Indicators
Feb 22nd, 2009 by ThinkScripter
The majority of scripts on this site are posted openly for you to use, learn from, and help create your own scripts. As a courtesy, I would appreciate a reference in your header if you use a portion of my code.
Some of the more detailed scripts have been reserved as thank you gifts for the PRO subscribers who help support the site with a donation.
| Indicator | Description |
|---|---|
| 3/10 Oscillator | Reader Steve H commissioned me to build this popular study used by Linda Bradford Raschke. The indicator itself is exceptionally simple. The fast line (red) is a 10 period simple moving average subtracted from a 3 period simple moving average. The slow line (cyan) is then a 16 period SMA of the slow line. The histogram is the delta between these two lines and therefore crosses the zero line when the fast and slow line cross. The histogram is hidden by default but can be revealed in the normal manner on the study properties pane. |
| Advance/Decline Upper | In an ongoing effort to simplify my charts I have modified the Market Breadth indicator to be superimposed on the volume. You must have the “Overlapped Volume” style setting selected. You can display NYSE or NASDAQ advancing-declining issues or advancing-declining volume. There is a scaling factor to minimize the plot to suit your needs. |
| Augen Standard Deviation Plot | In his book, The Volatility Edge in Options Trading, Jeff Augen describes a method for recasting absolute price changes in terms of recent volatility using the standard deviation. In this representation of price action, the last bar’s price change is represented as its ratio to the standard deviation of the price action over a recent period. |
| Auto-Hiding Fixed Pivots |
Here’s another reader request for a basic set of user input fixed pivots. I’ve thrown in some extra plumbing to make the pivots auto-hide when price diverges a user selectable percentage from the pivot. |
| Average True Range Stop Validation | Enter your desired working stop-loss amount. Two lines are plotted representing the current bar high/low plus the average true range of the underlying (or any multiple thereof). If your desired stop amount falls within the boundaries of the envelope, the plot is blue. When the volatility increases such that your stop is probably insufficient, the plot turns red. |
| Camarilla Pivots | I had a reader request an implementation of the Camarilla pivots. Rather than re-invent the wheel, I grabbed ToS’ new Person’s Pivots script, jammed in the Camarilla formulas, cut out some extra plumbing, and voilà. By default the pivot, H1, H2, L1, and L2 levels are hidden. My quick research of these pivots suggested the H3/H4, L3/L4 levels are where the heavy lifting is done. (There is a bug in ThinkScript that makes the dot size a bit large for my taste but until ToS fixes it we’re stuck.) |
| Cycle Point Moving Average |
This very basic script plots a close approximation of the cycle point moving average. You enter in the required price reversal for a cycle turn, a moving average period, and it does the rest courtesy of the TOS zigZag function. |
| Daily Pivots Midline | Plots the midline between the various daily pivot levels. |
Daily Volume/TPO Profile |
After numerous subscriber requests, I put together a daily version of both the Volume Profile and TPO Profile scripts. Whereas the original profile studies total all data displayed on the current TOS chart, the new versions will display only one day’s data and the associated profile. The daily volume point of control (VPOC) is shown as the yellow bar. I have modified the original Volume and TPO Profile studies to allow the user to move them further to the right to mitigate the overlap when running concurrently with the new daily version. |
| Day Range and Midpoint Pivot | This script plots the highest regular-hours high, lowest regular-hours low, and midpoint pivot at each bar. |
DeMark Pressure Ratio |
I’ve had several requests to code various indicators designed by Tom DeMark and here is one such study. The DeMark Pressure Ratio indicator seeks to quantify accumulation/distribution through a combination of volume and price action. The short entry is indicated by the oscillator exiting from above the overbought line at 75 with the long entry indicated by a rise above the 25 oversold line. Also pictured is the soon to be released ThinkScripter Volumetric Trendline study which automatically plots in real-time a volumetric trendline for the user selected period. |
| Double Elliot Oscillator | Two Elliot Oscillators on the same study. |
| DT Oscillator | A simple thinkScript version of the DT Oscillator which is another version of teh stochastic RSI. |
| Extreme NYSE TICK Dots | Here’s a simple script that plots a dot above/below the current bar if an extreme NYSE TICK reading is registered. The thresholds are user selectable. |
| Finite Volume Element |
Markos Katsanos’ Finite Volume Element (FVE) indicator was first described in “Detecting Breakouts” in the April 2003 issue “Technical Analysis of Stocks and Commodities.” The FVE is a money flow indicator but with several key differences from Chakin’s Money Flow or On Balance Volume. Unlike these money flow indicators which add or subtract all volume even if the security barely closed higher than the previous close, FVE uses a volatility threshold to take into account minimal price changes. Divergences between price and the indicator can provide leading signals whereas the slope of the indicator shows if the bulls or bears are in control. Values above zero are bullish and indicate accumulation while values below zero indicate distribution. FVE crossing the zero line indicates that the short to intermediate balance of power is changing. |
| Fisher Transform Signals | Here’s a reader request for an upper study that plots Fisher Transform signals on the price bars. |
| Four Volume | Here is a bit of a twist on my earlier Up/Down Volume Ratio study. Rather than plot the ratio of an underlying equity or future contract, this study averages the volume of the /ES, /YM, /NQ, and /TF and performs the same calculations. In essence, I’m trying to see if more of the volume is going into the bars that close down or to those that close up. You can see from the plot that very high ratios often precede tops and very low ratios often precede bottoms. The indicator can also produce nice divergences as well. (NOTE: This one is a resource hog! You may not want to run this on a “challenged” machine) |
Heikin-AShi Candlestick Oscillator |
Here’s another one from the mind of Sylvain Vervoot. In “Trading With The Heikin-Ashi Candlestick Oscillator” (Stocks and Commodities, December 2008), Vervoot describes a methodolgy for creating a “visual tool to complement (Heikin-Ashi) candlesticks, helping you enter and exit trades, resulting in higher profits per trade.” In a nutshell, the Heikin-Ashi Candlestick Oscillator (HACO) uses the triple exponential moving average (TEMA) to filter out some of the whipsaws inherent in basic Heikin-Ashi candlesticks. |
| Heikin-Ashi Signals |
Like the Heikini-Ashi trend mechanism but don’t like the candlesticks? This one’s for you. It plots a signal on the price bar when the Heikin-Ashi trend changes while using traditional candlesticks or bar charts. |
Hourly Rolling Pivots |
I’ve had a few donors request an implementation of the Hourly Rolling Pivots. Each hour (or any time period you choose), the pivot levels will be recalculated based on the last hour’s high/low/close. These pivots are good for intraday trading and especially during periods of chop. |
| Kaufman Efficiency Ratio | Sometimes referred to as the Price Headley Efficiency Ratio made popular by his Big Trends web site and book, it is actually the Kaufman Efficiency Ratio as described in his book Smarter Trading. From his book “The ratio divides the net price movement by the total price movement (the sum of each of the individual moves taken as a positive number). It can also be considered a ratio of the price direction to its volatility. The more efficient, the faster the trend.” |
| Kaufman’s Adaptive Moving Average Binary Wave | I was messing around with some moving average stuff and threw this one together to see what it looked like. It’s pretty simple: 1 = buy, -1 = sell, 0 = neutral. You can experiment with the filter percentage and period to suit your taste. I’ll probably incorporate this into other scripts as a filter. |
| MACD HLC/3 | Here’s a MACD with a few subtle changes: The price data used is (H+L+C)/3 rather than the close. I find this makes a subtle improvement in the display of divergences. You can plot a second long time frame MACD line on the same chart (hidden by default). The histogram bars are colored based on the relationship to the previous bar vice the standard above/below zero line coloring. he color of the main MACD line is white when the slope is positive and purple when negative. |
| Market Breadth |
This indicator will plot market breadth for the NYSE or NASDAQ in one of four ways: Advancing/Declining Issues Ratio, Advancing-Declining Issues Total, Advancing/Declining Volume Ratio, Advancing-Declining Volume Total |
| Moving Average With Slope Based Color | Here’s a real simple script that will plot the moving average of your choice with the color of the line based on the slope of the line. |
N-Day Hi/Lo Breakout System |
Reader BillM commissioned me to build this swing trading study some time ago. The premise is very simple: Go long when the price breaks above the highest high from the last n days and go short when the lowest low of the last n days is broken. The study is very discreet in that the display is a single horizontal line indicating the price threshold required for the next trade reversal on the current bar. Historical price triangles remain as reference markers for previous trades. |
Opening Range |
This script will plot the opening range high and low for the specified time period. A great video on opening range trading can be found at MarketGauge.com |
Pivot Confluence |
YAPS!….yet another pivot study. Folks are requesting these so I keep doing them…. In this particular case we have a study that looks at the monthly, weekly, and daily pivot levels, makes a comparison and only plots the levels that are within a specified percentage of each other. In other words, we are looking for confluences of the various time-frame pivots as more likely to provide support and resistance. |
| Polarized TRIN Oscillator | I’ve been messing with the TRIN as of late and crafted this polarized oscillator using the average value of the TRIN and TRINQ. The oscillator has been inverted so that a rising oscillator line is indicative of rising prices vice the way the actual TRIN works. I’d have to classify this one as experimental so feel free to hack away and post your modified version in the comments. |
| Previous Day’s Regular Hours H/L/C |
Here’s a custom script a reader commissioned me to build. It displays the previous day’s regular trading hours high/low/close as well as two custom pivots. The script works on both 24H charts as well as Trading Hours only charts. |
| Relative Volume Percentage |
Several forum members requested a study to compare the current price bar’s volume to historical volume in the same bar on previous days. The resulting study displays the current bar’s volume as a percentage of the historical average for as much data is available in your chart. |
| Scalper Buys and Sells | Here’s my incarnation of John Carter’s Scalper Buys and Sells. The methodology is a close approximation of the one described in his book Mastering the Trade. The book is highly recommended. Note the squares are not real-time but will show up once the third bar has confirmed a reversal. |
Stochastic Madness |
Three separate timeframe stochastic indicators are plotted in a binary fashion – oversold (green) – overbought (red). When convergence across all three occurs, the top line will indicate the master signal. |
Stochastic Madness Upper |
If you’re into conserving screen real estate then this version of Stochastic Madness is just the ticket. The signals are plotted on the high or low of the corresponding bar. |
| ThinkScripter Auto Fibs | Ever found yourself trading a very fast paced market and wanted some reference to the Fibonacci retracements/extensions but didn’t want to keep drawing and erasing them using the standard ToS tool? I have – so I created the AutoFibLines study. AutoFibLines looks for price reversals greater than a user defined threshold and then captures the swing highs and lows. Using these levels, it then plots a series of seven user defined Fibonacci ratio levels as well as the previous swing high and low. The Fibonacci ratios are fully user configurable and can be both positive numbers (in the direction of the current price swing) or negative numbers (opposite to the current price swing). The Fib levels are plotted in the empty space to the right of the current bar and so you must have some “Right bars” specified in the style settings. The study updates continuously with price action so there is no user interaction required beyond initial configuration. You can run multiple copies of the study with different reversal thresholds specified to see major, minor, and micro levels at once. |
ThinkScripter Master Indicator |
The Master Indicator is a “FrankenStudy” combination of about five other studies. I have used it when trading from a size constrained screen where space is critical. At its heart it is a triple CCI with the main CCI line set to 14 periods. The two additional CCIs are set at 5 and 50. I trade this using traditional CCI methods. Added into the indicator are: Squeeze dots indicating if a squeeze is on (i.e. the Bollinger Bands are inside the Keltner Channels), Volatility dots indicating if the average true range is greater than my desired working stop loss, A five period stochastic with blue/red dots indicating stochastic and signal line cross, Stochastic Madness overbought/oversold confluence triangles, A LSMA centerline indicator which shows if price is greater/less than the LSMA or alternately if the LSMA slope is positive/negative |
ThinkScripter Multi-Stops |
There are two ways to use Multi-Stops. First, it gives you a great reference point for placing trailing stops so you don’t get pipped out of the bigger moves. Rather than guess, Multi-Stops will give you a scientific guess based on recent volatility and calculated in one of five different ways. Secondly, Multi-Stops can be used as a supplementary trend tool. Looser stops will capture longer trends and avoid whipsaws but have larger drawdowns. Tighter stops will get whipsawed more often but will limit losses when the trend goes against you. Multi-Stops will plot five different types of volatility stops. The input parameters for the stops are a volatility coefficient which is a multiplier (larger=looser stop) and the look-back length which is the distance the stop is looking backwards to compute volatility and other factors. The various methods are: Average True Range Stops, Wilder Average Stops, Chandelier Stops, Elder Safe Zone Stops and Fibonacci Stops. There is an option to allow stop expansion that is disabled by default but will allow the stop to “breathe” if you so choose otherwise you will only see the stop move in the direction of the current trend. |
| ThinkScripter Pivots | This is just the basic daily, weekly, and monthly pivots with a slight improvement. If you’ve used the TOS pivots you might have noticed that the weekly and monthly pivots don’t behave as expected. Rather than stay the same for a whole month or week, they change on a daily basis. Many of us want weekly and monthly pivots that remain constant for the whole period. If you fall into that category, then these pivots are for you. The pivots are always calculated on all the available data which means 24Hr data for futures. |
ThinkScripter RTH MultiPivots |
Why create yet another set of pivots? First and foremost, I wanted a set of pivot points based on regular trading hours (RTH 0930-1600 EST) only regardless of the hours I have displayed. TOS allows you to display regular trading hours only or the full 24 hours. Unfortunately, the standard TOS pivot points will recalculate based on what you have displayed. This annoyed me so I built a set of pivots always based on RTH regardless of what you display. Rather than stopping there I decided to throw four types of pivots into the one study. You can choose between the traditional floor trader’s pivots, Camarilla pivots, DeMark Hi/Lo pivots or Woodie’s pivots. You also have the option to display a midline for the traditional and Woodie’s pivots. |
| Three Day Pivot Range | Here’s another reader request. The three day rolling pivot range. The pivots are calculated using 24 hour data (vice normal hours) which appears to be a limitation of ThinkScript’s high() and low() functions. If anyone knows a workaround, I’d love to hear it. |
| TICK Indicator | I had a request for an indicator that shows all the TICK data not just the extremes. Here’s my first cut at it. The green bars represent the high tick reading, red the low, the white dots the close, and the white line is an EMA of the HLC3 data. You can set your extreme levels where you like as well as the EMA period. |
TICK+TRIN |
I’ve taken the original TICK indicator and gone a few steps further. The plot more closely resembles a bar chart now and the bars are colored based on three options. First you can color the bars based on the slope of the nine period EMA of the TICK. Second you may color the bars based on whether that same nine period EMA is above or below the zero line as pictured below. Lastly, you can color any bars where the range of the TICK readings is greater than an input threshold. These bars are magenta and they provide an extreme volatility warning of sorts. Note that if you use this on a larger timeframe, you’ll probably want this option off. As before, extreme TICK readings are flagged with a yellow triangle also based on user-defined threshold values. The highest high TICK and lowest low TICK are indicated by the dashed lines in the extreme region. Lastly, the centerline of the indicator changes color based on the trend of the TRIN indicator. There are two methodologies for detecting the trend to choose from. |
| TIKI Indicator | The TIKI is just like the TICK indicator on the NYSE but only measures the Dow 30 stocks. Extreme readings (26-30) are indicative of buy/sell programs hitting the market. A reading of 30 indicates all 30 Dow stocks are on an uptick. The indicator flags all readings of 26, 28, and 30 (+/-) with blue, yellow, and magenta triangles respectively. Read more on the TIKI and its use in John Carter’s Mastering the Trade. |
Time Price Opportunity (TPO) Profile |
The Time Price Opportunity method is used for the creation of Market Profile histograms. Volume is completely ignored, and instead, we count the number of times a given price occurs throughout the chart (i.e. A Time Price Opportunity). This proves to be especially useful on charts without volume like the SPX or currency pairs. The study is set up in the same way as the Volume Profile with respect to extension space to the right of the chart. The red bars mark the most frequently traded price(s). |
| One of our forum members asked today for a means to programatically draw vertical lines in TOS. Unfortunately, yet another monthly build has gone by and still no means to draw vertical lines from within thinkScript. Yes there is a new handy drawing tool but I have no desire to spend time redrawing the same lines/boxes on a chart day after day. I decided to take matters into my own hands and coax a workable solution out of thinkScript. Trade Zones just puts up either a red or green box around any time you designate in the study properties. There is a selection for “NOTRADE” – translation red box, or “REVERSAL” – translation green box. Just pick one and put the starting and ending time Eastern and it will appear on your chart every day. | |
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CCI with three periods plotted on the same indicator. The turbo is the green line, the long time frame is the white line and the standard CCI is red with the histogram. The main CCI will turn yellow if the reading crosses the 200 value. |
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| Triple Stochastic HL | A few years back I was interested in one of the commercial trading systems being offered on the net specifically for trading futures and offering the proverbial trading secrets ( a search of the words futures, trading, and secrets may lead you in the direction of their site ) Being the skeptic that I am, I coded the indicators on my own to evaluate their utility. This is one such study. It is a triple stochastic oscillator using the high+low/2 as the base data point. Ultimately, there is some utility in plotting three separate stochastics on one panel for both space saving reasons as well as for trading. |
| Up/Down Volume Ratio | This indicator attempts to capture the ratio of rising price volume to falling price volume. The display is an average of up bar volume divided by down bar volume. The mid line is the 50/50 ratio. A divergence between price and the indicator can signal non-confirmation of the trend. |
Value Chart |
I had numerous reader requests to create the Value Chart in thinkScript. The development, concepts and usage of these charts can be found in Dynamic Trading Indicators: Winning with Value Charts and Price Action Profile by Mark Helweg and David Stendahl. In a nutshell, this indicator seeks to capture the “Value” of a given underlying at the current price and time. The region between +4 to -4 is considered fair value; between +/- 4 to 8 is considered moderately overbought/sold; greater than +/- 8 is significantly overbought/sold. The default length is 5 per Helweg’s original description but I have found a value of 21 to be very useful. (Note: You’ll need to set the “BackgroundColor” plot color to your ToS background color for the chart to look right.) |
| Variable Index Dynamic Moving Average | Here’s a variable moving average, the VIDYA, as described in The New Technical Trader by Tushar Chande and Stanley Kroll. |
| Vervoort Crossover | Thanks to Reader Randy H. for suggesting this one. In his article “The Quest For Reliable Crossovers” (Stocks & Commodities Magazine, May 2008) author Sylvain Vervoort sets forth a trading method using the crosses of two unique moving averages. Specifically, he used a zero-lag triple exponential moving average of 1) the typical price (h+l+c)/3 and 2) the Heikin-Ashi close. He successfully backtested his method on 211 stocks and found using a 55 period average on daily charts was optimal. |
| VIX Stretch | I’ve been reading the book Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez this weekend. Several of the strategies in the book call for the use of a “VIX Stretch” when the VIX has stretched to 5% or greater from its 10 period moving average. The indicator below plots the VIX stretch. The stretch line has been reversed so that a positive vix stretch is plotted on the negative axis to agree with the normal convention for an indicator. The signal dots you see are an indication of three or more consecutive days outside the 5% stretch envelope with the indicated trade direction in agreement with the 200 period moving average of the underlying. |
Volume Channel |
One of our forum members requested an implementation of something he had seen once in a seminar. The concept is simple – draw a high and low price channel corresponding to the price range of the day’s highest volume bar. Each time a higher volume bar occurs, the channel is redrawn to reflect the new high and low. In addition, the day’s chart can be broken into three time periods within which the volume channel is reset. In this chart, the white dots represent the boundary between the time slices. In a sense, these are volumetric pivot levels. |
Volume Profile |
It can’t be done. That’s what I told myself along with tens of readers who requested some variation of volume by price, market profile, or volume profile. ThinkScript lacks the basic tools necessary to easily accomplish such a study: iterative looping and indexed array variables (Guido: hint, hint…). Limitations be damned, I decided to give this beast at least the college effort. The volume of trades is depicted in the chart horizontally at price intervals. This “Volume by Price” can be used to understand which prices cause the largest activity and volume. This is useful in defining where the majority of historical trading volume happened and help find significant support and resistance lines. |
Volumetric Trendlines |
The user enters the desired period and the study will plot a trendline that represents the linear volume based trend for that period. The trendlines update in real time as price/volume action changes. |
| Williams’ VIX Fix | One of our forum members requested an implementation of the Williams’ VIX Fix indicator for TOS. Larry Williams describes the simple creation of a synthetic VIX calculation for any single market or security in the December 2007 issue of Active Trader Magazine. The Williams’ VIX Fix (WVF) indicator, shown below, plots a volatility index for an individual ticker, unlike the CBOE VIX which is an aggregate of the S&P 500. The bands around the WVF are a 20 period Bollinger indicating extremes in the signal line. |
Eric, love the studies – thankx. Please consider writing an “Automatic Trendline” study as found on other platforms. When researching, I found an example here: http://www.linnsoft.com/tour/techind/AutoTrend.htm
I don’t know if it’s a good example, but I’m sure you know what I mean.
Thankx again.
Ken
Ken,
I’d love to do an auto trendline study but drawing lines in thinkScript is not quite so simple. It is on my top ten wish list…
Can you make a script that will show the prior days close when all trading hours are on to help with gap fill plays.
Thanks
Have you tried this one?
http://www.thinkscripter.com/2009/03/12/previous-days-regular-hours-highlowclose
That works!! Thank you very much
Is any of this coded in ‘EasyLanguage’ for Tradstation before I donate?
Thanks!
Jerel
Jerel,
These are all coded in thinkScript, the scripting language of the ThinkDesktop platform of ThinkOrSwim.
Eric
Thank you for the speedy reply.
Can you do a script with the Parabolic SAR on the MACD.
Thanks
Scott – I don’t see any reason why that couldn’t be done but I ask myself why would I put a PSAR on the MACD?
Eric
I was checking out this trading strategy.
http://forex-strategies-revealed.com/scalping/5pips-gbpusd
Thanks
Fair enough. All that really needs to be done is to smash together the TOS PSAR and MACD scripts and make them play nicely. I’m up to my eyeballs in ideas but when I get the time I’ll crunch them together….could be a while though.
Sounds good.
Thanks
Is it possible to write a script for Elliott Waves in thinkscript? I’m thinking about something that would approximate the next wave based on the h/l of the last. Thoughts?
BTW, this site is great. I had no idea that you could code TOS charts.
Lon,
I suppose anything is possible but writing a full-fledged Elliot Wave analysis in thinkScript is probably not possible. If you are just looking to grab a h/l and project the next wave extension then that would be pretty easy.
Eric
Eric, that’s exactly what I’m thinking about. Nothing too over the top, rather something that can give me a quick at-a-glance type of feed back when I do my weekend studies.
I started to grab some of your stuff – great work. Thanks for putting it out for us.
Lon
[...] Heikin-Ashi bars [...]
I love your site. Thanks for the useful info & info. Quick question. Do you have a script to get the rate of change of [RateOfChange]? Thanks a bunch.
Sorry, no Rate of Change. Isn’t that one built into TOS?
-Eric
Yes it is but I want to be able to plot the rate of change of [RateOfChange] (essentially the 1st derivative of the function) , see how it is done & use it as a base for other studies I want to run. Thanks.
I was getting into tradestation myself but ran across the thinkorswim site and their charting software and have watched it grow into a pretty dynamic charting software in its own right. Is there a book or instruction guide to the think scripting programming? I would like to play with a couple of ideas that I have?
thanks
Frank – No books. There is a TOS web page that has some limited information. Here is the link:
https://www.thinkorswim.com/tos/thinkScriptHelp.jsp?laf=dark
Would it be difficult to script a tick counter?
There is no tick data-feed available in thinkScript to count I’m afraid.
-Eric
Hi Thinkscripter,
On the Tick Counter, it seems short sighted on TOS to not provide at least a data feed to be able to script this capability. This makes their Charts very sub par for a trader who uses Tick Charts, when there are several other platforms out there that provide Tick Counters. Do you think they have the data, or should have the data, but have just not provided it via Thinkscripts? Most of these companies get their data from the same sources. It Tradestation or Ninja Trader can get that data, why wouldn’t TOS? Thanks!!!
Agree that intrabar tick information would be useful but it is simply not available in the platform right now.
Great stuff man! I love what you’re doing and I’ll be going (PRO) soon.
I was wondering if there’s a way you could add fibs to the “pivot confluence” script to add that lil’ bit of extra strength making it only plot lines that are within a tick or two(%) of any pivot point lines or confuence lines.
Also, on your Advance/Decline Upper. Can you create that in a lower study and also add money? (the amount of money flowing into stocks moving up as opposed to stocks moving down and vice versa) What I’ve noticed is that the market tends to follow the money flow reguardess of the amount of shares moving up or down. It might be 10mil share moving up and 5mil shares moving down but if theres $5mil dollars in stocks moving down and $1.5mil dollars in the stocks moving up. The market will continue to go down. What do you think? (no pun intended)
Errol
Eric,
Any chance while your tinkering with the Auto fibs to have the fib reverse when the price hits the 61.8% fib level. Thanks
Jay,
Right now, it requires price action that qualifies as a reversal in order to reverse. It doesn’t seem to make sense to just reverse at the 61.8 regardless of the price action. Can you explain your idea more completely?
Eric
Eric, I trade the emini intraday and I am looking for ambush trades. So for example if price is trending higher and then pulls back it usually will bounce on the 50% fib level. If it doesnt and price continues to fall piercing the 61.8% level, more often than not price will continue to move down and not reverse until it hits a support level. AT that point I a looking for the price action to continue to the down side until there is a break in the 61.8% level of the short. If you are familiar with David Halsey and the emini addict website then you know what I am referring to.
Yes, I also trade similarly. What I am not seeing is a methodology whereby the fibs would “reverse” when a 61.8 level is broken. What would you have the fibs reverse to? I think you would like the fibs to revert rather than reverse. I am currently working on this reversion modification whereby fibs revert to prior levels when a reversal does not occur within the fib levels. The logic is fairly complex as to when to execute a reversion and when no to. I’d be very interested if someone would like to codify a set of rules to use when plotting the fibs, reversing, and reverting….I could then code them into the indicator using some fuzzy logic algorithms.
Eric
I think we are saying the same thing and I am using the wong terminology. What I am saying is if trend is long I would be drawing from a swing low to high. In this case the 50% level is above the 61.8% level. If the price pulls back and breaks the 50% level and then the 61.8% level I would now look to draw from the swing high to wherever the new low is.
Aloha Eric,
It’s been awhile but I was wonereing if you could do a script marking the high and low for the first day of the calendar month as well as one to mark the first 10 trading days in january and also in july; code them w different colors to desinate jan from july and high from low…thanks talk to you later, Randy
In work…requested by many folks so I will slap it together.
-Eric
awesome, Eric!
mahalo nui loa
is it possible to makea code total volume traded so far in intraday?
I believe someone in the forum has already done this.
-Eric