Add-On for Tick Delta and Heikin Ashii Trend

[Soultrader 12]

Here's an interesting study I started today. This idea was derived by taking a look at Walterw's Tick Delta indicator. The Heikin Ashii Trend indicator is a useful indicator to see the bigger trend of a price move.

 

Heikin Ashii Trend

 

If the 5th bar of the last 5 bars closes above the 50% line of the previous 5 bar average, it stays the same color. If the 5th bar closes below the the 50% average it changes color.

 

Here's what I have in mind. I want to add a delta divergence into this concept by applying Walterw's Tick Delta. Whenever there is a color divergence between the Heikin Ashii and TICK Delta, I want a dot or arrow to be plotted above or below the price bar. So if the Heikin Ashii is blue but the TICK delta shows more sellers, a dot/arrow will be plotted. If a Heikin Ashii is red but the TICK delta shows more buyers, a dot/arrow will be plotted.

 

The reason for this is to spot for divergences and be prepared for a reversal. It is based for a rangebound market and may come in handy at S&R levels, double bottoms/tops, etc...

 

Take a look at the chart below and let me know if this can be of any use. Thanks

 

[trader273 10]

If you have the newest TS ( i believe 8.2) you can now apply paint bars to candlesticks now. Just an FYI.

[walterw 10]

Ok, here it is... the Delta Ttm Divergence indicator.... it will plot a red cross on top of bar high when we have a bearish divergence between TTm trend and Volume Delta.... as well as oposite bullish divergence.... this will be at the end of the current bar... so it will not give false signals.... enjoy cheers Walter.

DELTA TTM DIV.ELDFetching info...

[Soultrader 12]

Great stuff Walterw. Thank you very much for this. It should be interesting to see the color divergences at key pivots. The rest should be considered noise.

[walterw 10]

Correct, dont rely on this indicator by itself.... it has to be blended to a key area strategy... otherwise its just useles... cheers Walter.

[Soultrader 12]

Hi walterw,

 

Just wanted to thank you again for the TTM Volume Delta add-on. Its working like a charm and I am very amazed how easy it is visually to spot reversals. I'll post some charts soon on it. Thanks!

[walterw 10]

Great ¡¡ very happy for that, I did receive a lot from your generosity here, learned great things that helped my trading a lot, its great to give a little bit back, I think thats what collaboration is all about... cheers Walter.

[Soultrader 12]

  walterw said:

Great ¡¡ very happy for that, I did receive a lot from your generosity here, learned great things that helped my trading a lot, its great to give a little bit back, I think thats what collaboration is all about... cheers Walter.

 

 

I agree Everyone is very helpful here to help one another improve as a trader.

[Robert2617 10]

I know you guys are worlds ahead of me on trading and I have a question about TTM Trend. Since I am just beginning in all this I have been looking around a lot and found a PaintBar indicator or two. I've studied them and to me, it looks like the one I have posted below is a little quicker and more accurate than the TTM Trend PB indicator. Would you guys take a look and see if you get the same results? Thanks.

 

Here is the code, compiled indicator below.

{ ModHA PaintBarStudy 1/20/04

modified Heikin-Ashi technique

compares current bar open to close range
with prior bars...if current is within
prior then color remains the same

}
inputs: UpColor(green),DnColor(red),CompBars(6);

vars: haClose(0),haOpen(0),haHigh(0),haLow(0),
color(0);

if BarNumber = 1 then
begin
haOpen = open;
haClose = (O+H+L+C)/4;
haHigh = MaxList( high, haOpen, haClose);
haLow = MinList( low, haOpen,haClose);
end;

if BarNumber > 1 then
begin
haClose = (O+H+L+C)/4; 
haOpen = (haOpen [1] + haClose [1])/2 ;
haHigh = MaxList(High, haOpen, haClose) ;
haLow = MinList(Low, haOpen, haClose) ;

if haClose > haOpen then
color = UpColor
else
color = DnColor;

for value1 = 1 to CompBars
begin
if haOpen <= MaxList(haOpen[value1],haClose[value1]) and
haOpen >= MinList(haOpen[value1],haClose[value1]) and
haClose <= MaxList(haOpen[value1],haClose[value1]) and
haClose >= MinList(haOpen[value1],haClose[value1]) then
color = color[value1]; 
end;


plotPB(haOpen,haClose,"heikin-ashi",color);
SetPlotWidth(1,4);
SetPlotColor(1,color);
end;

MY_PBARS.ELDFetching info...

[Robert2617 10]

I take it back guys. I now think they are exactly the same. I think that the colors were throwing me off. My eyes were playing tricks on me. I checked chart after chart tonight and they preformed exactly the same. Carry on and I'll crawl back under my rock now. :o

[mjp 10]

Robert, back anytime. I use modified HA.

[tradinghumble 10]

Just wondering if anyone has the eSignal code for the TTM Trend.

 

Thanks.

[Soultrader 12]

Hi walter,

 

There seems to be a small bug in the TTM Div dots. Some of the blue TTM's show a green dot. I have attached a pic. Perhaps you can take a look? Thank you.

[walterw 10]

yes Soul, thought the showme study is not set to update intrabar, it seems that if at some point during the bar the ttm had a diferent color, the showme takes that into acount and still plots that divergence... I will be working on it and will try to make a better version of it... cheers Walter.

[Soultrader 12]

Thank you walter.

[walterw 10]

Here is the new version of the Delta Ttm Divergence, this one works perfect... maybe you want to change this one on the indicators forum.... enjoy cheers Walter.

DELTA TTM DIV 2.ELDFetching info...

[Soultrader 12]

Thank you Walter. I will give this a shot.

[3monkeys 10]

In an act of "creative imitation" (or is it "imitative creationism" ), Hubert Senter of TTM will also release a proprietary TS indicator called ... TTM Delta Divergence in early November, 2007. This indicator is looking for:

  Quote

Current Low or New Low.

Histogram represent the difference between the volume traded at or above the ask and the volume traded at or below the bid.

Aggressive buyers at the Low.

Aggressive sellers at the High.

Real-time Only

Let it run a little first {in usage}

 

Here is a link to a swf video describing this indicator : http://www.divshare.com/download/2532690-421

 

Those wishing to write the code for this may read up on a real time bid ask price action indicator called TickMoneyFlow here: https://www.tradestation.com/Discussions/Topic.aspx?Topic_ID=68788&Page=2 which may be another source of "creative imitation" for TTM.

 

{TickMoneyFlow indicator from TS forum. D=68788&Page=2
The CurrentAsk/CurrentBid function returns the current real-time inside Ask/Bid for the last bar on the chart, for use in a chart window. 
CurrentAsk/CurrentBid cannot reference historical Ask/Bid data, and returns the Close of the bar for all historical bars in a chart. Keep in mind that symbols that do not trade directly will report 0; (e.g. Market Index Symbols). 
}
Inputs: Length1(500),Length2(100); 
Vars:	IntrabarPersist TickFlag(0), 
	IntrabarPersist OldPrice(0), 
	IntrabarPersist TMF(0), 
	IntrabarPersist NewTickVol(0), 
	IntrabarPersist MyBarVolume(0); 

if BarNumber >= 1 then 
begin 
NewTickVol = Ticks - MyBarVolume; 
MyBarVolume = MyBarVolume + NewTickVol; 
if (C>=CurrentAsk) then begin               
	TMF=TMF + (C * NewTickVol); 
	TickFlag = 1; 
end; 
if (C<=CurrentBid) then begin 
	TMF=TMF - (C * NewTickVol); 
	TickFlag = 2; 
end; 
if (C<CurrentAsk and C>CurrentBid) and C>OldPrice then TMF=TMF + (C*NewTickVol); 
if (C<CurrentAsk and C>CurrentBid) and C<OldPrice then TMF=TMF - (C*NewTickVol); 
if (C<CurrentAsk and C>CurrentBid) and C=OldPrice and TickFlag = 1 then TMF=TMF + (C*NewTickVol); 
if (C<CurrentAsk and C>CurrentBid) and C=OldPrice and TickFlag = 2 then TMF=TMF - (C*NewTickVol); 
OldPrice = C; 
if BarStatus(1) = 2 then MyBarVolume = 0; 
end; 
Plot1(TMF, "TMF"); 
Plot2(LinearRegValue(Plot1,Length1,0)); 
Plot3(LinearRegValue(Plot1,Length2,0)); 

[mjp 10]

Well done. Always count on TL to scoop the TTM folks. Nothing wrong with a business making a buck...but it always has been the American way to improve and improvise. More than one way to skin the cat.