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Hello All,
I asked Adrian over at Expert Trading Programmers to be build me a True Strength Indicator that would paint the bars when price was overbought / sold.
He did a great job creating it and I thought I would share it. I edited the install …
, but I got troubbles to find out a detailed description ...
Will ask to "brettji" ... mybe he has more details ...
Regards
A.
What Life is ? Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)
Can you help answer these questions from other members on NexusFi?
I apologize in advance for what I will write below... but in your opinion is there a sense in posting a customized indicator in the "download" section as it appears from the description you made of it upon insertion and which you say having asked a team specialized in the creation of trading utilities, without also obtaining and making available to those who wish to download it a description of what the indicator itself shows?
I would understand if you had found it by chance on the web, but so... if we want to give us a hand, because your making it available brings me back to this feeling of collaboration, it leaves me surprised, where is the usefulness of being able to use a something for which at least the important details are not known other than the fact that we are talking about a Tsi indicator... I imagine the frames of each candle will make sense otherwise what sense is there in delimiting them with frames of particular different colors or the substantial absence of these frames will have a pure logical sense and the intention of wanting to identify a particular action between buyers vs sellers and vice versa as well as finally for the different shades of green or red ???
With these considerations of mine I do not wish to offend anyone, but to bring a simple and clear reflection.
Thank you
regds
A.
What Life is ? Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)
I'll upload an image of this morning my time in Montecarlo, regarding ES June24 5minutes chart, can you kindly provide your key to understanding this early chart by highlighting and explaining once and for all everything that you see as important: there are so many partly unknown details, which certainly have a "name", so to speak, and above all a key of reading as said before which will have its importance ...
I know it is not a small job, but thanks in advance for whatever you want / can do on the merits,
even step by step a little at a time!
My best regards
Alinghy ES JUN24 (5 Minute) 2024_04_30 (09_02_34)
What Life is ? Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)
well the problem is that i don't know your trading background. Trading and specially trading orderflow has so many aspects which have to be learned and studied for quite some time.
There is no way i can and want to pack all this knowledge into a forum post. The other thing is that i am pretty busy with family, work, trading, projects and the house, so i simply don't have the time to spend hours on here and explain charts to strangers. Please don't get me wrong, i appreciate every person who is using the freely shared indicators and i try to do my best to answer specific questions when i see that something isn't clear or self-explanatory.
So i try to keep this as simple as possible and tell you the basics on how i use the indicator.
One of the reasons i wanted to create my own Footprint chart in the first place was the sensory overload caused by these charts back when i started to write the first version.
My goal was to create a visual footprint chart which is reduced to the essential information which are needed to make proper trading decisions. Another thing i was missing, was the possibility to quickly switch between the footprint chart and the standard candle chart.
I am trading the MES and the ES Futures contracts only and have done this for years. Every instrument has its own character and peculiarities. By sticking to one instrument you learn about all these characteristics and with time it gets easier to read the charts of that instrument.
I've tried many different chart types from tick, range and renko to other custom ones but always ended up back on the 1 minute or 5 minute charts. so i would recommend sticking to the 5 minute chart as long as the stops don't get too large based on volatility which changes over different months of the year.
As i've said earlier i spent quite some time thinking about the sensory overload caused by charts and specially footprint charts.
Packing your charts with indicators gives most people the feeling of adding another layer of confirmation or certainty but in fact, keeps them from making trading decisions because of sensory overload and confusion.
My workspace (attached) consists of two charts:
a 5 minute chart with 60 days of data (or more, based on what is needed)
a 5 minute chart with 5 days of data
The 5 minute chart with more data is running a simplified version of the Supply/Demand Zones indicator (attached) which can draw global zones (on all charts) and is used to get a quick overview of the bigger picture.
The other 5 minute chart is running the FootprintV2, a 21 period ema channel (high, low, median) and the daily vwap without any deviations.
The vwap and emas are used together with the current market structure to determine the actual trending direction. Pullbacks to the 21 period ema or vwap provide setups for continuation.
The zones provide setups for continuation and reversals based on where they are located.
The last element to fine tune entries, exits and everything else, is based on the footprint.
I usually just watch the candle stick chart and use the hotkey to switch to the footprint chart on entries, exits or anything else that needs a closer observation.
To fine tune entries, watch out for where the most volume has traded over the last x bars (dodger blue shaded), where the last few POC's are located and how price reacts around your potential entry level.
To fine tune stops, give the trade enough room, place your stops behind POC's, zones and if above/below highs, always use the second close high or low.
And that's pretty much everything about the technicals.
Everything else is psychology.
Develop rules around your setups and stick to them.
Always use a stop and don't touch it.
Don't overtrade, have patience.
I would like to thank you for your valuable contribution.
Now I have a question: where can you find reliable, real-time news on the ES?
I also use some news sites for announcements that affect the stocks,futures etc ... markets every day, such as...
but it would be useful for me to have a further qualified source, to be able to verify extremely quickly, the reason i.e. for such a nervous and bullish spike like the one that is right now taking the Es above 5100 again...
Thanks for your time
A.
ES JUN24 (5 Minute) 2024_05_01 (20_51_28)
What Life is ? Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)
