YungTrader's Ultimate Indicator

  • Thread starter YungTraderFromMontana
  • Start date
YungTraderFromMontana

YungTraderFromMontana

Well-known member
It sucks that developing the scanner is a massive roadblock, it's really is unfortunate because I just found yet another way to improve results. Using the new tos study RSMk you can find time where a stock was strong or weak relative to the market. Early analysis shows that avoiding breakout when the stock is underperforming and buying breakouts when the stock is stronger then the market is improves results. The only dilemma I have is the more I add the less likely we'll ever figure out a scan.
 
J

Jackieguo2233

New member
@YungTraderFromMontana the is a great script!
I have been playing around with it and it is very accurate however I am having trouble on understanding when to take profit for the alerts. Are these alerts swing trades or only 1 day trade after signal on the daily chart?
 
YungTraderFromMontana

YungTraderFromMontana

Well-known member
@YungTraderFromMontana the is a great script!
I have been playing around with it and it is very accurate however I am having trouble on understanding when to take profit for the alerts. Are these alerts swing trades or only 1 day trade after signal on the daily chart?
That is up to you, breakouts come in different forms Sometimes it is wise to take profits one day after an extreme move and sometimes its good to hold for the slow grind up. What separates decent traders from superb ones is their management of their trades. Study previous breakouts and see what price does in certain scenarios.
 
YungTraderFromMontana

YungTraderFromMontana

Well-known member
Does anyone have any tips for making this study look smoother? One thing I'm inexperienced in is chart painting logic but I'd love to give it a shot.
 
C

cfw238

New member
Incorporate this volume study? Checking Previous volume comparison

Code:
plot Data = close;# CSA FoM and RV Std Dev
# tomsk
# 1.7.2020

# Freedom of Movement and Relative Volume Std Dev
# Original code: provided by blakecmathis

declare lower;
declare zerobase;

input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;

def mov = AbsValue(close / close[1] - 1);
def minMov = Lowest(mov, length);
def maxMov = Highest(mov, length);
def nMov = 1 + (mov - minMov) / (maxMov - minMov) * 9;
def vol = (volume - Average(volume, length)) / StDev(volume, length);
def minVol = Lowest(vol, length);
def maxVol = Highest(vol, length);
def nVol = 1 + (vol - minVol) / (maxVol - minVol) * 9;
def vByM = nVol / nMov;
def rawFoM = (vByM - Average(vByM, length)) / StDev(vByM, length);

#Relative Volume Std Dev

def rawRelVol = (volume - Average(volume, length)) / StDev(volume, length);
def RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);

plot signal = rawFoM > numDev and RelVol > numDev;

AddLabel(signal, "CSA FoM RV StDev Triggered", Color.Yellow);
Alert(signal, "CSA FoM RV StDev", Alert.BAR, Sound.RING);
# End CSA FoM and RV Std Dev
 

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