Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Soultrader

[Understanding the TICK Part 2]

Recommended Posts

Just a remake of the original understanding the TICK video using the newer a Camtasia version.

 

Sample uses a 3 minute line on close and candlestick TICK chart. Taking TICK fades when both the line on close and candlestick line up is a higher probability setup than just using the line on close TICK chart.

 

CLICK HERE TO VIDEO

 

Charts created by Tradestation

Share this post


Link to post
Share on other sites

Excellent video Soultrader. Do you think you could get the same results by ignoring the line on close and just focussing on candlesticks? It seems to me that a tick hook is represented in a candlestick chart as a red candle followed by a green candle. You could use traditional candlestick analysis to get better signals e.g. a series of red candles followed by a bullish engulfing candle would be the same as a tick hook but easier to spot and maybe a more powerful indicator. A series of red candles followed by a hammer would have the same interpretation. I've always seen the TICK as just for scalpers but after seeing this video I may look at it again on higher time frames because it may be useful for timing entries on longer term positions. Thanks.

Share this post


Link to post
Share on other sites

Interesting point notouch. In terms of TICK fades, candlestick TICK charts may work better. The line on close chart I personally need because of the visual aspect of it. But if you are able to identify a hook on the candlestick chart this should work as well. I do enjoy the combination of a TICK hook and a TICK fade on the candlestick chart. Seems like a double confirmation technique to me.

 

Perhaps you can try a combination of bearish engulfing and a TICK hook on a line on close. Obviously the amount of signals you will get will decrease. I think the most important thing with TICK strategies is that it should be used in combination with price and not as a stand alone entry/exit method.

Share this post


Link to post
Share on other sites

this is one reason NOT to use Tradestation for the TICK charting (i use TS, quotetracker, and investor RT)

 

TS does not offer a line chart, only a line on close chart. thus, you cannot see the exact values for ticks.

 

much better (imo) to chart ticks with a line chart vs. a lineonclose chart, because you get the exact readings (like you would with a a OHLC chart) but can also see the exact movement up and down

Share this post


Link to post
Share on other sites
this is one reason NOT to use Tradestation for the TICK charting (i use TS, quotetracker, and investor RT)

 

TS does not offer a line chart, only a line on close chart. thus, you cannot see the exact values for ticks.

 

much better (imo) to chart ticks with a line chart vs. a lineonclose chart, because you get the exact readings (like you would with a a OHLC chart) but can also see the exact movement up and down

 

 

dalby

 

Just curious, so what is your line price based on? Could you post a chart?

 

Cheers

 

Blu-Ray

Share this post


Link to post
Share on other sites

my "line price"?

 

i'm not sure what u mean

 

TS does not offer (as far as i know) a LINE chart

 

it only offers line on Close.

 

a line chart lets you see the exact tick readings, but in line format.

Share this post


Link to post
Share on other sites
Guest cooter

Can you post an example so we can see what you are trying to describe, dalby?

 

I'm having issues visualizing the difference, since you can plot a 1 tick chart in TS to see the tick by tick price action. Try it.

Share this post


Link to post
Share on other sites
Guest cooter

Well, grok this, dalby: ;)

 

Every time the $TICK (or any symbol) updates, a tick is created in TS. This is stored as tick data.

 

Whether there is Volume ("trades" as you call it) for that tick is a different matter.

 

So, here's a pic of a 1 tick chart, and a 2 tick chart in TS. The 1 tick chart defaults to a line chart, as the screen capture clearly shows.

 

(The resolution may be squished, so you might have to enlarge it to confirm it for yourself if its not clear).

 

 

attachment.php?attachmentid=1355&stc=1&d=1177827575

 

Even though there is NO volume captured for each tick in certain symbols, such as $TICK, the chart clearly shows what you were referring to.

 

Same with a 2 tick chart or greater, except that you can also plot bars and candlesticks as well.

 

attachment.php?attachmentid=1356&d=1177827588

 

Hope this makes it clearer.

5aa70dd39fe68_TICK_1-tick-chart.thumb.PNG.992c53bf74487cc32f146593aa8dd515.PNG

5aa70dd3a7655_TICK_2-tick-chart.thumb.PNG.fd1ea767ed691550065a0242f00bc88e.PNG

Share this post


Link to post
Share on other sites

ok.

 

pretty ugly and hard to work with though, since the 1 tick chart will scroll across the screen pretty quickly and still not serve the purpose

 

im a late comer to ts. i use qtracker and investor R/T as well. i can't understand why TS does not have a basic line chart, but it doesn't

 

the line chart is the only way to SEE a true tick hook, and the exact tick levels over time, since the pattern is "hidden" within a candle, and the line on close does not give each discrete value

Share this post


Link to post
Share on other sites
Guest cooter
dalby

 

Just curious, so what is your line price based on? Could you post a chart?

 

Cheers

 

Blu-Ray

 

Blu-Ray,

Keep asking dalby. He'll just run his mouth on and on about the difference. Yet he can't even bother to post a single chart to show us what he really means.

Typical...

Share this post


Link to post
Share on other sites

IB charts have the option for a line chart which is similar to what dalby referred to. It's basically a line on close chart that's updated every one second. One minute line on close charts seem of questionable value to me because the TICK can vary so much within a single minute but the only value you get on the chart is at the close of each minute.

Share this post


Link to post
Share on other sites
Guest cooter
IB charts have the option for a line chart which is similar to what dalby referred to. It's basically a line on close chart that's updated every one second. One minute line on close charts seem of questionable value to me because the TICK can vary so much within a single minute but the only value you get on the chart is at the close of each minute.

 

notouch,

That makes more sense to me. Either you update on each tick, or on a prescribed interval, every second, 6 seconds, 15 seconds or 1 minute or greater.

 

Having a minute line chart that somehow has the granularity to show ALL the tick hooks occuring in that minute bar is what is escaping me. The lowest fixed timed granularity in TS is a minute; you'd probably need a lower fixed time scale to see it all.

Share this post


Link to post
Share on other sites

i've never posted a single chart

 

sorry

 

is it that difficult to understand the difference between a line chart, and a line on close.

 

sorry, if i'm running my mouth

 

if you want to ignore me, feel free

 

it's not that complex a topic. you should be able to understand it. engage brain. disengage rhetoric.

 

hth

Share this post


Link to post
Share on other sites

cooter, is spot on. btw, quotetracker (besides having a line chart) also allows you to draw candles based on a fraction of a minute. there is no discrete minute interval required.

 

i lurv TS, but the lack of a line chart is a drawback

Share this post


Link to post
Share on other sites

dalby

 

Apologies in advance if I've missed something, but let me get this straight...

 

You say your line chart is not a line on close chart, but after every set interval, eg 1 minute, it has to give an end value of that minute, so what is that price based on?

 

Is it based on a line on close chart but the actual minute at present fluctuates as price of the TICK fluctuates.. if so then that's the same as TS.

 

Hope this makes sense

 

Blu-Ray

Share this post


Link to post
Share on other sites

dalby,

 

Just answering the questions would help not only the people actively involved in the thread but also lurkers just reading. What is a line chart? If you have a 1min line chart up, how is that different to a 1min line on close? The only difference I can see is the most recent interval is updated more often. But at the end of the interval it needs to print a value. What is that value? The close? An average of OHLC? What?

Share this post


Link to post
Share on other sites

as videos by carter, hubert et al recognize, TS's line on close chart does NOT show every value. for example, if tick spikes up to 1200, the line on close often will not show anywhere near that extreme. the OHLC will (or candle etc.)

 

to confirm this - setup a line on close chart and a OHLC chart for the tick. compare and contrast

 

see? the extremes are caught by the OHLC but NOT the loc chart

 

the line chart (as opposed to lineonclose) does not give a closing value every minute (the line chart NOT the line on close chart). i don;'t know why u are assuming that. i never said it did, and i see no reason why you would assume that. it continually updates, as the tick does - just like the OHLC does (but of course it's a line chart not a OHLC so you can see the movement).

 

that's the difference.

 

if u set up a line chart next to a line on close, you can clearly see the difference. and like i said, the fact that the extremes on the OHLC chart are NOT represented on the lineonclose chart is proof enough.

 

i think a lot of TS users assume (wrongly) that TS line on close chart is the way line charts work. that is false. that is the way line on close charts work.

 

there is an astounding difference

Share this post


Link to post
Share on other sites

dalby is absolutely right about the line charts. I suppose the perfect one would update with every tick but the IB one updates every second. There is no "end of interval" if it's tick-by-tick but if it's every second then obviously it would print the value it has each second. If anyone's that interested I'll post a video tomorrow of a TICK line chart that updates every second. I'm sure you can all appreciate what it look like though - total chaos.

Share this post


Link to post
Share on other sites
Guest cooter

notouch,

Yes, since dalby either can't or won't illustrate what he is referring to with at least a pic, I'd appreciate it if you would aid him in his quest to explain to us what he really means.

thxs

Share this post


Link to post
Share on other sites
Guest cooter
Thanks dalby, so would I be right in saying that a line chart is not time based? Every time a new value comes in it is plotted. Simple as that?

 

If that's case, the pic above (1 tick chart) seems to fit my understanding of what he's getting at.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Be careful who you blame.   I can tell you one thing for sure.   Effective traders don’t blame others when things start to go wrong.   You can hang onto your tendency to play the victim, or the martyr… but if you want to achieve in trading, you have to be prepared to take responsibility.   People assign reasons to outcomes, whether based on internal or external factors.   When traders face losses, it's common for them to blame bad luck, poor advice, or other external factors, rather than reflecting on their own personal attributes like arrogance, fear, or greed.   This is a challenging lesson to grasp in your trading journey, but one that holds immense value.   This is called attribution theory. Taking responsibility for your actions is the key to improving your trading skills. Pause and ask yourself - What role did I play in my financial decisions?   After all, you were the one who listened to that source, and decided to act on that trade based on the rumour. Attributing results solely to external circumstances is what is known as having an ‘external locus of control’.   It's a concept coined by psychologist Julian Rotter in 1954. A trader with an external locus of control might say, "I made a profit because the markets are currently favourable."   Instead, strive to develop an "internal locus of control" and take ownership of your actions.   Assume that all trading results are within your realm of responsibility and actively seek ways to improve your own behaviour.   This is the fastest route to enhancing your trading abilities. A trader with an internal locus of control might proudly state, "My equity curve is rising because I am a disciplined trader who faithfully follows my trading plan." Author: Louise Bedford Source: https://www.tradinggame.com.au/
    • SELF IMPROVEMENT.   The whole self-help industry began when Dale Carnegie published How to Win Friends and Influence People in 1936. Then came other classics like Think And Grow Rich by Napoleon Hill, Awaken the Giant Within by Tony Robbins toward the end of the century.   Today, teaching people how to improve themselves is a business. A pure ruthless business where some people sell utter bullshit.   There are broke Instagrammers and YouTubers with literally no solid background teaching men how to be attractive to women, how to begin a start-up, how to become successful — most of these guys speaking nothing more than hollow motivational words and cliche stuff. They waste your time. Some of these people who present themselves as hugely successful also give talks and write books.   There are so many books on financial advice, self-improvement, love, etc and some people actually try to read them. They are a waste of time, mostly.   When you start reading a dozen books on finance you realize that they all say the same stuff.   You are not going to live forever in the learning phase. Don't procrastinate by reading bull-shit or the same good knowledge in 10 books. What we ought to do is choose wisely.   Yes. A good book can change your life, given you do what it asks you to do.   All the books I have named up to now are worthy of reading. Tim Ferriss, Simon Sinek, Robert Greene — these guys are worthy of reading. These guys teach what others don't. Their books are unique and actually, come from relevant and successful people.   When Richard Branson writes a book about entrepreneurship, go read it. Every line in that book is said by one of the greatest entrepreneurs of our time.   When a Chinese millionaire( he claims to be) Youtuber who releases a video titled “Why reading books keeps you broke” and a year later another one “My recommendation of books for grand success” you should be wise to tell him to jump from Victoria Falls.   These self-improvement gurus sell you delusions.   They say they have those little tricks that only they know that if you use, everything in your life will be perfect. Those little tricks. We are just “making of a to-do-list before sleeping” away from becoming the next Bill Gates.   There are no little tricks.   There is no success-mantra.   Self-improvement is a trap for 99% of the people. You can't do that unless you are very, very strong.   If you are looking for easy ways, you will only keep wasting your time forgetting that your time on this planet is limited, as alive humans that is.   Also, I feel that people who claim to read like a book a day or promote it are idiots. You retain nothing. When you do read a good book, you read slow, sometimes a whole paragraph, again and again, dwelling on it, trying to internalize its knowledge. You try to understand. You think. It takes time.   It's better to read a good book 10 times than 1000 stupid ones.   So be choosy. Read from the guys who actually know something, not some wannabe ‘influencers’.   Edit: Think And Grow Rich was written as a result of a project assigned to Napoleon Hill by Andrew Carnegie(the 2nd richest man in recent history). He was asked to study the most successful people on the planet and document which characteristics made them great. He did extensive work in studying hundreds of the most successful people of that time. The result was that little book.   Nowadays some people just study Instagram algorithms and think of themselves as a Dale Carnegie or Anthony Robbins. By Nupur Nishant, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.