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New: K_Trender_TopChart_v2a for ToS

Updated with V2a, corrected only the channel type names (for technical correctness).. Donchian Channel is the Highest/Lowest for a period, which produces a boxy-looking channel.. that's my favourite (google Donchain system). i don't know a technical term for the channel when you take an EMA of highest/lowest which produces a curvy-type channel, so i refer to it as DonchianEMA. the rest is the same .. no calculation changes...

Here's a "Swiss Army Knife" study for fellow ToS'ers .. big thank you to my good forum friend, HGuru, for helping me complete this ...

this is a many-in-1 study, that provides a choice of price channel of many that are commonly used (Keltner, Highest/Lowest, Elder, Keltner, Bollinger..etc), and provide 2 types of signals, based on momentum of 2 EMA lengths of price (Length & Fast_Length):

1 - the primary Momentum signal is based on the main length you set in the study, and is reflected in the color of the price channel itself (green = Up = go Long, red = Down = go short, yellow = retrace or "in-transition")
(pls remember this is momentum and not trend .. though the study has the word "Trender" in the name)

2 - the secondary signal is based on momentum of the fast length EMA. and is only Up or Down. (i would usually take Up position in a green channel or down position in Red channels, so maintain direction with the primary momentum)

there are many other settings we built-into the study to play with and customize for improved visualization. better visual = better decision.. you see in the screenclip how many "personalities" we can get with different options. from settings you can do anything from hiding all elements and leaving only the secondary signals, to fully using it as your trading system, if your system is built around ATR or BB, with the added benefit of the momentum signal. you can combine with other studies you have (i'd suggest a trend following study) for a compact system that won't require lower plots (beside volume if you need it).
the calculation/CPU load this study requires isn't that much, even though it looks packed.

Settings to change length, Fast, Channel Type, the factor for the channel (for BB this would be the StDev, for Keltner the ATR factor, for Shifted EMA's the percentage...etc) - Hide the channel shading, hide/show the lines (the EMA's, the mid-channel, channel bands..etc)

there's an aggressiveness factor built in that we can set - basically this is like saying, "if the Fast Trend is decreasing and becomes less than 10%, this is as good as a negative momentum, and i want to trigger a signal to go short". Leave at 0 until you test this in your own setup and get comfortable with it.

the code is commented, and i'd ask to please keep this study only within BMT as it took a lot of work.

feedback appreciated, happy trading.
RedK

Category The Elite Circle

Details: New: K_Trender_TopChart_v2a for ToS
Category: The Elite Circle

September 23rd, 2012
Size: 9.46 KB
Downloaded: 550 times

Keywords: momentum topchart trend redk tos trender

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