TOP Ultimate Breakout Indicator for ThinkorSwim

barbaros

Active member
After working with this indicator for a while now, I feel like the atr multiplier for the targets needs to automatically adjust depending on the market. I am using 2000t. For tick charts, may be it could be the time delta range between each tick candle painting. The reason I am starting to feel this is needed is because during times where market continues a trend, this indicator works perfectly. When the market has a lot of reversals, it is hard to pick a side. However, I observed this week that my losses could be winners if my targets were lower. I am still up 20% but it could be at 40%...
 

Chuck

Member
After working with this indicator for a while now, I feel like the atr multiplier for the targets needs to automatically adjust depending on the market. I am using 2000t. For tick charts, may be it could be the time delta range between each tick candle painting. The reason I am starting to feel this is needed is because during times where market continues a trend, this indicator works perfectly. When the market has a lot of reversals, it is hard to pick a side. However, I observed this week that my losses could be winners if my targets were lower. I am still up 20% but it could be at 40%...
I have noticed the exact same thing.
 

samoya

Member
VIP
After working with this indicator for a while now, I feel like the atr multiplier for the targets needs to automatically adjust depending on the market. I am using 2000t. For tick charts, may be it could be the time delta range between each tick candle painting. The reason I am starting to feel this is needed is because during times where market continues a trend, this indicator works perfectly. When the market has a lot of reversals, it is hard to pick a side. However, I observed this week that my losses could be winners if my targets were lower. I am still up 20% but it could be at 40%...
Barbaros, I am trading 2 Lots NQ 2000 Ticks and I use 1 ATR for the 1. target. The 2. Lot I allow to move and set the SL an BE.
That works fine for me. I use small SL and sometimes I get stopped out, but when a trend moves its fine :)
 

barbaros

Active member
@samoya I have been using 2 ATR, 2 contracts for /ES. When the trend continues, it has been very profitable. I take first profit at the first target, and let the second one either exit with SL or at second target, if it gets there.

I am wondering if the TradeRisk, as it is called in the script, needs to also relate to the profit targets. Instead of multiples of ATR, it can be 1:1.5 risk to reward ratio...etc. Just trying to come up with an easier way to quantify the market behavior...
 

samoya

Member
VIP
@samoya I have been using 2 ATR, 2 contracts for /ES. When the trend continues, it has been very profitable. I take first profit at the first target, and let the second one either exit with SL or at second target, if it gets there.

I am wondering if the TradeRisk, as it is called in the script, needs to also relate to the profit targets. Instead of multiples of ATR, it can be 1:1.5 risk to reward ratio...etc. Just trying to come up with an easier way to quantify the market behavior...

Thats the point. I define an amount and divide that according to the entry and SL (risk). Then I know how many shares/Lots I can trade.



Maybe we can add an indicator to take trades only in the overall trend? Maybe to take signals from am 10000 Tick chart and trade on the 2000 Tick chart?

The entry is the important thing.
 

barbaros

Active member
@samoya Sorry, I am a little confused. You said "1 ATR for the 1. target. The 2. Lot I allow to move and set the SL an BE." This seems to be exactly what I am doing, but you are saying you look at your abs(entry - SL) and set your targets?

I have been doing this with 1hr SuperTrend. I only trade in the direction of the SuperTrend.
 

samoya

Member
VIP
Sorry, I am a little confused. You said "1 ATR for the 1. target. The 2. Lot I allow to move and set the SL an BE." This seems to be exactly what I am doing, but you are saying you look at your abs(entry - SL) and set your targets?

Sorry for the confusion.
For me
  • define risk
  • and define targets
are 2 seperate things.

Target is defined according to 1 ATR
Risk is defined by using and predefined risk amount according to entry point and SL

[/IMG]
 

barbaros

Active member
@samoya Got it. I know I need to adjust settings to fit the market conditions. I'm trying to not do too much curve fitting. So, I was thinking that the atr mult can be adjusted dynamically depending on the speed of tick candles are painted.

Here are my settings for 2000t /ES.



Do you mind looking at /ES chart today for the sell side with your UBI and BTD? How many valid sell signals do you get so far? I'm trying to type this as I am managing another trade.
 

samoya

Member
VIP
Understand. I think the risk you want to choose should be the same in every trade you take. So ATR is perfect for the target, but the risk should be a fixed amount. So you know, how many shares you can trade and you have always the same risk. That works for me.

ES Long



ES Short

 

samoya

Member
VIP
What I found out is how to handle strong trend. In that case its not possible to use the BDT percentile. I use the MACD with 3/10/16 settings and if the fast line changed direction up OVER the zero line, its a strong singnal to jump in on retracements



What is also possible to use the fast line crossover zero line to finetune and confirm the entry.

If a long signal is generated (confirmed with a red arrow from BTD perc) and fast line crosses the zero line up from below, its a strong conformation

If a short signal is generated (with a red arrow from BTD perc) and fast line croses the zero line down from above, its a strong confirmation to take the trade.



Maybe somebody can help me to color the fast cyan line MACD when it moves above and below the zero line. So its better visible.

Thanks
 

rad14733

Well-known member
VIP
Not sure what @samoya uses but the code below is what I use on all of my Charts, especially Heikin Ashi...

Ruby:
#plots the current price across an entire chart….. a true snippet
input price = close;
plot price_across_chart = HighestAll(if !IsNaN(price) and IsNaN(price[-1]) then price else
Double.NaN);
 

freedom Traders

New member
VIP
I am not good at coding. I tried a few times, can't get it yet. This looks great. Is there anyone that can take out the blue and green ATR please. I just want ,if possible the entry and the targets please. Hope it's possible.
 

rad14733

Well-known member
VIP
I am not good at coding. I tried a few times, can't get it yet. This looks great. Is there anyone that can take out the blue and green ATR please. I just want ,if possible the entry and the targets please. Hope it's possible.

If you are referring to the Entry and Exit labels you can turn them off in the Study Settings Panel...
 

samoya

Member
VIP
I am not good at coding. I tried a few times, can't get it yet. This looks great. Is there anyone that can take out the blue and green ATR please. I just want ,if possible the entry and the targets please. Hope it's possible.You can do that under "studies" "edit stdies"

You can do that under "studies" "edit studies"

[/IMG]
 

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