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K_TraderRibbon_v1 for ToS

Update: see journal link below for more details on using K_Tarder_Ribbon in multi timeframe.

https://nexusfi.com/trading-journals/21136-learning-journal-redk-trading-options-3.html

This study was inspired by the 9/30 method setup... hope others will find it useful. it's amazing how few lines of code can produce something as effective and nice looking (they don't have to be ugly, you know...

)

The K_Trader_Ribbon is a trend following setup based on 2 crossing-MA's concept.
we use WMA and an EMA of shorter length of that WMA.
the "ribbons" shade the area between the EMA, the WMA, and the midline of the Hi/lo Channel of the WMA.
the price/WMA will be on either sides of that channel depending on up/down trend ..
visualizing it this way hides a lot of unnecessary noise..
we can also better visualize the "buy" area (light shading) and the "exit loss" areas (inside the darker shades or if price penetrates the TrendLine)
added a buy/sell signal (up/down arrow) based on the crossing of the WMA with it's EMA (it provides the earliest signal) beside the color clue (red/Green) for an established trend up or down.

couple of nice visual enhancements to expereiment with(hi-contrast clouds and hide/show all lines) - see screenshots

try different length settings.. i liked 4/3 and 6/3 on a 5min chart..

Adjust length settings based on underlying & time aggregation until you see the price bars penetrating the ribbon to the other side of current trend *just before reversal*, and staying within the ribbon during retraces.. this will be the best settings in most cases..

feedback welcome.. pls keep within BMT.

Thank you,
RedK

Category The Elite Circle

Details: K_TraderRibbon_v1 for ToS
Category: The Elite Circle

September 11th, 2012
Size: 2.14 KB
Downloaded: 944 times

Keywords: ma redk ribbon thinkorswim tos trend wma

Update(2): KR_Trender_v5

updated .ts file to reflect correct version # and add a quick change log.. no code changes. thanks to Hguru for the feedback...
Another update from previously posted KR_Trender_v4 for ToS. Inspired by some research around the 9/30 method, i needed something to show me the fast price move on the short-term compared to the prevailing longer-term trend to better identify entry points. initially i used Slow/Fast Stoch & Stoch Momentum but wasn't convinced. I went ahead and added a Fast_Momentum to KR_Trender.

for me, this is a 3 in 1. The concpet behind the calc of Fast_Mom and Trender lines is close to MACD (but more elaborate as we look at 3 EMA's not 2 - and Trender is bounded -100 to 100, where MACD isn't). then we have a representation of fast momentum (save the space of my SMI), and we have the "full trend flag" indicator when the price AND all the 3 EMA's align in a full trend formation.

on the top screen, i show the actual 3xEMA setup i used to originally develop the concept of KR_Trender, the shading is based on a BB, but has nothing to do with Trender, but it changes color based on the Trend state (Full up, Full Down, or in-Transition).

- Fast_Mom is calculated as score of the fast EMA vs it's own Hi/Low Channel. this is the same concept used by Stoch & Stoch Momentum, but then it's scaled to same scale as the main trend line - enabling mathematically comparing the 2 as rate of change of price taken from 2 diferent views.
- a crossing between Fast_Mom and Trender means the rate of price change on the short term has started to exceed, slow, or change direction from the longer-term rate of change. A crossing of zero means the shorter-term trend is reversing. if that's strong enough of a move, the longer trend will follow.
- once you get to use it, you will see the 2 lines sort of pull each other. retraces and pullbacks that provide good position entry points are much clearer as identified by the Fast_Mom line (that was my main issue)
- i kept PPS (Person's) indicator on top chart - Fast_Mom compares very well against PPS signals. many times beats it to indicate a change up or down. so that made me happy.

Other improvements:
- can show/hide Fast_Momentum plot
- can change length of Long_term Trend period. if equal to or below the main length, it will be ignored.
- Adjusted smoothing calc to only use EMA smoothing, as HMA causes an issue with chart labels in ToS
- Fast_Price_weight now 0 by default to allow focus on long-term trend and Fast_Momentum.
- Fast EMA is always taken as half of the main length
suggested Length/Long_Trend settings: 10/20 or 8/16 for intraday and 20/40 or 20/50 for longer term. Should not use Length lower than 4.

i used KR_Trender on a 5min chart as well as on daily/week . initial results are positive and tested well in live trading.

feel free to use, comment and feedback, and please keep only within BMT.

RedK

Category The Elite Circle

Details: Update(2): KR_Trender_v5
Category: The Elite Circle

August 31st, 2012
Size: 5.03 KB
Downloaded: 740 times

Keywords: kr_trender momentum redk thinkorswim tos trend

KR_PriceLevels_v1 for ToS

here's a quick one.. inspired by range charts, but simplified and still painted on regular time charts..

i needed something to help me spot common S/R levels and also watch price moves between levels of either % of price or in blocks of a certain dollar value (0.2, 0.5, 1.0 ... etc)

default is to show moves in increment of 0.5% of all-time (based on chart) mid-price, but can be changed to better suit the time aggregation and the underlying price range we're looking at (for shorter timeframe, you may want to look at $.25 levels, for a stock like AAPL you want to look at a $5.0 increments and so on)

The percentage level value is always approximated to the nearest multiple of $0.1 to make it meaningful.

if there's a setting in Override Range Unit, then that's the one the study will use as a unit for the incermental levels.

you can show/hide the levels calc details labels on top using the study settings.

found it interesting and it helps hide a lot of noise from price - also comes closer to my own view of Darvas so thought to share for the Range Chart & breakout trading fans..
Cheers,
RedK

Category The Elite Circle

Details: KR_PriceLevels_v1 for ToS
Category: The Elite Circle

August 23rd, 2012
Size: 1.58 KB
Downloaded: 251 times

Keywords: breakout levels price range redk thinkorswim tos

KR_SMI_v2: based on Stochastic Momentum Index (SMI) for ToS

if you use a Momentum study to identify swings, or start/end of a price move, you may like this one.
in KR_SMI, i try to improve the visulaization and signal of ToS's Stochastic Momentum Index

1. i didn't like that it uses double EMA, so i changed that into a single-time EMA.

2. K Period, d Period .. confusing.. in reality SMI tries to identify the recent movement compared to a longer-term price shift. so i changed that into Look_Back_Period and Length

3. Signal is generated thru a crossing with a slower/smoothed EMA of SMI line. in reality, we can see the change of SMI line trend using colors and get an earlier signal for swings or price move shifting direction (Green = momentum up, red = momentum down, Yellow = possible swing detected)

4. crossing the zero line means a lot (momentum reversing). this is ignored in original indicator. so we added a zero line. Overbought/oversold are at +/-50% by default - but you can change that

screenshot shows how this compares vs the classic SMI in ToS

Best used together with a trend following indicator for a confirmed entry/exit signals.

just realized all the indicators i posted are optimized for dark chart background color. they will look ugly on light-color charts. sorry for that.
beware of a bug in ToS, when you use Inertia or Hull smoothing with AddChartLabel, and you try to enter a lower smoothing value in study settings, the indicator calc behaves erratically. if that happens, remove/re-add the study to your chart. i just found out about that and will report it.

as usual, please do not share outside BMT.
All feedback welcome,
RedK

Category The Elite Circle

Details: KR_SMI_v2: based on Stochastic Momentum Index (SMI) for ToS
Category: The Elite Circle

August 17th, 2012
Size: 1.75 KB
Downloaded: 317 times

Keywords: momentum redk smi stochastic thinkorswim tos

Update: KR_Trender v4 for ToS

Here is my big update of previously posted KR_Trender_v3 for ToS (aka, the Rainbow_Trender). My goal is to put together a trend detection indicator (based on multi-EMAs - the most basic and enduring concept), that makes it simpler to visualize good trends to ride, and more reliable to take positions, "add to position" in case of possible continuation, and exit if trend is found to be slowing down.

pls feel free to try with different instruments, timeframes, and provide feedback. (good & bad all welcome)...

full post where this started here
https://nexusfi.com/stocks-etfs-trading/21886-how-do-you-define-bullish.html

RedK

So what represnts an ideal trend, when is a "Full Trend Alignment" detected?
this is based on the calculation of an average "score" of price relative to 3 EMA's of different lengths, and of these EMA's each to the next longer one. to explain in chart terms: a full up trend is detected when the price (P, i use HLC3 by default) moves and stays above EMA10, AND the EMA10 crosses above EMA20 AND EMA20 crosses above EMA40. otherway around for an established down trend. now I don't have to plot all these EMAs on my price charts . i can also add more weight to score of price action relative to fast EMA for reduced lag of signal

Note: the EMAs are hardcoded in the study. i set only one in the study settings, and then it takes half length of it as the faster EMA, and double length as the slower length .. i thought of making all 3 lengths adjustable from study settings, but preferred to keep this part simple. for bigger timeframe trend, i can set to 100, knowing it will take 50, 100 and 200 EMAs into the calc

Key changes for v4:
Simplify visulaization: removed vertical lines (found them nice but confusing), replaced with Chart Labels.

Better position decision making:
Added visual clue when a full trend alignment is detected (small green/red squares)

Chart Labels reflecting:

Trend Status Up, Down, or Retracing (Trend is slowing down or possibly reversing)
Strength of price move: Weak, Medium, and Strong
Position Recommendatoin: Long, Short, Break (this is where things get interesting. The position recommendation is made more strict. KR_Trender will only give a go "Long" or "Short" if a full trend alignment is detected (the Green/Red small squares) AND the move is sustained or getting stronger (in either directions up or down). otherwise, the recommendation is a "Break !" which means i should close the position, or add to it if other PA analysis tells me there's a chance of trend continuation.

Other changes:
exposed settings for desired Trend Level. i would keep it between 30 & 40, but you can try different values. also we still have an optional weight for score of fast price action relative to the 3 EMA's

Please do not share outside of BMT.. feel free to send me any feedback if you find this helpful in capturing trends (or not, or if you think i should simplify or add something i missed)

Category The Elite Circle

Details: Update: KR_Trender v4 for ToS
Category: The Elite Circle

August 7th, 2012
Size: 4.19 KB
Downloaded: 431 times

Keywords: momentum redk stochastic thinkorswim tos trend trender

KR_Trender V3 Experimental for ToS

this is a test version of KR_Trender. pls test and provide feedback. this is not a final indicator (yet).

pls see full post here
https://nexusfi.com/stocks-etfs-trading/21886-how-do-you-define-bullish.html

RedK

quick update to V3b.. still experimental and awaiting tester's feedback

1. Fix Typo (HL3 to HLC3), the calculation was correctly using HLC3.
2. trender will be yellow in the "no-trend" zone. Cyan when positive trend detected, and Magenta when negative trend is detected. you can still trade the no-trend zone, beside being more risky and unconfirmed, profit won't be as high as within a confirmed trend.
3. added an optional "weight factor" for the fast price action. this serves to magnify the short-term move vs the longer term trend (can be set to equal weight =1 in the study options)

my kids call this "the Rainbow" - so it's aka Rainbow Trender

..
all the best,
RedK

Category The Elite Circle

Details: KR_Trender V3 Experimental for ToS
Category: The Elite Circle

July 27th, 2012
Size: 3.49 KB
Downloaded: 130 times

Keywords: redk thinkorswim tos trend trender

K_betterVolume_V1 for ThinkOrSwim

This is my modified version of the default VolumeAvg study in ThinkOrSwim.

the way my simple mind interprets volume move, i expect to see the volume bar Red for "down-days" (closing below the Open) and Green for "up-days" (Closing higher than Open).

Default logic in ToS's VolumeAvg study is different where volume bar color is based on trend, so compares today's close to yesterday's - or prior period's - close. Green of closes higher, red if closes below.
this quick customization enables me to switch between the 2 logics (Day vs Trend), default is "Day", so the Volume bar is colored based on period's open/close. (see a comparison in screenshot). you can use with any period or aggregation.
A double moving average has been added as an extra. i can see short-term (7 day EMA by default) volume vs long-term EMA(200 by default). for a better clue on sudden shifts in volume.
you can change settings for the study (Fast Period, Slow, and Volume Bias logic).

hope other fellow traders will find this as useful as i do,
RedK

Category The Elite Circle

Details: K_betterVolume_V1 for ThinkOrSwim
Category: The Elite Circle

July 23rd, 2012
Size: 915 bytes
Downloaded: 160 times

Keywords: redk thinkorswim tos volume

KR_DMI_V4b for ToS

a small visual enhancement from KR_DMI_V4:

since we practically care about the Net DI (difference between DI+ and DI-), which shows what price pressure is prevailing (buying vs selling) and causing the move, i removed the original lines, and replaced with a zero-base cloud that represents that Net Difference.
removed smoothing in calc from DI lines and Net difference. allowing it to act as a "relatively" leading indy for price move.
it's now easier to spot divergence between that net DI difference "cloud", and Price Action or ADX movement, suggesting current trend move maybe about to end or ease down. see attached screenshot.
ADX line is still the same.
Default "trend" level changed to 25.

thanks, RedK

Category The Elite Circle

Details: KR_DMI_V4b for ToS
Category: The Elite Circle

July 21st, 2012
Size: 2.22 KB
Downloaded: 524 times

Keywords: adx dmi redk thinkorswim tos

KR_DMI_v4 for ToS

This is my own implementation of ADX/DMI indicator for ToS.. still keeps the original approach

ADX line is allowed to go negative when the trend is down
we use ExpAverage for calc of DI+/DI- and HullAvg for smoothing
some visibility enhancement adding color coding to ADX (up, down & Alert)
improve visibility of Net pressure of price movement (using Addcloud)

Usage is similar to the original ADX: a trend starts above/blow 20 or 30levels (adjustable)

A sell/buy is suggested when the DI lines cross *AND* the ADX line is Cyan or Red

feedback & comments appreciated...
RedK @ Live.com ..... July 2012

Category The Elite Circle

Details: KR_DMI_v4 for ToS
Category: The Elite Circle

July 20th, 2012
Size: 2.11 KB
Downloaded: 233 times

Keywords: adx dmi redk thinkorswim tos

SuperTrend indicator

Good day, everybody!
After a short acquaintance with "thinkScript" turned out here this indicator.

P.S. Sorry for my broken (https://translate.google.com/) English.

Category ThinkOrSwim

Details: SuperTrend indicator
Category: ThinkOrSwim

October 27th, 2010
Size: 3.12 KB
Downloaded: 1672 times

Keywords: supertrend thinkorswim thinkscript

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