Can someone please explain to me exactly how the TTM_ScalperAlert indicator ACTUALLY works?
from the TOS website: "The TTM_ScalperAlert comprises two plots, Pivot High and Pivot Low. Pivot High is shown as an arrow above the first bar in a series of 3 lower Closes (Sell signal). Pivot Low is shown as an arrow under the first bar in a series of 3 higher Closes (Buy signal). "
So, looking at the attached chart, you can see that the plotted arrows do not seem to follow these simple guidelines. Can someone explain to me how this indicator in TOS actually calculates where the arrow is placed? What am I missing here?
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The problem with this study is that it's a proprietary study made by John Carter. The TTM means Trade the Markets, which is a trading education site dedicated to trading these indicators. So the secret to John Carters studies stays with him. The only information we have is the same that you have. We've worked out a aggrement with John Carter that he let's us use his studies, but we are required to keep it private. I do see your point that it's not always a higher close, or a lower close to get the signal. Please take in mind, that his programs are usually complex and have more tests than just what is said. However, I don't know what that is due to the proprietary nature of study. My apologies,
TD Ameritrade does not offer script writing services at this time, however, on a request basis we may provide educational examples to assist in your assimilation of our proprietary programming language. We recommend that you review and study the thinkScript manual prior to utilizing any custom script.