axis => aggregation period => 00:65

Thank you.

Because one of three possibilities:
1) The previous bubble was not in the last 20 candles so a new high or low was created thus repainting a new bubble.
2) The indicator noticed a new high or low, and it accurately painted a new bubble. This means that the stop loss on the previous bubble was hit and you should have exited the trade if you were in it.
3) It's a bug and we would need to see the actual screenshot so we can debug it. I have not seen this occur yet. I have seen the double painting of the bubbles and we are working on debugging that now.

For all members, if you are invested in this indicator's success to better your trading, please provide screenshots of any potential bugs you encounter and the exact timeframe, symbol, and any other pertinent information so we can quickly diagnose it.

It's a community effort and it's free to you. Let's make it great for everyone!

Thank you. Next time I will do that.

 

[Chemmy]

Honestly, I'm using @Chemmy's
https://usethinkscript.com/threads/...etup-for-thinkorswim.13750/page-4#post-115352
for now until we can merge it with @halcyonguy's version and have it all in one place. I love the Fib levels he used in it and they are optional. He also added clouding which is one thing I loved about Ripster's EMA cloud when I used it so it looks so good with the clouding.
Just use Chemmy's for now until @halcyonguy can do his updates. It's very good quality but has the double painting issue and he is working on debugging it.

Hey man, so I'm just getting back to this now and whatever I do I can't replicate the duplicate bubble, unless I actually use the study twice on my chart. You don't happen to be displaying two versions of this study right now, are you? Other than that, I'm having trouble figuring out the issue here.

 

[OGOptionSlayer]

Hey man, so I'm just getting back to this now and whatever I do I can't replicate the duplicate bubble, unless I actually use the study twice on my chart. You don't happen to be displaying two versions of this study right now, are you? Other than that, I'm having trouble figuring out the issue here.

I definitely checked that. I will try to just take it off and put it back on. It did some weird stuff when I was opening the shared item so maybe it just jacked it up. I'm sure that will fix it.

 

[Khahuy12]

Hey man, so I'm just getting back to this now and whatever I do I can't replicate the duplicate bubble, unless I actually use the study twice on my chart. You don't happen to be displaying two versions of this study right now, are you? Other than that, I'm having trouble figuring out the issue here.

hey chem, is it possible to make the red and green candle scannable?

 

[Chemmy]

hey chem, is it possible to make the red and green candle scannable?

Do you mean as an actual scan or as a watchlist column? I just tried to scan for stocks using my version of the study and it worked just fine, I think for my version you'd just have to specify "buy_bubbles_on"=No and then set the up/down arrows to True for the scan; let me know if that makes sense or if you need me to show you what I did.

If you need a watchlist column, I can take a look after market hours but my family is heading out of town today so I'll be less available.

 

[OGOptionSlayer]

Do you mean as an actual scan or as a watchlist column? I just tried to scan for stocks using my version of the study and it worked just fine, I think for my version you'd just have to specify "buy_bubbles_on"=No and then set the up/down arrows to True for the scan; let me know if that makes sense or if you need me to show you what I did.

If you need a watchlist column, I can take a look after market hours but my family is heading out of town today so I'll be less available.

That's exactly what I did and it works perfectly. Also, I did figure out the chart thing. It was an error on my part. So no bugs at all so far. Working flawlessly and caught that $4 drop this morning on $SPY from pre-market.

 

[Chemmy]

That's exactly what I did and it works perfectly. Also, I did figure out the chart thing. It was an error on my part. So no bugs at all so far. Working flawlessly and caught that $4 drop this morning on $SPY from pre-market.

okay, that's awesome to hear! Thanks for letting me know that. I'll try to get out the version with the candle painting option today so this can maybe be near it's final version soon for y'all

 

[Focus]

as I understood, it seems to me you buy single legs puts or calls. if that is the case:
1 - how do you define the strike and DTE?
2 - also, can you explain how do you exit based in the indicator, for gain or loss cases?

I am definitely a single-leg puts and calls player. But this can be easily used for spreads.


Answer to Question 1: I only do 70% delta puts or calls and never 0 dte unless I am willing to just gamble.

Answer to Question 2: I used SATY ATR Levels. It's a free indicator and he has several Youtube tutorials on it. Typically my indicator compliments his extremely well and there is a whole half ATR above or below the solid line for my entry candle. I usually take profit at the next level on his indicator but keep runners until I get the reverse signal. So if I in puts, I wait until I get the "Buy Call" signal to completely exit.

Also, as I mentioned above, I highly recommend using John Carter's trend reversal strategy where he specifically says he does not get out of a trend until Squeeze Pro or TTM Squeeze makes two consecutive bars that show weakness. (ex: two yellow candles after all red for puts, or two dark blue bars after all cyan for calls). This means the trend is most likely going to reverse. It keeps me from getting shaken out by institutionals and it's where many big gainers (300% to 1000%) trades come from.

Typically though, the most solid exit signal is when you get the inverse signal of what you are in. But sometimes these candles are in a strong momentum squeeze and can easily take half your profit or more. So you have to manage your trade or you can do a trailing stop loss.

The indicator really allows you to manage how you want. The dotted line is always your stop loss and you should always keep that no matter what.

Answer to Question 2:

You may see why I use the Squeeze Pro instead. I like to see a true reversal and not a simple retracement. The retracement is just people taking profits and is not an indicator of true market sentiment. Combine TTM Squeeze or Squeeze Pro along with flow data and you have the potential to stay in to make huge gains. I take one maybe two trades per day and usually come out with 100% gainers. But it's about being patient and making sure the market is trending. On chop days, I simply just scalp and use more the 1m and 3m to do that. But get good with the indicator and learn it's faults as well as its benefits before you do that.

@OGOptionSlayer. Do you use the Squeeze-Pro on 65m to exit your trades or 15m chart? Also, do you use 65m chart to take your trade or 15m chart? You said when there are two different colors on the Squeeze-Pro bar, that's when you look to exit your trade. This is my first time using the Squeeze pro.

 

[Chemmy]

Alright, I believe I've gotten the coloring added in properly now:

I ended up changing some of the inputs around, as the signals were previously binary (either bubbles or arrows) -- now there should be functionality for bubbles, arrows, and candle painting, or whichever combination of the three you prefer.

Also, the candle painting options are just set as global now -- I've defaulted them to light green/light red but if you just go into the global section of the options you can set them to whatever you like, such as the above image where I set calls to Cyan and puts to Magenta. @OGOptionSlayer let me know if this is what you had in mind or if I've misunderstood anything!

Here is the link: http://tos.mx/NhiAAtM

 

[OGOptionSlayer]

@OGOptionSlayer. Do you use the Squeeze-Pro on 65m to exit your trades or 15m chart? Also, do you use 65m chart to take your trade or 15m chart? You said when there are two different colors on the Squeeze-Pro bar, that's when you look to exit your trade. This is my first time using the Squeeze pro.

You can use Squeeze Pro or the equally as good TTM Squeeze (minus a few upgrades that don't really matter with this setup). First, to identify the trend, I use the 65m timeframe. I have three timeframes always pulled up but I wouldn't suggest using the third one until you are really adept with the indicator or the setup.

1) 65m = To identify the trend, I'm looking at where the 10 SMA and 50 SMA are and ideally, I would like for them to have just crossed within the last two candles. I like to see a squeeze forming but I'm willing to get in when I see that Squeeze Pro is starting to show weakness in the current trend by having bars decreasing.

2) 15m = This is where I'm going to manage my trade. I'm going to get in when the candle gives me the signal and set my stop loss immediately to the stop loss line. The way I get 300-500% gainers is waiting for Squeeze Pro to have to consecutive bars showing weakness (red bars go to yellow for puts, cyan bars go to dark blue for calls). This prevents me from being shaken out by the market makers and retracements on the trend.

3) 1m = I use this for sniper entries and exits. I exit only with this timeframe if I have a hunch that the first new reverse trend candle is going to be huge. For example, if a squeeze has been forming and it's been consolidating but Squeeze Pro hasn't gotten me out of it yet. The 1m chart will show you the very best position you can be in at the start of the reversal. You can use 1 to 5m for this but I don't recommend it unless you know what you are doing because you will get several false signals. This is why I confirm everything on the 65m timeframe before I ever even glance at this chart or the 15m.

Hope this helps.

 

[OGOptionSlayer]

Do you mean as an actual scan or as a watchlist column? I just tried to scan for stocks using my version of the study and it worked just fine, I think for my version you'd just have to specify "buy_bubbles_on"=No and then set the up/down arrows to True for the scan; let me know if that makes sense or if you need me to show you what I did.

If you need a watchlist column, I can take a look after market hours but my family is heading out of town today so I'll be less available.

Hey @Chemmy, can you post how you did your scan? I think I didn't do it correctly in the end. I had a couple of markets that weren't firing but scan said they were. Thank you!

 

[Chemmy]

Hey @Chemmy, can you post how you did your scan? I think I didn't do it correctly in the end. I had a couple of markets that weren't firing but scan said they were. Thank you!

Sure, so with the newest version (with the candle painting option) you should need to specify:

• show_arrows = Yes
• bars=your preference
• Plot = Up or Down, depending on direction you want

- select "is true" for the scan criteria, within x bars (I used 3)

then make sure that your timeframe for the scan is set to the same that you trade on -- default will be Day, but if you trade on the 15min make sure it's set to scan that timeframe

here is DOCU as an example, found just now scanning on the 3-minute timeframe, looking for Up=True within 3 bars:

does that make sense? Let me know if you find something that is still not working if you've done that already.

One other important thing to note is that I've found that booleans within a range will still be counted as true even if they get invalidated afterwards, i.e. if you're scanning for an Up signal within 10 bars, and the signal gets invalidated on Bar 6, the scan will still count it as true -- so I would advise to look for more immediate signals, such as within 1-3 bars.

 

[OGOptionSlayer]

Alright, I believe I've gotten the coloring added in properly now:

I ended up changing some of the inputs around, as the signals were previously binary (either bubbles or arrows) -- now there should be functionality for bubbles, arrows, and candle painting, or whichever combination of the three you prefer.

Also, the candle painting options are just set as global now -- I've defaulted them to light green/light red but if you just go into the global section of the options you can set them to whatever you like, such as the above image where I set calls to Cyan and puts to Magenta. @OGOptionSlayer let me know if this is what you had in mind or if I've misunderstood anything!

Here is the link: http://tos.mx/NhiAAtM

Hey @Chemmy, can you post how you did your scan? I think I didn't do it correctly in the end. I had a couple of markets that weren't firing but scan said they were. Thank you!

Hey Chemmy, I'm getting the color

Sure, so with the newest version (with the candle painting option) you should need to specify:

• show_arrows = Yes
• bars=your preference
• Plot = Up or Down, depending on direction you want

- select "is true" for the scan criteria, within x bars (I used 3)

then make sure that your timeframe for the scan is set to the same that you trade on -- default will be Day, but if you trade on the 15min make sure it's set to scan that timeframe

here is DOCU as an example, found just now scanning on the 3-minute timeframe, looking for Up=True within 3 bars:

does that make sense? Let me know if you find something that is still not working if you've done that already.

One other important thing to note is that I've found that booleans within a range will still be counted as true even if they get invalidated afterwards, i.e. if you're scanning for an Up signal within 10 bars, and the signal gets invalidated on Bar 6, the scan will still count it as true -- so I would advise to look for more immediate signals, such as within 1-3 bars.

Thanks for the clarification. Yeah I was doing it wrong.

Yeah it seems like the Global "Bear Down" candle paint is not working. It is definitely working on the "Bulls Up".

 

[Chemmy]

Hey Chemmy, I'm getting the color

Thanks for the clarification. Yeah I was doing it wrong.

Yeah it seems like the Global "Bear Down" candle paint is not working. It is definitely working on the "Bulls Up".

Ah, so the coloring not working on the Puts signal there... that's due to my original edit to this study, where I mentioned I added a buffer to the signals firing within X bars so that you wouldn't see signals firing in the opposite direction one after the other. The default value of the buffer is set to 10 so you wouldn't see mixed signals firing within 10 bars of each other.

I must have forgotten to add the buffer to the bubbles since I only was using the arrows, but if you change the buffer value to 1 or 0 then you should see the coloring working properly. I'll fix the buffer option to work on the bubbles in just a bit.

edit -- here's the updated versions, with the buffer properly applied to the bubbles: http://tos.mx/maYGrRt

if you don't mind seeing signals in opposite directions firing in close proximity, be sure to set the buffer value to lower values

 

[OGOptionSlayer]

I will use my last picture to demonstrate something great about this indicator as well. If you look at where your two solid lines are for both Buy Put and Buy Call, you will notice you encounter support and resistance at these levels and even more so at the Stop Loss levels. This is establishing a Darvas Box. It's a pseudo-Darvas Box but you will often see it chop between these ranges because of the obvious support and resistance levels that were made when it finally broke and gave you your signal.

If it is a chop day, you can often play between the two stop loss levels generated for Buy Puts and Buy Calls. This is your current Darvas box. If you use the Darvas Box indicator, you will see that our indicator is actually more accurate than the Darvas Box because it is truly taking the most current extreme highs and lows in the current market.

Especially if you have your buffer set to 1 and not 10. On chop days, I think I'm going to adjust my buffer down to 1 and on trend days, I will leave it at 5 because I won't be looking to play the chop.

I love Darvas boxes. In fact, it was honestly my most inspirational point of coming up with this. If you haven't read "How I Made $2M in the Stock Market" by Nicholas Darvas, it's a must-read especially if you are using this indicator.

I also strongly suggest John Carter's "Mastering the Trade" and Mark Douglas' "Trading in the Zone". Always improve your knowledge and if you haven't read any of those 3, start with "Trading in the Zone" then the other two.

 

[OGOptionSlayer]

Ah, so the coloring not working on the Puts signal there... that's due to my original edit to this study, where I mentioned I added a buffer to the signals firing within X bars so that you wouldn't see signals firing in the opposite direction one after the other. The default value of the buffer is set to 10 so you wouldn't see mixed signals firing within 10 bars of each other.

I must have forgotten to add the buffer to the bubbles since I only was using the arrows, but if you change the buffer value to 1 or 0 then you should see the coloring working properly. I'll fix the buffer option to work on the bubbles in just a bit.

Does anyone see value in the bubbles? I think they are bad to be honest. I don't like how it tells you to "Buy Puts" or "Buy Calls" because I think the trader should determine that based on other areas of confluence. My personal preference is to eliminate them unless someone thinks these are useful. They often get in the way of important indicators as well.

What do you think @Chemmy and @halcyonguy?

 

[Chemmy]

Does anyone see value in the bubbles? I think they are bad to be honest. I don't like how it tells you to "Buy Puts" or "Buy Calls" because I think the trader should determine that based on other areas of confluence. My personal preference is to eliminate them unless someone thinks these are useful. They often get in the way of important indicators as well.

What do you think @Chemmy and @halcyonguy?

well, I personally don't use the bubbles regardless -- I much prefer either the candle coloring or the arrows, depending on your style. I think the reference lines/cloud and the signals firing do a good enough job of showing potential entry without the bubbles. These are the settings I'm personally using with the newest version, which just has the painted candles and the arrows together for now:

other people may like having the bubbles, so I'll likely keep them on for now, but they are easy enough to remove. I may be missing something but I think as far as customization goes, people should be able to manipulate this study however they like with just the options at this point.

also, if you didn't see already @OGOptionSlayer I did add the most recent version of this study to my last post.

 

[OGOptionSlayer]

well, I personally don't use the bubbles regardless -- I much prefer either the candle coloring or the arrows, depending on your style. I think the reference lines/cloud and the signals firing do a good enough job of showing potential entry without the bubbles. These are the settings I'm personally using with the newest version, which just has the painted candles and the arrows together for now:

other people may like having the bubbles, so I'll likely keep them on for now, but they are easy enough to remove. I may be missing something but I think as far as customization goes, people should be able to manipulate this study however they like with just the options at this point.

also, if you didn't see already @OGOptionSlayer I did add the most recent version of this study to my last post.

I see your point. It's all about preference and it's super easy to remove the bubbles. I get nervous thinking that someone would just use this indicator without any other areas of confluence prior to making the decision and those bubbles are giving you a command lol. But it's not our job to determine what they can and cannot have. Power to the trader and let them choose.

And I did see it, about to load it up.