• This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

    I created Quotetracker paintbars for the HMA/PPO/SMI set up I blogged about yesterday. The setup waits for alignment of the HMA, PPO and SMI in the same direction. The paintbars are added to allow better visual identification. You have to wait for this setup to develop, so you will not get whipped sawed on HMA changes.

    The paintbar code is provided below.

    The example attached catches a $2.00 move on TSO this morning. The way I normally trade this is on a change, in the direction of the market bias. If the market would not have been weak, the first daily change short would have been ignored, waiting the the next change up. You can see this also caught a move in the same stock yesterday afternoon. TSO is one of the stocks from the scan I posted yesterday, run this morning.

    The stocks this morning where AL, AMZN, BNI, FSLR, FWLT, MRO, NYX, PBR, SPWR, TSO, UBB, UTHR, VLO. I assume people can run the scan, or modify as they wish, so I will not be posting it anymore.

    HMA, PPO, SMI Paintbars

    HMA Direction Indicator

    (shape: Bar Bottom, Square, 5)

    • if HMA(20) < HMA(20)[1] set color to Maroon
    • if HMA(20) > HMA(20)[1] set color to Green

    PPO Cross

    (shape: Bar Top, Square, 5)

    • if (PPO Histogram(12,26,9) < 0) and
         (PPO Histogram(12,26,9)[1] < 0) set color to Maroon
      else if (PPO Histogram(12,26,9) > 0) and
         (PPO Histogram(12,26,9)[1] > 0) set color to Green
    • if (PPO Histogram(12,26,9) < 0) and
         (PPO Histogram(12,26,9)[1] > 0) set color to Red
    • if (PPO Histogram(12,26,9) > 0) and
         (PPO Histogram(12,26,9)[1] < 0) set color to Lime

    SMI Cross

    (shape: Bar Top, Square, 5)

    • if (Stochastic Momentum Index(2,25,12,5).Main >
          Stochastic Momentum Index(2,25,12,5).Signal) and
         (Stochastic Momentum Index(2,25,12,5).Main[1] >
          Stochastic Momentum Index(2,25,12,5).Signal[1]) set color to Lime
    • if (Stochastic Momentum Index(2,25,12,5).Main <
          Stochastic Momentum Index(2,25,12,5).Signal) and
         (Stochastic Momentum Index(2,25,12,5).Main[1] >
          Stochastic Momentum Index(2,25,12,5).Signal[1]) set color to Red
    • if (Stochastic Momentum Index(2,25,12,5).Main <
          Stochastic Momentum Index(2,25,12,5).Signal) and
         (Stochastic Momentum Index(2,25,12,5).Main[1] <
          Stochastic Momentum Index(2,25,12,5).Signal[1]) set color to Maroon
      else if (Stochastic Momentum Index(2,25,12,5).Main >
               Stochastic Momentum Index(2,25,12,5).Signal) and
              (Stochastic Momentum Index(2,25,12,5).Main[1] >
               Stochastic Momentum Index(2,25,12,5).Signal[1])
            set color to Green
    This entry was posted on Thursday, May 10th, 2007 at 9:22 am and is filed under Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
  • 14 Comments

    Take a look at some of the responses we've had to this article.

    1. May 10th
      Reply

      if you email me the code I can get it into your post. I’ll probably change the category to article and add some tags as well.

    2. Great! Thanks for posting this. I never knew what HMA was in QT before this. :)

    3. May 10th
      Reply

      TraderD, do you know of a way for my trade idea alerts to go directly into my quotetracker watchlist with spaces in between each stock? I can do it using send to window but it ends up like this;

      RIMMAAPLFLSR

    4. TraderD
      May 10th
      Reply

      I have trade ideas send the alerts to a specific portfolio called Trade Ideas Alerts. I have different portfolio lists that are set to different Trade ideas windows, so I don’t use the watchlist feature, as I always work from a portfolio.

      The long answer is I’m not sure. I just tried it and its not obvious to me either.

      - TraderD

    5. Dimak
      May 16th
      Reply

      Stochastic Momentum Index(2,25,12,5)….is there a error here?…it should read as (2,25,12)?

    6. May 16th
      Reply

      @Dimak: TraderD can say for sure, but I think there are actually 4 parameters to the SMI. why are you thinking it’s an error?

    7. Dimak
      May 17th
      Reply

      Get an error – “Invalid:indicator parameter mismatch” in the parameters for indicator box. Thnx

    8. TraderD
      May 17th
      Reply

      Dimak, I assume you are using QuoteTracker? There are 4 parameters, Period, EMA1, EMA2, and Signal.

      Thanks,

      TraderD

    9. Dimak
      May 18th
      Reply

      Yes, do use QT. There seems to be a error(with QT) with the auto indicator set up, when the paintbar is created without the indicator being set up earlier. The signal parameter is shown as 0. Thnx

      Here is a sample of a paintbar, inspired by your tutorial on paintbar ;). It combines 3 indicators -ADX+Momentum oscillator+Aroon….to show a long or short trend

      if Bar open >Bar open[1] and ADX.+DMI>=ADX.-DMI and ADX.-DMI0 and Aroon Up/Down.Up>Aroon Up/Down.Down set color to $0080FF

      if Bar open =ADX.+DMI[1] and Momentum Oscillator

    10. Dimak
      May 18th
      Reply

      if Bar open >Bar open[1] and ADX.+DMI>=ADX.-DMI and ADX.-DMI0 and Aroon Up/Down.Up>Aroon Up/Down.Down set color to $0080FF

      if Bar open =ADX.+DMI[1] and Momentum Oscillator

    11. Dimak
      May 18th
      Reply

      if Bar open =ADX.+DMI[1] and Momentum Oscillator

    12. Dimak
      May 18th
      Reply

      oops the code is truncated , sorry for spamming

    13. May 18th
      Reply

      @Dimak: you have to type &lt; for less-than and &gt; for greater-than… otherwise it can look like HTML to wordpress, and it gets confused.

    14. Is there any way to get Ichimoku Cloud charts on QT?

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