Custom Scalper Buys/Sells - ShowMe Edition

[traderlu 10]

Hi All,

 

Here is a ShowMe version of the Custom Scalper Alert. It is useful for those that prefer candlesticks to OHLC bars when using other paintbar studies (such as Heiken-Ashi).

 

Good Luck!

 

-Luis

TTM SCALPER SHOWME.ELD

[Susana 10]

Thank you Luis, fascinating.

[Susana 10]

On second observation, I found it to be too slow.

 

The dots print way after the fact. How do you guys trade this as refence points ?

[Guest cooter]

On second observation, I found it to be too slow.

 

The dots print way after the fact. How do you guys trade this as refence points ?

 

Yep, just like the paintbar version. It PAINTS THE PAST. I've said this before, and had my post deleted for pointing out the obvious about this indicator.

 

Use it at your own risk.

[traderlu 10]

The indicator needs a minimum of THREE bars to paint a bar. However, it can (and usually does) take more bars than that during sideways consolidation.

 

Please see the attached screenshot. The cyan/yellow arrows indicate when the signal actually fired off. So, yes this indicator is very dangerous in chop situations, assuming one is taking all buy/sell signals. Please listen to cooter and be very careful in your usage of this tool.

 

As far as I know John Carter uses it as follows:

a) Signal confirms a move against a support/resistance level

b) Uses it to time entries/exits. For instance, I've heard him say that if long, and a Scalper Sell + 2 red TTM's fire off, he will exit his remaining position. I have also seen him initiate trades based on Scalper Buy + 2 Blue TTM's

 

The point is, one needs to filter this to be used appropriately (just like every other indicator).

[insideday 10]

@ traderlu

 

Very nice code.

 

I added for myself an filter to avoid plotting in chop zones. After an extreme is found the opposite point must be a minimum distance away from the last extreme.

SC.ELD

[insideday 10]

Please ignore my previous post. There is a failure in the code.

[biegea 10]

Traderlu,

 

Thank you for sharing this.

 

I was wondering if you have closely confirmed the markings with various charts actually presented by John Carter, using his actual signal. I found that when I tried to reproduce this indicator, I got quite close, but still missed a few as well as still painting a few erroneous bars.

 

Interested in knowing how closely you have validated your indicator's results with his.

 

Thank you!

biegea

[biegea 10]

Please disregard previous question, I just read your previous post with the paint bar studies where you say you have validated it matches JC's charts. I look forward to giving this indicator a try. Thanks for sharing!

biegea

[mto61 10]

thanks for the help

[dovetree 10]

Hi Can we get this in ELA code so that those of us with TS 2000i can have a look at the code.

 

Thanks

[stanlyd 10]

anyone know of something like this for esignal?

[Guest cooter]

Sure. You can BUY them here:

 

http://www.tradethemarkets.com

 

Good luck.

[silverwesoke 10]

Hi..I have Luis scalper alert and the show me edition both up on a chart. The scalper alert is showing signals that the show me edition on the candles is not showing. Can someone please confirm this and or review the code for what might be the problem.. Thanks