VWAP Scalp/Reversal Indicator for ThinkorSwim

[RConner7]

some potential moves from today.

 

[RConner7]

Anyone catch this $DAL move? This indicator nailed it... i unfortunately missed it.

 

[RConner7]

$WFC - anyone catch this one? grateful that i nailed this run!

 

[Bung Bang]

Does this study works on 3 min timeframe or only for 1min TF?

 

[RConner7]

Does this study works on 3 min timeframe or only for 1min TF?

I personally have not tried this on anything beyond a 1min. It's very possible it works on others but i can't say for sure to what extent. I'd be curious to hear results if anyone has tried it out.

 

[Trading51]

$ES futures at 1:11 PM, I have 11 bars counted and a green line at the highs was added, what's the formula or reason or some sort of logic to why this line is drawn and when? anyone?

 

[RConner7]

$ES futures at 1:11 PM, I have 11 bars counted and a green line at the highs was added, what's the formula or reason or some sort of logic to why this line is drawn and when? anyone?

To be honest, I would probably ask that question over on this thread https://usethinkscript.com/threads/programmatic-support-and-resistance-for-thinkorswim.55/. This indicator isn't a direct part of this threads indicator so you may have a better response over there.

 

[Trading51]

To be honest, I would probably ask that question over on this thread https://usethinkscript.com/threads/programmatic-support-and-resistance-for-thinkorswim.55/. This indicator isn't a direct part of this threads indicator so you may have a better response over there.

ok great thanks.

 

[RConner7]

You have sparked my interest in the 3min charts with this indicator. I usually put up between 10-15 stocks with this indicator running and just wait for alerts. I looked at those stocks i picked for today on a 3min chart vs a 1min chart and every one would have been a winner.

I've never traded from a 3min chart. I usually use 1 or 2min. I've noticed myself psyching myself out of trades more on the 1min charts. I get too nervous and close winners early. I wonder if the longer chart would help me with that.

What is your reasoning for using the 3min chart?

 

[Bung Bang]

Thanks for your quick reply to my 3min question; glad that it should work. I found 1min day trading is too fast with a lot of volatility so I have been trying 3min TF as a newbie.

BTW, can you take a look at 1min for OLLI ticker at just before noon time (EST 4/29), there are four bullish arrows appearing one after another, are they considered 'false' signals ?

 

[MazeNoFugazi]

Hey Connor - thanks for the script; noticed some spot on indicators on $BAC yesterday. Will keep you posted.

 

[RConner7]

What a move in $DIS Disney today. I luckily was able to catch the run!

I made a V2 of the script based on feedback and testing on the 3min charts. This V2 will show 3min signals on the 1min chart. For example... the 3 small yellow arrows are made up from the signal from the 3min time frame but alerted on the 1min chart.

ALSO - important... you should not enter trades unless the next ~1-3 candles breaks the higher or low of the signal candle. If there is no break, do not take the trade. I have actually been giving it a few extra pennies after the break. I can provide he V2 for 3min signals if anyone would like.

Remember... if the signal just gives you a small bounce... take the profit from the small bounce and then enter if it breaks back below or above the signal candle. I've noticed that some of these trades can be very profitable as well since most will be in the direction of the trend if it's not a true trend reversal.

 

[barbaros]

@RConner7 I look forward to trying this on /ES

 

[shizah]

@RConner7 - please post V2. Thanks!

 

[RConner7]

@shizah - I have added the 3min V2 to the first post.

Add both the V1 and V2 to the chart to give both 1min alerts and 3min alerts.

 

[barbaros]

@RConner7 you can change the agg variable to be an input so you don't have to have 2 different versions. User can pick it from a drop down when adding to the chart.

input agg = aggregationPeriod.THREE_MIN;

 

[RConner7]

@RConner7 I am going to try this on a higher timeframes...5 min to 1 hour so I will report back here...Perhaps I missed...I just want to double check...the two studies you posted are the same except the V2 is giving you 3 min alerts on 1 min correct? No other differences? I just want to be sure not to include the two studies if on higher timeframes they will be the same...Thanks...I really enjoy your studies!

that is correct. If using the 5min chart I would use the v1 only because it’ll use whatever timeframe you have set. The v2 will force to 3min. You could also modify the code slightly to what Barbados mentioned to allow yourself to pick the time frame. I just didn’t do that on my end because I don’t really trade higher time frames much.

 

[Juston410]

Is there a way to set this up to work with low cap stocks/micro stocks? It seems to work fine with other stocks but not with low float/micro stocks. Thanks man!

 

[RConner7]

Thanks for the clarification...Not much of a coder but let me first see how this does...I see that the reversals are based on candle patterns...Perhaps if you ever decide to do something for longer timeframes would you consider implementing Tweezer Tops and Tweezer Bottoms? These seem to be very good indicators of a reversal as well on basically any timeframe. I will test this out and keep everyone posted here. Looking back at some stocks from today the signals are rare on higher timeframes...Only a few hit but were spot on.

I modified the v2 code to allow for changing of the aggregation period. The v1 should still allow for alerts on any time frame and based off that current time frame. Only the V2 will give you alerts for patterns on a higher time frame... for example... if you are looking at a 1min chart, it will give alerts based off a 3min chart.

I will also look into the tweezer pattern to see if i can figure out how to code it.

 

[RConner7]

Is there a way to set this up to work with low cap stocks/micro stocks? It seems to work fine with other stocks but not with low float/micro stocks. Thanks man!

if the chart is getting volume, it will make the chart better for showing signals. For example... if the candles show a 1-3 cent range regularly per change, it'll be difficult to read a good setup. Do you have an example stock symbol that you had in mind?