YungTrader's Ultimate Indicator

[Juston410]

@Juston410 in the scan script change those 2 lines with this 2

input TimeFrame2 = "1 hour";
input TimeFrame3 = "1 hour";

I did that but it just gave me that error. I got the one that HSI shared and that one works. Thanks though.

 

[Juston410]

@Gildes - I use hourly for potential buys, but look a daily & weekly for swing trades (no luck so far)

@wen- Not sure what you are refering too (Grid?)

So you dont use the Daily for finding arrows? you just use the 1hr chart when day trading? And do you use the 3day or daily for potential swings? I find it kind of hard to use the 3 day. I feel like im already missing the move. Probably just me lol.

 

[HSI1600]

So you dont use the Daily for finding arrows? you just use the 1hr chart when day trading? And do you use the 3day or daily for potential swings? I find it kind of hard to use the 3 day. I feel like im already missing the move. Probably just me lol.

@Juston410 - 11Days into YT scan I am only using Hourly for day trades. I might have been in SEIN for 40 minutes before I hit my take profit. 3 day look back has been consistent over the last 11 days. Its been a gravy train that I will continue to ride. I have been scanning $2 - $10 and planning on increasing this to $2 - $35 in the near future

 

[Juston410]

@Juston410 - 11Days into YT scan I am only using Hourly for day trades. I might have been in SEIN for 40 minutes before I hit my take profit. 3 day look back has been consistent over the last 11 days. Its been a gravy train that I will continue to ride. I have been scanning $2 - $10 and planning on increasing this to $2 - $35 in the near future

Awesome man! Thanks for the tips! Keep killin it! I love hearing about peoples strategies/studies and how it works for them.

 

[akykn]

@Juston410 - 11Days into YT scan I am only using Hourly for day trades. I might have been in SEIN for 40 minutes before I hit my take profit. 3 day look back has been consistent over the last 11 days. Its been a gravy train that I will continue to ride. I have been scanning $2 - $10 and planning on increasing this to $2 - $35 in the near future

I do use YT scan too but I didnt get any of these signals you were into. Im only scaning SP500 in 1H and im combining arrows with clouds if I see over with an arrow I go for calls (options), I havent used any bottom studies yet. For an exit I look at 15 min.Any resistance (S/R study YT provided) met Im out. Any idea feel free to judge

I did that but it just gave me that error. I got the one that HSI shared and that one works. Thanks though.

did you also switch D button with 1H on the display?

 

[captut]

Hello, I made the first few trades today with FE indicator. If you can, please let me know if I am on the right track.

TEAM I got in based on Daily chart.
COST I think I got in too early.
AEM I was just testing it out.

Charts:

https://imgur.com/a/JSB5VNy

Trades:

https://imgur.com/a/rvqRkHm

 

[HSI1600]

I do use YT scan too but I didnt get any of these signals you were into. Im only scaning SP500 in 1H and im combining arrows with clouds if I see over with an arrow I go for calls (options), I havent used any bottom studies yet. For an exit I look at 15 min.Any resistance (S/R study YT provided) met Im out. Any idea feel free to judge

did you also switch D button with 1H on the display?

@akykn - Just ran the scan - All Optionable:
AR
BIG
NGL
PE

 

[akykn]

@akykn - Just ran the scan - All Optionable:
AR
BIG
NGL
PE

Thats what I thought. I ran the scan for SP500 thats why HSI... thanks for the reply.

 

[HSI1600]

@captut - The biggest disqualifier I see for me is both charts show Yellow FE sloping up. Based on YT FE explanation, that equates to consolidation.

 

[YungTraderFromMontana]

Sorry everyone for no watchlist. I didn't place any trades today, I had lots of work for school and ended up falling asleep after working on them early this morning. I'm going to look for a watchlist for tomorrow and I'll give updates when the market opens.

 

[YungTraderFromMontana]

Hello, I made the first few trades today with FE indicator. If you can, please let me know if I am on the right track.

TEAM I got in based on Daily chart.
COST I think I got in too early.
AEM I was just testing it out.

Charts:

https://imgur.com/a/JSB5VNy

Trades:

https://imgur.com/a/rvqRkHm

I'd avoid cost and aem if youre trading the daily because they are sitting right below ath. Team is a homerun trade in my opinion though. A breakout to all time highs is usually explosive.

edit: looks like TEAM was the only daily trade, good job on aem I see you made a profit.

 

[YungTraderFromMontana]

@captut - The biggest disqualifier I see for me is both charts show Yellow FE sloping up. Based on YT FE explanation, that equates to consolidation.

Team on the 2d has a good fe setup. I think that timeframe just throws it off.

 

[television]

@YungTraderFromMontana would you mind sharing your trading journey? and how you got started with thinkscript and progressed.

 

[Gildes]

I did that but it just gave me that error. I got the one that HSI shared and that one works. Thanks though.

@Juston410 in the scan script change those 2 lines with this 2

input TimeFrame2 = "1 hour";
input TimeFrame3 = "1 hour";

after changing the two lines you also have to change the study scan criteria to 1H you probably kept it with D

 

[rovo]

Ok, I have an example of my usage of Ultimate Indicator from post 1 and my confusion.

I ran the scan at 11:30am, 5/4/20. One of the stocks returned in the list is: CCJ.
Then I pulled up the chart, the last up yellow arrow is from 4/24/20.

My lookback is set to 3 on a daily.

In screenshot, I have my crosshairs on 4/24/20.

https://imgur.com/a/LxuUDMM

@Juston410 in the scan script change those 2 lines with this 2

input TimeFrame2 = "1 hour";
input TimeFrame3 = "1 hour";

after changing the two lines you also have to change the study scan criteria to 1H you probably kept it with D

If trying to change the Scan to hourly, I realize you need to change the chart indicator also. I'm not sure of the settings there. Can anyone help with that? This is what I have on an hourly chart:
lookback period: 3
timeframe 2: 1 HOUR
timeframe 3: 1 HOUR
buy entry2: 40
sell entry2: 40

Does this look like a good setting for trying to trade on an hourly chart? I'm not sure of the relationship between timeframe 2 and timeframe 3. It would be awesome if others could share their settings for trading on an hourly, 15min, and 5min chart.

 

[rovo]

Here are my indicator notes:
#Fractal Linear Energy
# Mobius
#19:51 Mobius: FE is really simple - High reading market flat and building energy. Low reading Market trending and expending energy. nothing more to it
#17:13 harndog2: # Linear FE <.38,
# Mean FE = .50, and
# Random FE > .618
# Another way to look at the FE if it's over .618 price is compression
# or building energy for another move. If it's below 38.2 it can't
# keep it up much longer. Between 382 and 618 price is
# moving in a normal way. FE moving down out of 618 or
#best trades. Deciding which way - long or short is up to different indicator or
# your eye.
#17:14 harndog2: # Compression: If FE > .618 it telling you price is compressing, corkscrewing and
# going sideways rebuilding energy getting ready for a move up or down.

# Linear: If FE < .382, price is parabolic and it's not going to sustain the trend at the current rate of speed.
#FE looks at how linear a trend is. The more linear the steeper the trend
#so when the graph goes in green cloud means a new trend can start but doesnt tell which direction and when it goes in red cloud means trend might end and when it starts coming back up that means trend reversal?
#moving back up is more like building energy for another move rather than indicating a reversal. It may go back to the top while the price moves sideways then continues the original trend as in a typical flag
#FE below 0.382 is far from exhaustion ... price is still rocking and rolling, the trend is extremely strong.The point is that it cannot continue in that fashion, that strong trend must eventually die out.
#High FE reading indicate a build of energy. Low FE readings indicate exhaustion. FE measures linearity. A trend is indicated by FE dropping. It doesn't discriminate between up or down trends. When it's rising the trend is dissipating until it's near 1 which shows price is trading flat, In other words 0 is parabolic and 1 is flat or if not parabolic a very steady trend over quite a few bars
##I like the FE indicator to be at one extreme or the other too. Above 62+- or below 38+- Mobius
# The closer to 1 the more non-linear (compressed or random) price is. The closer to 0 the more linear (trending) price is.
#I've found a range between 8 and 13 periods works well. You just have to experiment a bit for whatever your trading
#If RSi is above .8 and FE is over .62 price is building energy and about to make a move and the extremes of the price range should be marked so you can trade the breakout of the range
#if RSI is Above .8 and FE is below .32 then the trend should be close to exhaustion and you should be looking for an exit at the next fractal low

# 05/19/2016 - AlphaInvestor - added second aggregation

##zztop notes
# This indicator does NOT indicate OB or OS but linear or non-linear
# The closer to 1 the more non-linear (compressed or random) price is.
# The closer to 0 the more linear (trending) price is.

# Fractal Energy isn't an indicator - it's a way of looking at price
# to see if it's linear or random. There are NO trading signals on the
# FE study. Only signals NOT to trade.
#
# If the FE is at extremes, something is about to change. It's leading
# you to a conclusion. If the FE is below .382, price is parabolic and
# cannot maintain that. But you may not want to sell because it may
# still go further in it's trend and it may not change direction right
# away. It's telling you though that it's not going to stay trending
# at the current rate of speed. If it's over .618 it telling you price
# is compressing and going sideways rebuilding energy getting ready for
# another run one way ot the other.
#
# Using price in fractals and different times, or ORB with FE and
# supertrend or some way to measure when price expansion is contracting
# or expanding is all you need. Any more than that and you'll be
# paralyzed by information overload
#
# FE does not indicate direction at all. It simply shows linearity or
# non-linearity. Trend or non-trend. It has nothing that determines
# which way trend is going, as in up or down.
#
# Lets say you want to buy ABC company. FE on a monthly, weekly and daily
# shows values of 40, 35 and 30. Price is showing lower lows but random
# lower high. You would know ABC company is close to selling exahustion
# and it's time to look for a few higher highs to a near term fractal
# pivot then look for short reversal to a higher low over the previous
# recent low and when the bars start setting high highs and lower lows
# again it's time to go long. The FE is what tells you to start looking
# for those signals

# Harndog Notes 051916:
#10:35 Mobius©: No matter the traders preferred trading style, a very informative way to look at anything is using a fractal method. For intraday trading, 2min, 5min, 15min and even one hour charts all with a Fractal energy reading and fractal pivots allows you to easily see the trading patterns and reversal or polarity changes. In other words - When higher highs and higher lows are compressing to random sideways action with possible trend changes or just short term aggregations building energy to press on in the trend direction
# 10:40 Mobius©: Today - Intraday = Lower highs and lower lows. No polarity changes yet so I expect lower lows until we have a high higher than 2028
# 10:42 Mobius©: Which is the recent 2 min fractal high. For 2 min traders though there's been some 2 way action. A recent buy signal waws 2024.25 with Risk off at 2027. Now there's a sell short at a retest of 2024.25
# 10:50 Mobius©: It's not so important where your lines are as long as you have something to lean on for risk. One reasonable support/resistance line is about as good as another. You must have faith based on what you use. Faith based on assured expectations. In other words if this happens I know to do this and not question it or worry/fret about my decision.
# On the FE indicator. I just use a label. I dont need the indicator
# Mobius©: Alpha.. Nothing hard about looking for .6, .5 or .4
# Mobius©: New high now look for a higher low
#FE is a measure of linearity. When price has exhausted itself it will be in the lower range and when it's moving sideways it'll be in the upper range. So it's a leading indicator designed to clue us in looking for Flags and Changes in Polarity
# If FE is in lower range < 38 and trend pops, look for a fast reversal from the pop. Trend up and price goes flat, FE dropping trend continuation from a flag. FE has two ways to rebuild energy after a trend, flagging and dropping both build energy.
#DISCLAIMER: Mobius mentioned that it was not his habit to give trading advice or even advice on how to use indicators. However, there's been such a proliferation of bad, inaccurate, false info regarding so many of them recently he felt compelled to give some accurate information.

#Mobius©: I use a very simple method – RSI Laguerre and Fractal Energy on a list of very liquid stocks. I look for polarity change and trade when both RSI and FE are in “confluence”. If volatility is high enough I sell spreads if not I buy them. Other than hedging (which I do a lot of) that's it. I like it simple.

#The typical base setting I like to use for the FE is a length of 8. If I'm trading options I like to look at it about the length of time I'm buying or selling the option for. I want to know if it's reverting and where the energy is so I'll use a longer length for reversion and a shorter length to see if energy is building or waning.

#If RSI Laguerre is descending and FE over .6, that tells me something is changing and I'm already looking at an equity I've determined is about to make a polarity change. So the worse case that happens is that the security grinds sideways for a few days.

#A reading of the FE over .6 is an indication that energy has been built up. If the FE is high (over .6) and RSI LaGuerre is breaking lower FE will follow suit. If RSI reverses and goes above .8 I'm outa there, with the assumption I have a short position.

#FE is a gauge of both mean reverting and linearity. Descending readings indicate a trend is on. A reading below .3 indicates exhaustion in trend or near exhaustion. A reading above .6 indicates moving sideways with rapid reversion and energy building for a move again.

#Above .6 - Think price compression or squeeze
#Below .3 - Think running out of gas

#Here's an example:

#FE at 60 periods is oscillating around .5 tightly while FE at 8 periods is over .6. Zscore is over 2 and is starting to roll over. That is a good short to the mean.

#Short trade setup I look for with RSI Laguerre adjusted with FE.

#1) Polarity Change - Equity has gone from making higher highs and higher lows to making a lower high and lower low and is now putting in another lower high

#2) RSI Laguerrer is above .8 and descending from 1

#3) Fractal Energy is below .38 and nose down or above .6 and rolling over. In the first case, below .38, FE is indicating trend exahustion and RSI is likely showing as a peak and not running across pegged at 1. In the second case price has risen to a lower resistance and has been rolling slowly over building energy.

Which ORB script are you using?

 

[akykn]

Hello, I made the first few trades today with FE indicator. If you can, please let me know if I am on the right track.

TEAM I got in based on Daily chart.
COST I think I got in too early.
AEM I was just testing it out.

Charts:

https://imgur.com/a/JSB5VNy

Trades:

https://imgur.com/a/rvqRkHm

how did you get those blue candles on your chart ?

 

[wen]

how did you get those blue candles on your chart ?

#HINT: The Ichimoku study is used to forecast price action. It comprises five plots, two of which, Senkou Span A and Senkou Span B, are prolonged 26 bars forward by default, thus showing expected trend behavior. Three other plots, Tenkan, Kijun, and Chikou, are used as signal, confirmation, and support/resistance aid lines. \n\n*** The Tenkan line represents the arithmetic mean of the highest High and the lowest Low over a specified time period (9 bars by default). The Kijun line is calculated similarly using the 26 bars period by default. The Chikou line represents the current Close price plot projected 26 bars back by default. \n\n*** Once the primary lines are plotted, the study calculates the Senkou spans. The Senkou Span A is calculated as the arithmetic mean of the Tenkan and the Kijun. This line is plotted 26 bars ahead. The Senkou Span B is calculated as the arithmetic mean of the highest High and the lowest Low over 52 bars and is plotted 26 bars ahead. \n\n*** Then the space between the two lines, so-called Kumo, is colored in respect to the defined trend. The trend is defined as bullish at the Kumo section where Senkou Span B line is below the Span A line and this section is colored green by default. Conversely, if the Senkou Span B line surpasses the Span A line, it is considered a bearish sign and the section is colored red by default.

#HINT tenkan_period: also called the conversion line
#HINT kijun_period: also called the base line.

input tenkan_period = 9;
input kijun_period = 26;

plot Tenkan = (Highest(high, tenkan_period) + Lowest(low, tenkan_period)) / 2;
plot Kijun = (Highest(high, kijun_period) + Lowest(low, kijun_period)) / 2;
plot "Span A" = (Tenkan[kijun_period] + Kijun[kijun_period]) / 2;
plot "Span B" = (Highest(high[kijun_period], 2 * kijun_period) + Lowest(low[kijun_period], 2 * kijun_period)) / 2;
plot Chikou = close[-kijun_period];

Tenkan.SetDefaultColor(Color.dark_ORANGE);
Kijun.SetDefaultColor(Color.BLUE);
"Span A".SetDefaultColor(Color.dark_GREEN);
"Span B".SetDefaultColor(Color.RED);
Chikou.SetDefaultColor(Color.LIGHT_GRAY);

DefineGlobalColor("Bullish", Color.dark_GREEN);
DefineGlobalColor("Bearish", Color.dark_RED);
AddCloud("Span A", "Span B", globalColor("Bullish"), globalColor("Bearish"));

def Long = close > "Span B" AND "Span A" > "Span B";
def Short = close < "Span A" AND "Span A" < "Span B";

def crossUpper = (close crosses above Kijun) OR (Tenkan crosses above Kijun);
def crossLower = (close crosses below Kijun) OR (Tenkan crosses below Kijun);

plot Bull_trading_signal = Long is true and crossUpper is true;
Bull_trading_signal.setDefaultColor(color.BLUE);
Bull_trading_signal.setPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Bull_trading_signal.setLineWeight(5);

plot Bear_trading_signal = Short is true and crossLower is true;
Bear_trading_signal.setDefaultColor(color.ORANGE);
Bear_trading_signal.setPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
Bear_trading_signal.setLineWeight(5);


alert(Bull_trading_signal or Bear_trading_signal, if Bull_trading_signal then "Bullish Signal"
else "Bearish Signal", alert.BAR, sound.RING);

AddLabel(if Bull_trading_signal is true then yes else no, "Bullish Ichimoku signal", CreateColor(51, 204, 0));
AddLabel(if Bear_trading_signal is true then yes else no, "Bearish Ichimoku signal", color.RED);

 

[wen]

when scan did u guys chick the EXT. after market?

 

[captut]

how did you get those blue candles on your chart ?

Do you mean blue candles or blue arrows?