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I was trying out the functions mentioned for coming up with the TOS rangebar values based on the percentages suggested: 8%, 5% and 2.5%
Here's a couple of scripts for columns with the values in ThinkOrSwim "Marketwatch" tab. Thanks.
All green and I am looking for longs, all red and I am looking for shorts.... would/do work very well with "Allistah's" option spreads.
Some of my codes in my scanner: ATR Code:
declare lower;
input ATRLength = 7;
def ATR = AvgTrueRange(high, close, low, ATRLength);
plot ATR1 = ATR * .08;
ATR1.assignValueColor(if ATR1>0 or ATR1 < 0 then color.white else color.current);
Yesterday High versus Today's Close Code:
declare lower;
input price = close;
def M9 = high(period="day")[1];
plot result = if close > M9 then ((price-M9)/M9) else ((price-M9)/M9);
assignBackgroundColor(if price>M9 then color.green else color.red);
result.assignValueColor(if price>M9 or M9>price then color.black else color.current);
Yesterday Low versus Today's Close Code:
declare lower;
input price = close;
def M9 = low(period="day")[1];
plot result = if close > M9 then ((price-M9)/M9) else ((price-M9)/M9);
assignBackgroundColor(if price>M9 then color.green else color.red);
result.assignValueColor(if price>M9 or M9>price then color.black else color.current);
Thanks Vikings! Glad I came somewhat close. Interesting stuff on helping with direction for stocks or options plays, thanks.
note about my script: I put the ATR < certain threshold for a highlight hoping it'll help find stocks which are slowing down into consolidation to find possible candidates for delta-neutral options spread plays such as calendars or strangles. Haven't tested it out yet though.
Over the weekend my wife asked me if I could slow things down for her, but not yet effect the results. Well I think I may have done that for her and for potentially other traders who like to trade at a slower pace.
I am still going to stick with range bars, but this time based off of 1 hour bars instead of daily bars. Since I am a very big FIB guy I am working on a combination of 21 (1 hour bars) calculating the ATR for those 21 bars then I multiply them by a very strong fib retracement number (61.8%) and the results become my 1 hour range bar. The results today were very good; actually impressive.
Oil too was very good today when I focused on it as I spent a lot of time on this longer range instead today with the weeklies. Wife loves it too, makes her life much easier she says and it does.
Anyhow I am going to keep this short and sweet tonight.
Some very nice trades today, but I couldn't get into my trading platforms because of the Java update I took this morning. I even got locked up in TOS (which happens all the time anyway). Finally got in around 1:00 CST and got a nice trade on AAPL but that was the extent of my trading today.