Youtube Video- can you make something like that?

K

K_O_Trader

New member
K.O Trader, much respect to you!! Thanks for sharing the code too! The other component that we are looking for is the SCAN to find surging stocks in the first few minutes of opening of regular trading day toward either of the two "zones". There are too many stocks to search individually in the beginning of the trading day to do this manually. Is it possible to have a SCAN to bring to the forefront these surging stocks in the very start of the trading day???
I"m working on finding one, I will post it if/when I find one. BTW I've switched my aggregation period to 1WK. I believe this is the same stradegy that Truetrader.net uses
 
K

K_O_Trader

New member
Here is another one too, they are both similar, just a little different here and there


Code:
# ATR Grid (ATR-Based Support & Resistance)
# Assembled by BenTen and @diazlaz at useThinkScript.com
# Converted from https://www.tradingview.com/script/EDN4oFyQ-ATR-0-5-0-7-ranges/

input lvl1 = 0.5;
input lvl2 = 0.7;
input daily_atr_len = 15;

input length = 15;
input AggPeriod = AggregationPeriod.DAY;
input averageType = AverageType.WILDERS;

def h = high(GetSymbol(), period = AggPeriod)[1];
def c = close(GetSymbol(), period = AggPeriod)[1];
def l = low(GetSymbol(), period = AggPeriod)[1];

def atr_func = MovingAverage(averageType, TrueRange(h, c, l), length);
def day_atr = atr_func;
def day_close = c;

plot p1 = day_close + day_atr;
p1.assignValueColor(COLOR.DARK_RED);
p1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot p7 = day_close + day_atr * lvl2;
p7.assignValueColor(COLOR.RED);
AddCloud(p1, p7, COLOR.DARK_RED, COLOR.DARK_RED);
p7.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot p5 = day_close + day_atr * lvl1;
p5.assignValueColor(COLOR.RED);
AddCloud(p7, p5, COLOR.RED, COLOR.RED);
p5.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot m5 = day_close - day_atr * lvl1;
m5.assignValueColor(COLOR.GREEN);
#AddCloud(p7,p5,COLOR.GREEN, COLOR.GREEN);
m5.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot m7 = day_close - day_atr * lvl2;
m7.assignValueColor(COLOR.GREEN);
AddCloud(m7, m5, COLOR.GREEN, COLOR.GREEN);
m7.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot m1 = day_close - day_atr;
m1.assignValueColor(COLOR.DARK_GREEN);
AddCloud(m1, m7, COLOR.DARK_GREEN, COLOR.DARK_GREEN);
m1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
 
S

supplydemandzones

New member
Thans. This is another problem I could not use these type of TOS link. Every time I click it asks me to install TOS in which already I have open in my computer. Is there any other way I can get the script or advise how to use this link while you already have TOS open. Thanks

You copy the link that was provided. Then go to your TOS platform. In the upper right corner, slick SETUP. Then select "Open Shared Item". Paste the link into the blank and it will load the study into your STUDY list. Then go to "Edit Study" to find and add that new study to your chart. The name of the new study is "From Average Daily Range May5th".
 
H

heramone

New member
VIP
@K_O_Trader - what I found is different than your given picture. Sometimes the chart goes completely out of the high and low? I am using 5 minutes time frame but don't yet understand its benefit. On the other hand, the truetrade.net chart literally making a lot of sense. Pleae let me know if you find anything related to top/bottom with price action/ reverse . Thank you so much.
 
T

TrueDepth

Member
VIP
"TrueTrader" is not using any indicator in the video you posted. He is just using clues to guess when it looks like it might reverse. If you see him using a magic top/bottom with price action/ reverse indicator, please do post a screenshot or a link.
 
S

supplydemandzones

New member
@K_O_Trader - what I found is different than your given picture. Sometimes the chart goes completely out of the high and low? I am using 5 minutes time frame but don't yet understand its benefit. On the other hand, the truetrade.net chart literally making a lot of sense. Pleae let me know if you find anything related to top/bottom with price action/ reverse . Thank you so much.

Yes, sometimes the price action exceeds the boundaries. I'm sure that happens with TrueTrader too. The next step would be to have a SCAN so that we can look at surging stocks at the open and paper trade the moves for a while.
 
S

supplydemandzones

New member
"TrueTrader" is not using any indicator in the video you posted. He is just using clues to guess when it looks like it might reverse. If you see him using a magic top/bottom with price action/ reverse indicator, please do post a screenshot or a link.
If u go to truetrader.net you will find video which shows several examples of his past live trades including chart screen shots.
 
Prison Mike

Prison Mike

New member
Just watched his video on the homepage. That style trading looks soooo stressful! Have fun with that
 
S

supplydemandzones

New member
Just received an ad email from Truetrader that sheds some light on their strategy.... In this example they cited yesterday's high, and the ATR...



HEY! He says the ATR is 75 cents for SBH, so he may be setting the boundaries from the opening price??
 
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S

supplydemandzones

New member
Here is the upper part of the same email. In this SBH example, he waited for it to drop and went long using the ATR as a guide and knowing there was a big short position. Not sure why he did not short it at the peak... Also he says the ATR was 75 cents, so he uses that to some degree to judge the pull back level to go long?? I think?



The above email looks like he is referring to a trade he made THIS MORNING on SBH..

HEY, another clue. As with the email example on SBH, in some past example videos, like the one on DIS on 11/8/2019, the stock opened above the prior day high. This must be the criteria of his SCAN! The open must be higher than previous day high. Then use the ATR to mark the range from the open?? or previous high?? not sure how to place the ATR boundaries.
 
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S

Schminga

New member
I just noticed that his (Dan's) green buy arrow coincides at the same time BenTen's Market Mover Indicator crosses (RSI crosses above the 5 sma). . Changing the 5 sma to a 4 sma more closely approximates his green arrow! Adding the image now - thanks supplydemandzones. After further analysis, this RSI / SMA crossing could have easily been miss if the wrong zoom in was not in place. In even further analysis, playing around with the SMI, I noticed that if the SMA is changed to "2", the RSI / SMA crossovers on the Market Mover Indicator occur and are viewable WITHOUT having to manipulate the zoom as much as you have to with the 5 sma.

 
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BenTen

BenTen

Administrative
Staff
VIP
@Schminga @supplydemandzones Please take a look at this thread if you want to upload images on our forum.
 
H

heramone

New member
VIP
@Schminga - I am pretty sure that he is not using SMA or RSI related to any indicator. His scanner probably made using (MACD, RSI, SMA, EMA) them but it has something more than that. Remember it is all quick and out with big bucks.
 
H

heramone

New member
VIP
@supplydemandzones - Thanks . I see that you been at the top of this. I feel we should team up here since we have many good writers in the group. The purpose of the team to break it down what exactly he does and how he does so that we can make a similar script for our own. Our six-month research investment could bring reward for the rest of life. my email is, rahikhan[at]gmail.com. Thanks

@BenTen and other Members - who want to be in the team to work together to breakdown the secret of True Trader Net. We need someone or some good scripts writer with knowledge of the day trade. A total of 6 people in the team to work together... please email me to start a discussion off the record.
 
D

dreamscape25

New member
@K_O_Trader What are the rules here to this strategy?
 
A

ajai

New member
VIP
Ok Guys,
I am True trader member .It is not as good as this above video makes it sound.Basic idea is as follows

You draw pivot lines(weekly to yearly)
At any time you see large percentage move in the stock towards a pivot point in a rapid fashion you go opposite.(both time and degree of advance is important)
This method fails if you catch a strong trending day.

This method should be part of your tool box for day trading.
 
S

supplydemandzones

New member
Received an ad email from TrueTrader which provided this past video by co-trader to Dan. He gives out some pointers. One is that he does not trade every day for futures. Instead he waits for extreme position volatility so that his probability of a profitable trade is higher.
...
 
S

supplydemandzones

New member
Pivot lines, not ATR?

He starts discussing actual trades in this video at about 11:15 mark. He repeated says he waits for trades to come to him. He may have only one trade for a given day, but that's fine. Some traders have only 2 trades in a week. Don't work to make a trade every day. Sometimes the set up occurs in the first hour, but sometimes in the last hour. He does not recommend sitting and waiting in between those hours. Wasted time, and hard on your butt! The set up has to occur WITH NO CATALYST GOING ON. No conf call, no news, no product news, no regulatory news, etc. This lack of catalyst is what allows for extreme surges to come back to the mean. If there is a sudden move during the middle of trading day, he suspects there is likely a catalyst known. You have to take that into account in subsequent surges at end of day or next start of day.... be careful. He even says YOU SHOULDN'T EVEN BE TRADING IN THE MIDDLE OF DAY ON THESE SURGES. He admits that a trading strategy success may stop working. He's had success with a strategy that stopped working and he subsequently lost a lot of money when he tried to continue to use the same past successful strategy... But he thinks this first hour and last hour FEAR and GREED based strategy has been more successful. He repeats that a trader new to this strategy SHOULD NOT BE TRADING IN THE MIDDLE OF DAY. He says "ALWAYS, ALWAYS, ALWAYS ASK YOURSELF: Where it the stock coming from and how fast??" The example with CVX, at about 28:00 mark, he showed a drop from $78 to $74 in about 30 minutes in the middle of day. His experience allowed him to take a rebound trade from the $74 to profit about $2/sh. But he does not recommend such mid-day trading for traders new to this surging price and reversion action because many times some catalysts is released and that can screw the price reversion action.
 
S

supplydemandzones

New member
For intraday trading: only intraday trade if there is NO CATALYST going on!! He also uses the SP500 charts has an overall guide to what to expect from individual stocks. He said the boundaries are "monthly, quarterly, and weekly" lines. Pivot Points?? Don't turn an intraday trade into an overnight, or few days or longer kind of trade. Set your price to get it, and get out at your preset price. 3:1 or minimum 2:1, reward:risk ratio. Does NOT use moving average line, does NOT use VWAP either. He will use previous trading day's support as another buy opportunity. But he does not trade during the pre-hours in between. He WILL use the pre-hours to determine where the share price action is coming from as the day begins regular hours grading. He gives good example with ZM which is about 43 minutes mark.



 
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