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Multi period candles for TOS


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  #1 (permalink)
pavman
London
 
Posts: 7 since Jul 2013
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Hi Guys,

I trade momentum along with basic S&R levels and use ProRealTime charts a friend coded Multi Period timeframes for us similar to the MultiPeriod Candles for NinjaTrader on the forum.

I'm trying to help a buddy who uses TOS to see if there's any similar code or indicator for him to use on TOS and wondered if you have come across anything like it?

It's a fantastic way to stitch timeframes together as you, so you don't get lost on a shorter timeframe when there's a significant level of S&R. I will attach screenshots in due course.


Best regards
Pavman

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  #2 (permalink)
pavman
London
 
Posts: 7 since Jul 2013
Thanks Given: 2
Thanks Received: 1

Apologies for the initial post for being to short, let me expand. If you understand accumulation and distribution occur at S&R levels respectively - which give rise to your bullish and bearish patterns at key levels. Then ask yourself what would I expect to see. For instance if you have a big red bar followed by a big green bar - closing and opening at the same level say on a weekly timeframe-On the shorter timeframe you would expect it to base or accumulate at the lows, displacing the bearish volume before the push higher.

Why is this important? Well some have several timeframes up but still struggle to relate them together. Oh I trade the 5 min and glance at the hourly to see the trend.

If you have an analogue watch - look at it now! Have all 3 timeframes at once - you know what's going to happen on the next second when at 59 secs - 59 mins and x hour....you know you're going to get the big move - the hour hand moves.

It's a simplistic view yet people forget that when looking at timeframes.

Let's say your trading time for arguments sake, like an oscillator - you know the best time to go long would be from 30 secs to 60...or 30 mins to 60 mins. You also know a good spot to short would be 0secs to 30secs and so on! However your hour hand has no drawbacks - thats your trend. So counter trading your pullbacks are those shorts just highlighted...

Still with me? Same process but different timeframes.

So when trading a shorter timeframe - always know where you are in the higher, that way you wouldn't be caught off guard when you see a big drop or pop because of a level on the higher timeframe. So that MultiPeriod view can help you to visualise that on a single chart - also great for laptops where screen real estate is limited!

You might think my explanation is far fetched or too simple - try this, look for a near perfect reversal pattern albeit a morning star or evening - then see how that pattern is broken down on the shorter timeframe - might be surprised with patterns within patterns at key points/peaks/valleys or neckline for a H&S - that's a clue how to time/confirm a breakout.

Hope this helps

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Last Updated on July 26, 2013


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