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Al_Gorithm
Posted : Tuesday, May 01, 2018 8:14:19 AM

Gold Customer Gold Customer

Joined: 6/30/2017
Posts: 1,172

Hi Bruce,

One of my side hustles is scalping when I'm not flirting with the barista.

I just look at price action, and your new colorized OHLC-Candlestick-RangeBar-hybrid will be perfect. My scalps won't buy a yacht, but they pay for my lattes with a little something left over.

Anyways, these patterns are a lot simpler, so you should be able to crank them out easy peasy. With this I won't have to stare at the screen, the colors will pop when there's a setup worth looking at. Later I can add alerts so I can keep flirting with that barista. (The new one is hot).

The default OHLC bar will be white, like now. The default background will be black on a black chart. The colorized portion (let's go High/Low - I like that better than Open/Close) will be just two colors: Green & Red.

Without getting into the minutiae, here are the PCF specifications. I haven't looked at PCF syntax since it was given super-powers ... I'm assuming ORs are still not available.

There are three scenarios when we want to use the color Green, and three where we pull out our Red crayon.

Here is the first Green scenario:

  • IF Close > Open
  • AND Open > Previous Open
  • AND Close > Previous Close
  • AND NOT a Doji (Open NOT EQUAL Close)

Here is the first Red scenario:

  • IF Close < Open
  • AND Open < Previous Open
  • AND Close < Previous Close
  • AND NOT a Doji (Open NOT EQUAL Close)

Here is the second Green scenario:

  • IF Close > Open
  • AND Three previous consecutive candles are Red (based on rules above)

Here is the third Green scenario:

  • IF a Doji (Close = Open)
  • AND Three previous consecutive candles are Red (based on rules above)

Here is the second Red scenario:

  • IF Close < Open
  • AND Three previous consecutive candles are Green (based on rules above)

Here is the third Red scenario:

  • IF a Doji (Close = Open)
  • AND Three previous consecutive candles are Green (based on rules above)

I think that covers it. Let me know if you have any questions.

It's all about scalping tiny reversals on short-term timeframes. With something like this the stops and targets are critical, but that's beyond the scope of these PCFs. I'm just looking for a visual aid to know when to focus on the chart. When I see three-in-a-row I know it's time to put my finger on the trigger. But I don't pull the trigger unless I get that reversal candle, then I get in and set stops and modest targets.

Btw, what's the best/easiest way to generate an alert these days when I get three Red or three Green consecutive candles?

As always, I appreciate the help!

 

Bruce_L
Posted : Tuesday, May 01, 2018 10:43:11 AM


Worden Trainer

Joined: 10/7/2004
Posts: 64,321

I have sent you a TCMail with a chart containing my interpretation of the UnclePennybags Seasons indicator.

OR was available in the previous version of the PCF Language (it is not built into EasyScans). What is new as far as logical operators go would be NAND, NOR, XNOR, and XOR.



-Bruce
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Al_Gorithm
Posted : Tuesday, May 01, 2018 10:59:24 AM

Gold Customer Gold Customer

Joined: 6/30/2017
Posts: 1,172

Thanks for the PCF update. I'll save the link.

Give me a few minutes and I'll check out your latest creation. Coloring these hybrid-bars (don't know what else to call them, and keep it short :) is a lot better (IMO) than plotting a row of dots.

The only downside is you can't plot other indicators on the same pane, but in this particular case I don't need or want any other indicators in the price pane. And for any future implementations I can just toss any indicators on a separate chart.

Heading over to TCMail now ... feels like Christmas in May!

Bruce_L
Posted : Tuesday, May 01, 2018 11:02:50 AM


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Joined: 10/7/2004
Posts: 64,321

You should be able to plot other indicators in the same pane if you want.

You can add things like moving averages that you want to plot overtop the coloring to the OHLC indicator instead of adding them to the first price plot.



-Bruce
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Al_Gorithm
Posted : Tuesday, May 01, 2018 11:37:52 AM

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Joined: 6/30/2017
Posts: 1,172

Was on the phone, haven't tried it yet, but last time I tried adding a moving average the black histogram chopped up the moving average plot into a bazillion pieces. 

Probably the way I did it. Need to reread your last remark. Think I tried it the "usual" way which in this case is the wrong way. :)

Thanks, and stay tuned.

Al_Gorithm
Posted : Tuesday, May 01, 2018 11:50:43 AM

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Joined: 6/30/2017
Posts: 1,172

Cool. I was doing it wrong, glad I asked. Bruce, another winner! Thanks.

diceman
Posted : Wednesday, May 02, 2018 11:16:18 PM
Registered User
Joined: 1/28/2005
Posts: 6,049

We can color whole bars now? (not just dots)

 

 

Thanks

 

Bruce_L
Posted : Thursday, May 03, 2018 8:50:28 AM


Worden Trainer

Joined: 10/7/2004
Posts: 64,321

Kind of? It isn't a new feature of the program or anything, but an effect which can sort of do this can be created using Custom PCF Indicators using the Histogram Plot Style. Details of how this can be accomplished are given in my Wednesday, February 14, 2018 11:38:01 AM ET post in the Elder Impulse topic.



-Bruce
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Al_Gorithm
Posted : Thursday, May 03, 2018 9:08:32 AM

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Joined: 6/30/2017
Posts: 1,172

QUOTE (diceman)
We can color whole bars now?

We? Nope.

But Bruce can. ;)

diceman
Posted : Thursday, May 03, 2018 2:03:44 PM
Registered User
Joined: 1/28/2005
Posts: 6,049

So if I have a simple PCF:  C>AVGC20

 

How would I paint those bars green when true?

 

Assuming the same black background/white bars.

 

 

 

Thanks

 

 

 

 

Bruce_L
Posted : Thursday, May 03, 2018 2:11:29 PM


Worden Trainer

Joined: 10/7/2004
Posts: 64,321

If you want the entire range of the candle painted, overlay the following Custom PCF Indicator in green using the Histogram Plot Style in the same pane and scale as price (which I have plotted using the OHLC Plot Style)

IIF(C > AVGC20, H, 1 / 0)

And the following Custom PCF Indicator in black using the Histogram Plot Style also into the same pane and scale as price.

L

Then plot price again (add the symbol again to the same pane and scale as price. You will need to edit it so Main Chart Symbol is selected so it changes when symbol changes. I use the OHLC Plot Style.

If you just want to paint the body, use the following Custom PCF Indicator for green.

IIF(C > AVGC20, GREATEST(O, C), 1 / 0)

And the following Custom PCF Indicator for black.

LEAST(O, C)

Everything else is the same.



-Bruce
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Al_Gorithm
Posted : Friday, May 04, 2018 8:04:09 AM

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Joined: 6/30/2017
Posts: 1,172

Is this guy a genius, or what? ;)

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