YungTrader's Ultimate Indicator

[YungTraderFromMontana]

1d - 2d is more along the lines of swing trading approach, instead of intraday trading?

I use it to make trades that are at the least like 4 hours and at the most 2 weeks. It depends on how the stock reacts after the breakout. If you change the indicators timeframe it can be used on intraday but I don't personally use it for that.

 

[rovo]

I use it to make trades that are at the least like 4 hours and at the most 2 weeks. It depends on how the stock reacts after the breakout. If you change the indicators timeframe it can be used on intraday but I don't personally use it for that.

I like the scope you are aiming for with it. I'd rather trade that way than intraday. Thanks for the guidance.

 

[gamma227]

I had the same problem...I changed 5 lines in the code from plot ... to def ... so these 3 indicators that are at the bottom of the chart don't appear. I'm sure the OP was using them to validate certain conditions during testing. Hopefully this doesn't screw up the code. maybe Yung will reply if I've done something awful

1)
plot DMIndxw = if IsNaN(close) then Double.NaN else if tempDIw < 0 then -1 - tempDIw else 1 - tempDIw;
==>
def DMIndxw = if IsNaN(close) then Double.NaN else if tempDIw < 0 then -1 - tempDIw else 1 - tempDIw;

2)
plot trueqb2 = QB2[1];
trueqb2.SetDefaultColor(GetColor(27));
==>
def trueqb2 = QB2[1];
#trueqb2.SetDefaultColor(GetColor(27));

3)
plot trueqs2 = QS2[1];
trueqs2.SetDefaultColor(GetColor(27));
==>
def trueqs2 = QS2[1];
#trueqs2.SetDefaultColor(GetColor(27));

 

[YungTraderFromMontana]

I had the same problem...I changed 5 lines in the code from plot ... to def ... so these 3 indicators that are at the bottom of the chart don't appear. I'm sure the OP was using them to validate certain conditions during testing. Hopefully this doesn't screw up the code. maybe Yung will reply if I've done something awful

1)
plot DMIndxw = if IsNaN(close) then Double.NaN else if tempDIw < 0 then -1 - tempDIw else 1 - tempDIw;
==>
def DMIndxw = if IsNaN(close) then Double.NaN else if tempDIw < 0 then -1 - tempDIw else 1 - tempDIw;

2)
plot trueqb2 = QB2[1];
trueqb2.SetDefaultColor(GetColor(27));
==>
def trueqb2 = QB2[1];
#trueqb2.SetDefaultColor(GetColor(27));

3)
plot trueqs2 = QS2[1];
trueqs2.SetDefaultColor(GetColor(27));
==>
def trueqs2 = QS2[1];
#trueqs2.SetDefaultColor(GetColor(27));

Those aren't needed good job.

 

[YungTraderFromMontana]

Version with fractal energy confirmation coming soon. Not only more accurate but it is also better at discerning bigger breakouts from smaller ones

 

[captut]

Hello,

Where can I find the latest version of this study? I went through the thread and there are multiple versions, not sure which one should I use.

Thanks!

 

[mashume]

Version with fractal energy confirmation coming soon. Not only more accurate but it is also better at discerning bigger breakouts from smaller ones

Fractal Energy is all the rage it seems. :-D I was looking at using it as a filter for the HMA Concavity study I did, but the results were underwhelming with the first implementation. Hope you have better luck. I'd love to know your thinking about how to use it for filtering effectively.

-mashume

 

[brendab180]

@Thomas, I developed the scan you have asked.. can I DM it to you? I have been following the lower study for a few weeks now since I heard about it on this website.. I am very interested in this study.. I feel it correctly picks bottoms and tops.

Hi @icantrade will you share this scan with all of us.....it would be very useful I would think.....thanks for all the input

 

[YungTraderFromMontana]

Fractal Energy is all the rage it seems. :-D I was looking at using it as a filter for the HMA Concavity study I did, but the results were underwhelming with the first implementation. Hope you have better luck. I'd love to know your thinking about how to use it for filtering effectively.

-mashume

Thanks, I've found it usefull but extremely difficult to put its signals into code. It's not as straightforward as up and down always. Also the way I use it to sort out imperfections within indivual lengths is with 15 fe lines of lengths 1-15. It gives you the full picture and is more accurate but I'm also having trouble getting 15 fe's of different lengths in one study.

 

[Craighaber71]

@YungTraderFromMontana Is there a way to adjust the scan for a 2day scan from the daiy

 

[YungTraderFromMontana]

@YungTraderFromMontana Is there a way to adjust the scan for a 2day scan from the daiy

I wish but tos only allows scans of the most popular timeframes [ex 1d and 1w]

 

[akykn]

I wish but tos only allows scans of the most popular timeframes [ex 1d and 1w]

we definitely add another study to scan with it.Otherwise leaving so much on table.

 

[HSI1600]

Thanks for the insight!
Do you enter the trade on on an up arrow and the candle closes? Or when the up arrow and the price passes up through the upper resistance?

What do you mean by "stock much be above the cloud" ?

Thanks again.

I only trade stocks above the Ichimoku Cloud (I change the setting from 26 & 9 to 22 & 7), I do not show plot for kijun , tenkan or chikou) just want price above the cloud. As soon as scan alerts on the daily (up arrow under daily candle) I enter the trade. 21 out of 23 winners since using YT scanning methodology. Being that I am virtual teaching my classes right now, all of these have been day trades. Once I learn how to back test, will look at how it works for swing trading before I go bace to work in August.

 

[rovo]

I only trade stocks above the Ichimoku Cloud (I change the setting from 26 & 9 to 22 & 7), I do not show plot for kijun , tenkan or chikou) just want price above the cloud. As soon as scan alerts on the daily (up arrow under daily candle) I enter the trade. 21 out of 23 winners since using YT scanning methodology. Being that I am virtual teaching my classes right now, all of these have been day trades. Once I learn how to back test, will look at how it works for swing trading before I go bace to work in August.

Thanks for all these invaluable insights, will definitely learn more about Ichimoku.
This scenario is exactly what I'm struggling with; I run the scan, then pull up a bunch of those stocks in my chart, and they always show an Up Arrow that occurred sometime ago and the stock has already been running up significantly. I'm sure I must be utilizing this incorrectly because I never seem to run the scan, review the charts and see any with an immediate Up Arrow or even one that just occured within a couple of bars.

I'm using the Scan and Study from #154
https://usethinkscript.com/threads/yungtraders-ultimate-indicator.2194/page-8#post-21498

 

[captut]

I only trade stocks above the Ichimoku Cloud (I change the setting from 26 & 9 to 22 & 7), I do not show plot for kijun , tenkan or chikou) just want price above the cloud. As soon as scan alerts on the daily (up arrow under daily candle) I enter the trade. 21 out of 23 winners since using YT scanning methodology. Being that I am virtual teaching my classes right now, all of these have been day trades. Once I learn how to back test, will look at how it works for swing trading before I go bace to work in August.

I just check with these rules below, most of the trades work nicely.

AddLabel(yes, "Must be Above/Below Kumo(Kumo must be Fat) and The Candle must Break(No gap up) the S/R line.", Color.GREEN);

 

[YungTraderFromMontana]

@rovo I changed it so it only shows if the arrow is the first one.

 

[captut]

I only trade stocks above the Ichimoku Cloud (I change the setting from 26 & 9 to 22 & 7), I do not show plot for kijun , tenkan or chikou) just want price above the cloud. As soon as scan alerts on the daily (up arrow under daily candle) I enter the trade. 21 out of 23 winners since using YT scanning methodology. Being that I am virtual teaching my classes right now, all of these have been day trades. Once I learn how to back test, will look at how it works for swing trading before I go bace to work in August.

Hey @HSI1600

what version of the indicator are you using?

 

[rovo]

Just curious, where do you add a rule like that?

@rovo I changed it so it only shows if the arrow is the first one.

But is the intent that you run the scan, review the charts, and some of the charts do display a very recent up arrow that you then consider taking a long? Or do you run the scan, review the charts, and the arrow has always occurred sometime in past, and then you decide if the risk/reward is worth taking a long?

When I run the scan, review the charts, the up arrow I see, has already printed; half a day to a full day ago. Since that time to current time of review, the price action already seems to have taken place and so I hesitate to enter because it seems to me like I'd just be chasing a high. I'll try to capture this better with a screenshot later today.

Either way, thanks for all this. I'm learning tons from what you've shared. Thank you.

 

[sindhu19]

I'm working on more signals that have to do with support and resistance bounces instead of breakouts. I just have to make sure that they are high percentage, I don't want to dilute the indicator with 100's of arrows. it also makes the scan less valuable because hundreds of stocks will be scanned instead of 10+.

looking forward to this bounce indicator

 

[captut]

@rovo This is not a rule, it is just a label that will show on the chart to remind you of the rules on when to take the trade. I don't understand this indicator quiet yet or else I would add it in myself. It definitely shows great signals though. The arrow only prints at the end of the candle. So, the idea is that lets say you are trading a Daily chart. At the end of the day or in the morning you will do the scan and on the chart, you will see the up arrow. This is your indication to enter the trade, you will have to use other indicators as well to decide if you really want to enter the trade or to decide on not to take it because of the run-up is steaming out already.

@HSI1600 Hey Bud,

Thanks for posting this. This is the scanner code, I was wondering what version of chart study are you using?

Thanks!