Yeah I've been searching for some real feedback on the thinkswim indicators. They seem to take their coding very seriously ...and I like that it's mostly based on what the larger players are doing. So... I'll just re-iterate your post--
I'm a 100% fan of BigMike and his absolute power cuz its created and maintained this unique forum. But I was sold on tosmonkey's expression of joy in finding a winning system using those indicators and miss the posts of a successful warrior/trader.
I have this indicator. I'm still not sure whether it's useful or not. Sometimes it can pinpoint a turning point accurately, and at times it can whipsaw you. It can flip from long to short on the next bar to long on the very next bar without much movement. Their trading method stress not to take wfrt signals unless other indicators comfirm it. During a strong trending move, it will be accurate and keep you in the trade much longer. Then you can exit on the next opposing scalper signal.
BTW, I really like their DeluxePivots indicator. Very nicely coded and useful. These are the only 2 indicators I have from them.
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Depending on your trading style Scalper can be a great indicator. I find it very accurate used across 15, 30, and 60 minute time frames to show you the proper trend for the day. It also works on daily charts where it's highly useful as well for multiday swings.
If you truly want to use it for scalping, in order to have success you will want to follow their method with the rest of their indicators in their suite.
I have to admit it is a good indicator on higher timeframes like 30, 60, or D. Will still need to confirm with another indicator. But for day trading, you would need their suite of indicators, which I don't have and are very expensive. From watching their training videos, using their method for daytrading doesn't produce many signals. Maybe 1 a day and some days no signals at all.
I have been using the TSI method for just under two months. Note that I am new to trading and have only been trying to learn how to trade for 5 months. I purchased the "TSI Method Bundle - Complete" in late June. It is true, in my view, that you need to employ the entire suite of indicators for them to be successful. WFRT Scalper by itself is nearly useless. WFRT Scalper used in conjunction with money flow pro, accumulator, compressor, and trend hammer, following the TSI method as they teach it on their site, does become very powerful. I do not agree that it only gives one signal per day. One of their certified education providers who runs a trading room strictly follows the TSI method and is able to routinely generate a number of trades throughout the course of the day.
With that said, I do have some issues with the indicators. The primary one is that running a number of indicators on several different charts can cause my rig to slow down significantly. Thus I have to be careful that I do not pull up too many charts with all the indicators at the same time. The other issue I have, and truthfully this is not the fault of the indicators, is that I believe the TOS platform can at times be slow in its data feed. A few times, perhaps 10% of the time, when I place an order, I get what I consider to be excessive slippage. Again, I am new to trading and do not have any experience with other platforms/data feeds/brokers, so this may be common. Regardless, I am somewhat concerned over this issue.
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