Repaints The PAM v5 High Low Chart Setup For ThinkOrSwim

[OGOptionSlayer]

Prior Versions of PAM have been archived:
https://usethinkscript.com/threads/the-pam-high-low-chart-setup-for-thinkorswim.13750/​

3/30/23: The long-awaited introduction of MARK who is complimentary to PAM. They are a couple. Maybe we can keep both in the same thread. We are beta-testing MARK 1.3 right now which will add auto trendlines with MTF and you can have up to 8 at one time on your chart.

Here is MARK version 1.1: http://tos.mx/I0nLRzK

MARK v1.2 Release Notes:

• Fixed bug on the chart bubbles where some were populating blank
• Fixed chart bubbles in general to reduce overlay on HH/HL etc. and EQH/EQL labels
• Added two supply and two demand zones based on price action, that will dynamically change based on price
• Added two swing high and two swing low zones that have MTF support

New browser options for the new release and how to use them:

• Show Supply demand clouds: pretty self-explanatory
• False len: Number of candle's worth of consolidation needed to form supply/demand. I would not suggest using less than 3 candles or you may get false positives
• Swing high/low zones: Clouds on the local peaks/valleys, these are the zones that may repaint
• Length: length for those high/low zones
• Use Chart Time: MTF toggle for the high/low zones
• Higher Agg: higher time frame to plot zones on if Use Chart Time is off. If Use Chart Time is NO and the Higher Agg is lower than the current time frame, this study will not plot correctly

PAM V5 with MTF: http://tos.mx/ZVFsgyb

PAM V5 with no MTF aggregation: http://tos.mx/CmgAAUi

Updates:
1. No repeat signals -- everything now fires once and holds the signal, so it should crowd your screen less
2. Opposing signals if a high/low has been broken (only caveat right now is that the zone must be established, working on improving this)
3. Added labels for those who want it

Coming soon, MARK (short for Market Structure). PAM's boyfriend and they work great as a couple.

​

Updated 3/1/23: New version of PAM. @Chemmy and I will now be doing scheduled release as PAM has reached a maturity stage. Also, coming soon is MARK (for market structure). He's PAM's boyfriend and they make a great couple. Be on the lookout for it. Here is PAM v.5.1

Pam V5 with MTF: http://tos.mx/ZVFsgyb
PAM V5 with no MTF aggregation: http://tos.mx/CmgAAUi
Updates:
1. No repeat signals -- everything now fires once and holds the signal, so it should crowd your screen less
2. Opposing signals if a high/low has been broken (only caveat right now is that the zone must be established, working on improving this)
3. Added labels for those who want it

2/24/23 New Version of PAM:

1. PAM V4 with no aggregation: http://tos.mx/tcaHwsN
2. PAM V4.4, with MTF: http://tos.mx/M5m6HVg
3. New options: Added the option to show only higher agg, only lower agg, or both - Selecting show current and/or higher agg, this option is obviously only present on the MTF version Added Buy Type option back in, so confirmation and active are both available (present on both versions) - Buy type = Active will fire a signal on the FIRST candle that closes outside of the PAM zone - Buy type = Confirmation will fire only if the previous candle CLOSED outside of the zone Added option to show fibs on the current time frame or aggregate time frame - Just to be clear, you can't show fibs on a time frame that you're hiding -- if you select "show current agg" = No, then you can't show fibs on the lower time frame. If showing both current and higher aggregations, there is now a stronger signal shown if both swing highs/lows overlap -
   Available only on the MTF version as well (edited)

Updated again 2/16/23 to fix a few bugs: http://tos.mx/X6CnxAO

2/3/23 Previous version: http://tos.mx/NiWsfTL

Updated 2/15/23 Mobile version of PAM: http://tos.mx/R5sxex5 Thanks to @SilverWolf

Updated 2/15/23Mobile version of PAM with MA's: https://tos.mx/kBtIkJk Thanks to @SilverWolf

Updated 2/16/23 Current Best Scanner for PAM, thanks to @Juno (Best Day EVER):
http://tos.mx/TM2dTqf

PAM Livestream and I cover strategy. It's an hour long. Please like, subscribe, and comment if possible.

Here is the second video covering the strategy and basic concepts in using PAM:

Here is a video showing how I setup the indicators I use as additional areas of confluence with the PAM indicator:

So I use a very specific setup. It's kind of a mashup between what John Carter teaches with one of his in Mastering the Trade and TradingWarz Golden Indicator. I've used it for about 2 years now and it's extremely profitable. Honestly, I haven't backtested it but I would love to but I'm just not as technical as most in here. I know it brings me immense profit and on Friday, my port grew 11% using it. It's not a small port either. It's a reversal setup and it's solid with tight stop losses. I use it with a Darvas Box but TOS has a great Darvas Box study.

I'm looking to see if someone can create an indicator for it. To keep this post as short as possible, here is the setup:

1) Only using the last 20 candles on any timeframe.
2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.
3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).
4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.
5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.
6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).
7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.
8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.

I use this with a Darvas box because I will take my option contracts where the Darvas Box low or high is respectfully. This setup works like a champ when I use it manually but I'm trying to share it with people that I trade with so they don't have to depend on me for their signals. I don't charge for signals nor do I have a discord. I just have a group of traders that I've traded with a long time that see how my port grows and theirs doesn't. I've tried to share this concept with them but many still don't get it and this would be great to share and I would love for you guys to use it too. It's a solid setup and it works very well.

Any help would be greatly appreciated!

Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.

Once it has moved 50% from current entry, I would like it to put a stop loss at the HH of the last two candles for puts and the LL of the last two candles for calls. This locks in profits to ensure you don't get greedy and lose your gains when the market starts to shift. I do take profits on important pivots like PMH and PML and this morning, it made me $3 on each share.
It's easy to trade 0dte's with this setup as well.

 

[OGOptionSlayer]

Prior Versions of PAM have been archived:
https://usethinkscript.com/threads/the-pam-high-low-chart-setup-for-thinkorswim.13750/​

PAM V5 with MTF: http://tos.mx/ZVFsgyb

PAM V5 with no MTF aggregation: http://tos.mx/CmgAAUi

Updates:
1. No repeat signals -- everything now fires once and holds the signal, so it should crowd your screen less
2. Opposing signals if a high/low has been broken (only caveat right now is that the zone must be established, working on improving this)
3. Added labels for those who want it

Coming soon, MARK (short for Market Structure). PAM's boyfriend and they work great as a couple.

 

[TradingNumbers]

PAM V5 with MTF: http://tos.mx/ZVFsgyb

PAM V5 with no MTF aggregation: http://tos.mx/CmgAAUi

Updates:
1. No repeat signals -- everything now fires once and holds the signal, so it should crowd your screen less
2. Opposing signals if a high/low has been broken (only caveat right now is that the zone must be established, working on improving this)
3. Added labels for those who want it

Coming soon, MARK (short for Market Structure). PAM's boyfriend and they work great as a couple.

Can't wait to meet MARK.

I still like PAM v3 though.

Here is the version I am using. I added alerts and changed the defaults.

#  +------------------------------------------------------------+
# New logic based on -- Example: How to extend levels to the right of the chart,
# by Robert Payne @ https://funwiththinkscript.com   
# Logic provided by OGOptionsSlayer at usethinkscript.com
# tradingnumbers - added alerts and changed defaults

# define swing low points
input length = 20;
input add_cloud = yes;
input color_bars = no;
input UseChartTime = yes;
input agg = aggregationPeriod.FIFTEEN_MIN;

def bn = BarNumber();
def na = double.nan;

# Scripts
script barssince {
    input Condition = 0;
    def barssince = if Condition then 1 else barssince[1] + 1;
    plot return = barssince;
}

#//MTF
def l;
def h;
def c;
def o;

if UseChartTime
then {
    o = open;
    l   = low;
    h  = high;
    c = close;
} else {
    o = open(period = agg);
    l = low(period = agg);
    h = high(period = agg);
    c = close(period = agg);
}

def first = (!IsNaN(c[-(length - 1)]) and IsNaN(c[-length]));
def firstbar = bn - length;

def lastBar = HighestAll(if IsNaN(c) then 0 else bn);
def offset = Min(length - 1, lastBar - bn);

def swingLow = l < Lowest(l[1], length - 1) and l == GetValue(Lowest(l, length), -offset);
def swingHigh =  h > Highest(h[1], length - 1) and h == GetValue(Highest(h, length), -offset);

# change candle colors just to make it easier to see what we are working with
AssignPriceColor(if color_bars then (if swingLow then Color.LIME else if swingHigh then Color.magenta else Color.current) else color.current);

# identify the very last swing low point
def swinglowbar = if swinglow then bn else swinglowbar[1];

def lowPointOnehigh = if swingLow then h else lowPointOnehigh[1];
def lowPointOneValue = if swinglowbar>=firstbar then (if swingLow then l else lowPointOneValue[1]) else na;
plot low1 = if swingLow then l else lowPointOneValue;
low1.SetDefaultColor(Color.LIME);

def lowPointOneup = if swinglowbar>=firstbar then (if swingLow then h else lowPointOnehigh[1]) else na;
plot low1high = if swingLow then h else lowPointOneup;
low1high.SetDefaultColor(Color.LIME);
AddCloud(if add_cloud then low1high else Double.NaN, low1, Color.LIGHT_GREEN, Color.LIGHT_GREEN);

low1.setpaintingstrategy(paintingstrategy.horizontal);
low1high.setpaintingstrategy(paintingstrategy.horizontal);

def uppies = if barssince(swingLow) <= length then l else Double.NaN;
def sincelo = barssince(swingLow);

def crossup =  if close[1] crosses above low1high then bn else 99999;
def crossupsig = if bn == crossup then 1 else 0;
def upsince = barssince(crossup);

def highbar = if swinghigh then bn else highbar[1];

# identify the very last swing low point
def highPointOneBarNumber = if swingHigh then bn else 0;
def highPointOnelo = if swingHigh then l else highPointOnelo[1];
def highPointOneValue = if highbar>=firstbar then (if swingHigh then h else highPointOneValue[1]) else na;
plot high1 = if swingHigh then h else highPointOneValue;
high1.SetDefaultColor(Color.RED);

def highPointOnelow = if highbar>=firstbar then (if swingHigh then l else highPointOnelo[1]) else na;
plot high1low = if swingHigh then l else highPointOnelow;
high1low.SetDefaultColor(Color.RED);
AddCloud(if add_cloud then high1low else Double.NaN, high1, Color.LIGHT_RED, Color.LIGHT_RED);

def sincehigh = barssince(swingHigh);
def crossdn =  if close crosses below high1low then bn else 99999;
def crossdnsig = if bn equals crossdn then 1 else 0;

def dnsince = barssince(crossdn);

high1.setpaintingstrategy(paintingstrategy.horizontal);
high1low.setpaintingstrategy(paintingstrategy.horizontal);

# Plots

def direction = if crossupsig == 1 then 1
                else if crossdnsig == 1 then -1
                else direction[1];

plot lowup = crossupsig;
lowup.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
lowup.SetDefaultColor(Color.CYAN);

plot highdn = crossdnsig;
highdn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
highdn.SetDefaultColor(Color.CYAN);

#plot test = crossupsig;
#test.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);

# Alerts

Alert(crossupsig[1], "Long", Alert.BAR, Sound.Ding);
Alert(crossdnsig[1], "Short", Alert.BAR, Sound.Ding);

# End

 

[lolreconlol]

This looks great! I'll watch the videos and read through the other thread and then jump in.

Edit - 0/3 on paper trades so far

 

[rs97229]

Looking fwd to MARK

 

[OGOptionSlayer]

This looks great! I'll watch the videos and read through the other thread and then jump in.

Edit - 0/3 on paper trades so far

Post screenshots of your paper trades so we can see where you took them.

 

[xasthur]

can you please explain what this means to us noobs? or make a video on how to set up the indicator correctly ? TIA

I'm using version 3 of PAM

3m with 5m agg - is the 5m agg the setting input of the indicator ?

10m with 15m agg

All other timeframes match their aggregates.

 

[mdtn]

@OGOptionSlayer love the boyfriend statement....can't wait to see PAM's boyfriend
Thanks!
mdtn

PAM V5 with MTF: http://tos.mx/ZVFsgyb

PAM V5 with no MTF aggregation: http://tos.mx/CmgAAUi

Updates:
1. No repeat signals -- everything now fires once and holds the signal, so it should crowd your screen less
2. Opposing signals if a high/low has been broken (only caveat right now is that the zone must be established, working on improving this)
3. Added labels for those who want it

Coming soon, MARK (short for Market Structure). PAM's boyfriend and they work great as a couple.

 

[TradingNumbers]

When should we expect this boyfriend?

 

[jhorton56]

Can someone tell me how to get the yellow bubbles in this image? I've dug all through the old thread and haven't found it.

https://imgur.com/yIiahYM

 

[TradingNumbers]

Can someone tell me how to get the yellow bubbles in this image? I've dug all through the old thread and haven't found it.

https://imgur.com/yIiahYM

Bubbles were removed. They are arrows now.

 

[OGOptionSlayer]

Please see new update in the first post of this thread. MARK v 1.2 is now available for you to use and provide feedback on. We are beta testing v 1.3 currently.

Also, PAM has kind of hit a maturity stage at this point. We are really happy with PAM v5 and will make small enhancements only to it going forward.

 

[OGOptionSlayer]

When should we expect this boyfriend?

Today.

 

[OGOptionSlayer]

Can someone tell me how to get the yellow bubbles in this image? I've dug all through the old thread and haven't found it.

https://imgur.com/yIiahYM

These were not accurate. We removed those. PAM's call trigger line is your entry for calls and the second line at the bottom of the candle is your stop loss and vice versa for puts.

You also get a contrarian signal if PAM breaks through your stop loss now on PAM v5, which has been a great feature thus far to use in trend continuation.

My one suggestion is use PAM at extreme highs and extreme lows. Don't try to use PAM around mid-market levels. It's designed to catch counter-trends or retracements.

 

[OGOptionSlayer]

can you please explain what this means to us noobs? or make a video on how to set up the indicator correctly ? TIA

I'm using version 3 of PAM

3m with 5m agg - is the 5m agg the setting input of the indicator ?

10m with 15m agg

All other timeframes match their aggregates.

On a 3m chart, the 5m agg setting will show the 5 min signal lines.

 

[TradingNumbers]

Today.

Any instructions for MARK?

 

[newTadpole]

Please see new update in the first post of this thread. MARK v 1.2 is now available for you to use and provide feedback on. We are beta testing v 1.3 currently.

Also, PAM has kind of hit a maturity stage at this point. We are really happy with PAM v5 and will make small enhancements only to it going forward.

Thank you, OGOptionSlayer. In the first post, I may miss something, I can only see MARK v1.1 link.

 

[SuperContra]

Great to see these added! I would love to see a video on how to use these new tools together. Thank you guys for contributing so much to the community!

 

[jhorton56]

These were not accurate. We removed those. PAM's call trigger line is your entry for calls and the second line at the bottom of the candle is your stop loss and vice versa for puts.

You also get a contrarian signal if PAM breaks through your stop loss now on PAM v5, which has been a great feature thus far to use in trend continuation.

My one suggestion is use PAM at extreme highs and extreme lows. Don't try to use PAM around mid-market levels. It's designed to catch counter-trends or retracements.

What's the contrarian signal on V.5?

 

[TradingNumbers]

What's the contrarian signal on V.5?

where do you see that?