MXKE | Intraday Bull Quiet v1

2020年1月13日

Introduction

This indicator is a v1.0 attempt at a coding in Pine Script the principles outlined in the video "Daytrading RTY In Bull Quiet Regime."

The indicator 1) plots Globex high/low, first 30 min, afternoon, close (based on CME Exchange’s CT timezone); 2) identifies Hammers (defined as bodies <= 1/3 of bar’s total range and closing in the top third of bar’s total range) & Lookbacks (defined as white candle after 2+ black), 3) integrates a Swing Indicator by another user.

The indicator is not meant to be a mechanical trading system. It is designed to assist the trader in objectively and systematically identifying signal bars (Hammers & Lookbacks) during the execution of the below intraday trading plan. It is up to the trader to determine if overall price action warrants acting upon the signal bars or not.

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Identify Bull Quiet Market Regime

Price action on daily timeframe should visually display low-volatility uptrend (primary indicator), evidence of daily short setups failing (confirming indicator), and/or SQN 100 score of 0.6 - 1.7 (confirming indicator)

Position Sizing

1R = .25% of total nominal capital increasing to .50% on adds

Order Types

Entry: Buy Stop 1 tick above High of Signal Bar
Stop: Bar Close <= 1 tick below Low of Signal Bar
Exit: End of day or per trading plan (below)

Trading Plan

❑ For the first 30 minutes, monitor but do not trade
+ Initial market open must fall otherwise do not continue

❑ Monitor ES, NQ, RTY and YM for double or complex bottom price action
+ Place Buy Stop on white candle with long lower shadow in bottom range

❑ Once long, look for move to top of Bollinger Bands
+ Move Stop Loss to breakeven

❑ On first lookback, look to add after 2-3 black candles or white candle with long lower shadow
+ Place Stop Loss one tick below lookback Swing Low (not fill bar)

❑ If lookback turns up, this signals a trending day
+ Look to add on doji or long lower shadow candles near midline

❑ If lookback drifts sideways, this signals a range-bound day
+ Adapt to Mean Reversion strategy

❑ On fill, raise Stop Loss to one tick below Low of lookback Swing Low (not fill bar)
+ Continue to raise Stop on each subsequent Swing Low

❑ Monitor Globex Overnight High as potential resistance
+ If price rejects off Overnight High, adapt to Mean Reversion strategy

❑ Monitor closes below midline, raise stop
+ If attempt higher fails, significantly tighten stop as the trend is ending

❑ Continue to add on doji or long lower shadow candles near midline
+ Continue to raise Stop on each subsequent Swing Low

❑ In the final two hours of trading day, cease adding while continuing to tighten Stop
+ Lock in profits at close of trading day

Usage Notes

TradingView’s current rendering engine makes the window zoom maximally out due to the drawing of the vertical lines. Current workaround is to add the indicator to chart, ‘Hide’ the indicator, double click the X axis (price) to zoom back in, click and drag the X axis (price) to set a manual zoom, then ‘Show’ the indicator.

2020年6月15日

發行說明

Since this script was first created, I've done all further development on the trading signals in my other script, Swing Trader Assist. Thus, I've removed the signals from this script, but maintained the intraday markers, so that the two scripts can be used together.

Do note that the vertical markers for market open, first 30 minutes, afternoon and market close are set in Central Time as the designed use case if for futures contracts from CME based in Chicago. Do make sure your time zone settings and assets analyzed take this factor into account!

Case study 06-15-2020: