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Trading Platform:	Rating: -
Release Date: 07-28-2007	Last Update: n/a	Installs: 44

Thank you Luis, fascinating.

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.

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).

Attached Images

ScalperShowMeWherePainted.jpg (90.4 KB, 196 views)

@ 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.

Attached Images

scalper.jpg (125.6 KB, 228 views)

Attached Files

SC.ELD (6.4 KB, 102 views)

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

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

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

thanks for the help