Repaints The PAM High Low Chart Setup For ThinkOrSwim

[Focus]

LOL

What I did was convert it to a strategy in order to back test to find the optimal "last N" length for signal candles. Then I painted candles based on squeeze histo colors (typically a 9-length squeeze on most timeframes). Those candle colors really help frame the price action nicely.

Anyhow, thanks again for sharing your strat with us. It's given me additional opportunities at times of day I didn't typically trade. Sorry I cannot share any code but I'm thinkScript-illiterate so have to resort to another language and platform for optimization and tinkering.

Anyhow, thanks again. Best wishes and happy trading!

@OGOptionSlayer can you help script a code to color the last number of the candle? If the candle bars are set at 20, then the 20th candle should be colored to tell the last candle is formed. Also is it possible to have two colors to determine if the last candle is bullish or bearish?

 

[Chemmy]

@OGOptionSlayer can you help script a code to color the last number of the candle? If the candle bara set is 20, then the 20th candle should be colored to tell the last candle is formed. Also is it possible to have two colors to determine if the last candle is bullish or bearish?

Hi, I can probably code this but I'm not 100% sure what you mean -- would you mind sending a screenshot and describing what you want?


Also, as an aside -- I'm working on a MTF version of this that would allow you to see whether your current trade is in confluence with signals from higher time frames, will be reading up more on @OGOptionSlayer original strat to make sure I understand what is needed for that. I trade on only one screen so it's hard for me sometimes to always check confluence with higher time frames, so I like adding labels

 

[Focus]

Hi, I can probably code this but I'm not 100% sure what you mean -- would you mind sending a screenshot and describing what you want?


Also, as an aside -- I'm working on a MTF version of this that would allow you to see whether your current trade is in confluence with signals from higher time frames, will be reading up more on @OGOptionSlayer original strat to make sure I understand what is needed for that. I trade on only one screen so it's hard for me sometimes to always check confluence with higher time frames, so I like adding labels

Thank you for the reply. The indicator looks for 20 candle bars and signals on the last candle. So I was wondering if the candle which the indicator count as number 20 can be colored to tell the trader that the last candle is formed. Like the red candle circled in yellow.

[/IMG]

 

[Focus]

Hi, I can probably code this but I'm not 100% sure what you mean -- would you mind sending a screenshot and describing what you want?


Also, as an aside -- I'm working on a MTF version of this that would allow you to see whether your current trade is in confluence with signals from higher time frames, will be reading up more on @OGOptionSlayer original strat to make sure I understand what is needed for that. I trade on only one screen so it's hard for me sometimes to always check confluence with higher time frames, so I like addiMTF would be great.

Hi, I can probably code this but I'm not 100% sure what you mean -- would you mind sending a screenshot and describing what you want?


Also, as an aside -- I'm working on a MTF version of this that would allow you to see whether your current trade is in confluence with signals from higher time frames, will be reading up more on @OGOptionSlayer original strat to make sure I understand what is needed for that. I trade on only one screen so it's hard for me sometimes to always check confluence with higher time frames, so I like adding labels

MTF would be great. Q. Would it have 65m? I know it's just 5 minutes added to the 1h chart.

 

[Chemmy]

MTF would be great. Q. Would it have 65m? I know it's just 5 minutes added to the 1h chart.

Unfortunately no, as far as I'm aware you can't do custom aggregation periods in TOS -- only the preset options like 30min, HOUR, FOUR_HOUR, etc. so I'd probably have to stick with those, unless someone else is aware of a way to code additional periods.


As for your other request, again, sorry I just want to be clear -- first, there is an option you can toggle in the settings for Buy Type, either "completed bar" (the default) or "active bar", which will signal on the 1st/20th candle like you mentioned:

Does that work for what you wanted? Or did you still want the signal on the completed bar, and another candle color, like below?

You can see the signal is still the same, but are you saying you also want the green candle colored prior to the signal, where the break happens? Or you want the initial red candle that forms the zone colored? Sorry for all the questions, just want to be sure I'm coding the right thing.

 

[Focus]

Unfortunately no, as far as I'm aware you can't do custom aggregation periods in TOS -- only the preset options like 30min, HOUR, FOUR_HOUR, etc. so I'd probably have to stick with those, unless someone else is aware of a way to code additional periods.


As for your other request, again, sorry I just want to be clear -- first, there is an option you can toggle in the settings for Buy Type, either "completed bar" (the default) or "active bar", which will signal on the 1st/20th candle like you mentioned:

Does that work for what you wanted? Or did you still want the signal on the completed bar, and another candle color, like below?

You can see the signal is still the same, but are you saying you also want the green candle colored prior to the signal, where the break happens? Or you want the initial red candle that forms the zone colored? Sorry for all the questions, just want to be sure I'm coding the r

Unfortunately no, as far as I'm aware you can't do custom aggregation periods in TOS -- only the preset options like 30min, HOUR, FOUR_HOUR, etc. so I'd probably have to stick with those, unless someone else is aware of a way to code additional periods.


As for your other request, again, sorry I just want to be clear -- first, there is an option you can toggle in the settings for Buy Type, either "completed bar" (the default) or "active bar", which will signal on the 1st/20th candle like you mentioned:

Does that work for what you wanted? Or did you still want the signal on the completed bar, and another candle color, like below?

You can see the signal is still the same, but are you saying you also want the green candle colored prior to the signal, where the break happens? Or you want the initial red candle that forms the zone colored? Sorry for all the questions, just want to be sure I'm coding the right thing.

The green/red candle colored before the signal where the break happens.

 

[Focus]

Unfortunately no, as far as I'm aware you can't do custom aggregation periods in TOS -- only the preset options like 30min, HOUR, FOUR_HOUR, etc. so I'd probably have to stick with those, unless someone else is aware of a way to code additional periods.


As for your other request, again, sorry I just want to be clear -- first, there is an option you can toggle in the settings for Buy Type, either "completed bar" (the default) or "active bar", which will signal on the 1st/20th candle like you mentioned:

Does that work for what you wanted? Or did you still want the signal on the completed bar, and another candle color, like below?

You can see the signal is still the same, but are you saying you also want the green candle colored prior to the signal, where the break happens? Or you want the initial red candle that forms the zone colored? Sorry for all the questions, just want to be sure I'm coding the right thing.

Can the indicator be made not to repaint?

 

[MerryDay]

Can the indicator be made not to repaint?

If you are asking about the MTF component. The answer is No. You can't stop the repainting because you asked for the repainting.

Think about it. You have a 30-min overlay on a five-min chart. There is no way of predicting at what price that 30min candle is going to close.
When the 30min candle finally closes, only then can it repaint the previous 6 bars with the 30min close price that you requested.

Read more:
https://usethinkscript.com/threads/...d.-,Multi-Timeframe,-REPAINTING-type Behavior

 

[SpockLogic]

This works well with Bollinger bands, thanks for sharing.

 

[alexsmith3546]

thank you @OGOptionSlayer excited to try this on Monday,
@Chemmy was looking at the version you posted and I saw you had a buffer option with a default value of 10, whats that buffer ?

 

[alexsmith3546]

@OGOptionSlayer was wondering if i can pick your brains on something like this , so you can see in the first 15 minutes that was a very strong sell but the stock recovered (this is set using the 40 candle at 15 minutes)

How do you handle sudden changes in direction like this, this has been a real problem for me. If you saw this chart, would you just consider this as a no trade since the targets have been hit for the day and the price is just going to chop around ? Also when the price has entered the green zone or the red zone (depending on the sell down or buy up), do you just wait for it to break out of the zone ?


Like life would be lovely if we get something as nice as this all the time but it doesnt happen

 

[Chemmy]

@OGOptionSlayer was wondering if i can pick your brains on something like this , so you can see in the first 15 minutes that was a very strong sell but the stock recovered (this is set using the 40 candle at 15 minutes)

How do you handle sudden changes in direction like this, this has been a real problem for me. If you saw this chart, would you just consider this as a no trade since the targets have been hit for the day and the price is just going to chop around ? Also when the price has entered the green zone or the red zone (depending on the sell down or buy up), do you just wait for it to break out of the zone ?


Like life would be lovely if we get something as nice as this all the time but it doesnt happen

Hi @alexsmith3546 , this question is actually exactly what the buffer option is meant to be -- what did you set the buffer to in the first screenshot? That value is meant to suppress any signals within __ candles (whatever the buffer value is) so that you don't get confused by quick changes in direction, so if it was set to 10 there then you shouldn't have gotten the "Buy Call" signal.

For me, I don't like trading whipsaw price action so I don't want to see signals firing in two different directions in rapid succession, I'd rather take the first signal and then wait.

 

[alexsmith3546]

@Chemmy So the first screenshot had the number of candles as 40 and buffer 10. Is that too much? I generally trade on a 15 minute chart (and this is an end of day screenshot which might explain why the ranges are so skewed and I was just exploring this indicator after the trading day so my assumptions might be totally off and I need to watch this live - if so, sorry, i'll hold off on questions till monday)

This is what i see when i set the number of candles as 20 and buffer 10

So When you have overlapping zones (red and green,

 

[Kislayakanan]

Where can I find the most updated version of the code? Are you adding it to the first page?

 

[Chemmy]

So, I was unable to do the full update on this that i wanted with all the most recent requests, I've had a lot going on outside of trading lately -- here's the most recent update with higher timeframe compatibility though. Unfortunately TOS doesn't allow for custom aggregations so I couldn't do the exact 65min timeframe that @OGOptionSlayer uses, but this uses the 1Hr aggregation as the closest approximation.

Basically it's just a very light update using the 10 and 50 SMAs that were mentioned in his strategy, looking for a cross of the SMAs on the higher time frame within 2 of those HTF bars. Updates are shown below:

First, looking at SPX on the 15min time frame with 30 bars, you can see that the hourly-aggregated 10-50 averages hadn't crossed to the upside yet. As such, even though the signal fires the arrow and label are now colored dark green, indicating that the trend is not yet confirmed in your favor.

In this second picture, using only 20 bars of lookback, you can see that the SMAs had crossed just prior to the signal firing -- so when the signal does fire, it's colored a brighter green -- the same will be true with your puts signals, with dark red (no cross) vs. red (recent hourly cross). You can also see the label at the top, which indicates how many hourly bars it's been since the SMAs crossed and in which direction by the color.

It's a relatively simple update but it should help anyone who, like me, is only trading with one monitor and can't have tons of timeframes up at once. I didn't actually plot out the SMAs either, those on the chart are just for show -- also keep in mind that with all HTF studies, the cross will not be fully confirmed until the hourly candle actually closes.

http://tos.mx/ZMo0dIv

 

[OGOptionSlayer]

Sorry everyone. I was out for personal stuff. I'm back but give me time to review the messages and I will answer each and every one of you. I wasn't getting notifications during this timeframe to tell me there were posts coming in on this or would have been back sooner. Just had a lot on my plate this past week that needed to get done.
A video explaining this indicator is coming very very soon and I think it will clear up any questions that most of you have.
I have never created a video so it will be my first one. I hope that it does you justice. Expect it by the end of next week because I'm OCD and I will probably shoot and reshoot it until it meets my standards, which are horribly high.

 

[OGOptionSlayer]

I will be creating this indicator for TradingView as well. I like TOS but I also love TradingView so I would like to have it for both.

 

[OGOptionSlayer]

So, I was unable to do the full update on this that i wanted with all the most recent requests, I've had a lot going on outside of trading lately -- here's the most recent update with higher timeframe compatibility though. Unfortunately TOS doesn't allow for custom aggregations so I couldn't do the exact 65min timeframe that @OGOptionSlayer uses, but this uses the 1Hr aggregation as the closest approximation.

Basically it's just a very light update using the 10 and 50 SMAs that were mentioned in his strategy, looking for a cross of the SMAs on the higher time frame within 2 of those HTF bars. Updates are shown below:

First, looking at SPX on the 15min time frame with 30 bars, you can see that the hourly-aggregated 10-50 averages hadn't crossed to the upside yet. As such, even though the signal fires the arrow and label are now colored dark green, indicating that the trend is not yet confirmed in your favor.

In this second picture, using only 20 bars of lookback, you can see that the SMAs had crossed just prior to the signal firing -- so when the signal does fire, it's colored a brighter green -- the same will be true with your puts signals, with dark red (no cross) vs. red (recent hourly cross). You can also see the label at the top, which indicates how many hourly bars it's been since the SMAs crossed and in which direction by the color.

It's a relatively simple update but it should help anyone who, like me, is only trading with one monitor and can't have tons of timeframes up at once. I didn't actually plot out the SMAs either, those on the chart are just for show -- also keep in mind that with all HTF studies, the cross will not be fully confirmed until the hourly candle actually closes.

http://tos.mx/ZMo0dIv

You are amazing bro.

 

[OGOptionSlayer]

Where can I find the most updated version of the code? Are you adding it to the first page?

http://tos.mx/ZMo0dIv

 

[OGOptionSlayer]

@Chemmy So the first screenshot had the number of candles as 40 and buffer 10. Is that too much? I generally trade on a 15 minute chart (and this is an end of day screenshot which might explain why the ranges are so skewed and I was just exploring this indicator after the trading day so my assumptions might be totally off and I need to watch this live - if so, sorry, i'll hold off on questions till monday)


This is what i see when i set the number of candles as 20 and buffer 10

So When you have overlapping zones (red and green,

You should definitely use 20 bars on 15m. It gets the best results in my experience. If you are using 40, you are spreading yourself across multiple sessions/extended hours and should be considering a swing trade but then I would just go up to a HTF instead of setting this indicator to 40. In fact, on HTF's, I set the bar count to 10 once I get into the 1hr. If it's weekly, I usually go to 5 just because this is all about price action and the latest price action. It really doesn't care too much about historical price action. I'm still perfecting it for Swings though.