TOP Ultimate Breakout Indicator for ThinkorSwim

[Chuck]

I haven't had time to watch it on the side yet. Since there is a lot of action going on, I have been using my other screens. I'll let you know if I get to use it. Colors are a little blinding

Here try this:


https://tos.mx/OK9BseK

Left side set to Buy ....Right side set to Sell. Once I enter a position I maximize the cell for clarity and expand the Active Trader side bar.

 

[Chuck]

Simulated 3k this AM in /ES.....with clean decisive oscillations, riding up and riding it back down. The fib targets are pretty accurite. When It occasionally reverses on me I usually lose 100 - 150 the recover and move on, only trading one contract. Nothing is perfect and this isn't trading advice. It is just what I do. I like the system and have multiple variations of it, but this one is just about maxing out my mac.

 

[Chuck]

The Time line "PRICE LEVEL7" needs work , but I don't know how to fix it, it plots multiple lines for some reason....you can just remove it if need be.

 

[Chuck]

Has anyone had any luck combining buy and sell into one study?

What about turning into a strategy?

If it could be one study, where the previous price bars disappear upon trend change and shows buy and sell it would be amazing.

 

[barbaros]

Simulated 3k this AM in /ES.....with clean decisive oscillations, riding up and riding it back down. The fib targets are pretty accurite. When It occasionally reverses on me I usually lose 100 - 150 the recover and move on, only trading one contract. Nothing is perfect and this isn't trading advice. It is just what I do. I like the system and have multiple variations of it, but this one is just about maxing out my mac.

Have you entered live trades with this? I usually find tick trading with breakout difficult because when price moves quickly, unless you have a pending order, you can't catch it on time.

Also, as I have some time, I'm looking over it, you have the entry line turned off. How do you prepare to enter? Do you catch it after it triggers buy or sell?

 

[Chuck]

Have you entered live trades with this? I usually find tick trading with breakout difficult because when price moves quickly, unless you have a pending order, you can't catch it on time.

Also, as I have some time, I'm looking over it, you have the entry line turned off. How do you prepare to enter? Do you catch it after it triggers buy or sell?

I use another platform to enter trades, I use Tradovate. It would be easier if I did it on TOS...... I have the entry line turned off because I find it only clutters up the chart.

I am used to trading using the 8 and 20 MA cross over or cross under. That is why I have them on the chart. They will turn red when investor sentiment is changing. Also you can look at the MACD when its overbought or oversold it will be topped or bottomed out. I have the arrows turned on and they come on when a change in trend is anticipated. I use that and watch for balanced and unbalanced trend channels along with candlestick tails forming. Also when dojies, hammers and tops start forming I am ready to make a move . I have been going back and forth with 1000tick, 2000tick and 3000tick charts. You can use 5,10 and 15 min charts if you would like. I find a 5 min chart on futures to serve me well with my limited capital, the 10min chart keeps me in a trend longer on continuations.

 

[Chuck]

barbaros,

Also notice where the fib targets are projected. Those are possible turning points or possible areas of prior support and resistance. I don't have half of my indicators on their because it will max out my mac, but those targets line up pretty good with small dogs fibs.

 

[barbaros]

barbaros,

Also notice where the fib targets are projected. Those are possible turning points or possible areas of prior support and resistance. I don't have half of my indicators on their because it will max out my mac, but those targets line up pretty good with small dogs fibs.

Very interesting. It seems like you are not using the Top Ultimate Breakout to enter the exact entries it is calling out when you look at MAs for entry. I use MACD at 5min timeframe for my trading, but mostly rely on ATRs at MTF. I was hoping that the top indicator entries would be concrete entry points where back testing is much easier to perform.

 

[Chuck]

Very interesting. It seems like you are not using the Top Ultimate Breakout to enter the exact entries it is calling out when you look at MAs for entry. I use MACD at 5min timeframe for my trading, but mostly rely on ATRs at MTF. I was hoping that the top indicator entries would be concrete entry points where back testing is much easier to perform.

Nothing is concrete, I use them to reinforce and give me confidence in what I already see in the price. I am already prepared and anticipating the move with my finger on the trigger prior to confirmation from the Trend Momentum Cycle and Top Ultimate Breakout. Im not quite their but could trade just by looking at the candles.

 

[Chuck]

MACD on 5min chart with 8,20,50 and 200ma is great, I prefer the slow stochastic with a setting of 12,3,3 to be more accurate than the MACD and better for spotting divergences. But if thats all we used no one would need these fancy indicators.

 

[Chuck]

I have been using the Top Ultimate Breakout Indicator with a good amount of success alongside a few other choice indicators found on this forum.

Please see the attached grid:

http://tos.mx/Qw20gMK

I am not a coder, I can only remix a little and do minor edits. I have spent a few hours researching and have not been able to accomplish anything.

If it is possible I would one of you to take a shot at making theTop Ultimate Breakout targets disappear when the Trend Momentum Cycle Indicator changes trend, also make it plot for both buy and sell. The problem is you need to set it up as two charts as it is, because it only has the option to plot buy or sell and not both buy and sell. Running two charts like this maxes out the memory and causes issues.

Any help would be greatly appreciated.

 

[Chuck]

http://tos.mx/on5ydHh

This is what I am using now. Seems to be working even better.

 

[rjg212]

http://tos.mx/on5ydHh

This is what I am using now. Seems to be working even better.

what does TC_O 100 mean? Thanks

 

[Chuck]

what does TC_O 100 mean? Thanks

That is a strategy. It comes from the Ben Tens "30 min opening range Market Volatility V1.1" strategy. Look at AMD, it told you to buy 100 shares.

I custom name indicators from this forum and others for my own organizational purposes.

It is listed as “KIP_ORB_STRATEGY” , I have several features turned off. If you like it look at ben Tens original post for source code:

Original thinkScript Code: https://tos.mx/RiBfIw

https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/

Something to note as well, when changing aggregation periods 1m chart,5min chart etc. with this script you should adjust the aggravation period in the “KIP_TREND_MOMENTUM_CYCLE_V_3P2”….The diazlaz version, “CSA - trend, a momentum and a cycle based indicator for ThinkorSwim V3.2”.

Also I have modified the, “Hull Moving Average Concavity and Turning Points”’ code by, Seth Urion (Mahsume)and modified by “JAzcarate…….listed as……“KIP_HULL_MOVING_AVERAGE_TURNING_POINTS_R1”, I have changed the settings to conform to my trading style.

 

[Chuck]

I don't use the "30 min opening range Market Volatility V1.1" strategy. , except for the green line I have on the chart. Most versions I have the strategy turned off except for the breakout line. To each his own.

 

[Chuck]

I’m not at my computer right now, I usually watch the lower indicator for early signs of reversal. Always looking at the small dog Fibs for support and resistance as well as the 200ma.

The trend momentum confirmation signal is pretty accurate and subtainable. With its buy sell arrows.

The the top ultimate is great and once it’s solid and you’re are in a trending market with all indicators in confluence I watch for resistance at fib levels on the right

Concider paper trading it for a while and get comfortable.

None of the indicators there are concrete buy or sell anything it just helps add confidence to your moves.

I use all that in conjunction with understanding candlestick patterns to make my decisions.

Sometimes I buy or sell with one indicator and wait for the other two to confirm.

It is a pretty awesome system and it has served me well. But you need to be confident in reading price. And already able to Make trading decisions with a clean chartJust looking at raw price action, prior To putting any capital at risk.

 

[Chuck]

@MerryDay I dont believe that the TOP Ultimate Breakout indicator repaints, but I'm not so sure about the Trend Momentum Cycle/CSA study. @Chuck I'm not certain how much I can code of what you are asking, but I can try to help. The plotting of both buy and sell shouldnt be hard, but the part that I see difficult is when you said earlier -
a) . . . what do you define as "changes trend"?
b) . . . how do you want the ATR-based targets to "disappear"? Could you explain how you would expect the targets to display or disappear based on the Trend Momentum Cycle/CSA study?
As @MerryDay mentioned, its a lot of work.

2Pensar ....And @MerryDay ....Thank you for both of your responses. The "Trend Momentum Cycle/CSA study" doesn't necessarily need to be included in the modifications concerning trend change, I am referring too. Especially if it is a lot of work.....I use the TOP Ultimate Breakout indicator everyday in my trading now. I haven't noticed any repainting ....but could be wrong. The main problem I have with it is it makes the screen too busy with prior price line projections remaining up after that portion of trading is expired. Currently I use two charts.... 1 for BUY and one for SELL on a flex grid. Often times to have a clear picture of whats going on, I have to maximize one screen either the BUY or the SELL depending on which trade is active. The problem is I could be in the middle of a trade on the BUY ATR signal for example and the SELL ATR Indicator will fire and I am on the other screen waiting for price to reach its fib target projection on the BUY chart and not know that the SELL has fired on the hidden chart. Alarms with different sounds and notification is a good start for Identification, but for clarity and a clear picture it would be best if the targets of prior session were removed and only one ATR target was on the chart at a time.

Please see my answers to your questions bellow:

a) . . . what do you define as "changes trend"? ((((( I am defining trend change as the ATR firing from buy to sell.))))
b) . . . how do you want the ATR-based targets to "disappear"? Could you explain how you would expect the targets to display or disappear based on the Trend Momentum Cycle/CSA study? ((((( Using the Trend Momentum Cycle/CSA study to add confluence to the firing of the ATR was just an idea, but I would not expect someone to do that much work of it was a large amount of work.))))

I was just wanting the ATR to only show in one instance on one chart. Either as BUY or As SELL, Any help would be greatly appreciated. Does anybody else have any info on the TOP Ultimate Breakout indicator repainting?

@Pensar ....And @MerryDay, thank you both for all that you do here on this forum!!!

This is what I am using now and tagging most of the tops and bottoms

https://tos.mx/2oeTAJ8

 

[MerryDay]

Your set up looks good and you are right those are busy charts. Perhaps additional monitors
My programming abilities include much head-banging and trial/error on and I don't have the enthusiasm for this indicator.
Like I said if you start the process; everyone is here to help w/ whatever problems you run into.
In my case, TOS error messages and I are besties.

I will give you a word of caution, the problem w/ combining everything is that TOS vomits after it gets over a level of complexity.
The answer to not having your charts hang is good clean simple indicators that do not eat up inordinate amounts of resources.
I put in sooooo many 20hr coding days before I learn that the hard way.

Good Luck

 

[samoya]

@Chence27 Your entry settings with 3 are fine and the best settings to use.

Here are my other settings.

[/IMG]

Your SL is fine. You have to be comfortable with it. I like to use a fixed $ amount according to the SL line and to calculate how many contracts I can trade. The micros offer a lot flexibility. I think we have a nice setup here. Try some additional indicator to valuate the entries better.

HAPPY NEW YEAR

 

[mcdon030]

@hockeycoachdoug I'm a self taught coder so explaining may be equal to gibberish.

My layman's explanation: Coding is really art. You could code utter magic, but one line, character, variable, boolean, etc can create utter chaos. For example, I created code which produced back test results that had holy grail type stats, however, in real time was a wash because of a few lines. Additionally, creating logic trees, custom functions or other complex coding can be done different ways to produce the same result. So, I not only have a library of indicators, I keep complex code. I often become bogged down after awhile so reviewing another persons train of thought is extremely helpful.

cheers,
-mcdon030