cont...
To the lurking FOWL, don't bother, this stuff is far too advanced for your current level. You will try to automate it and it will get you nowhere. Backtesting it, is not possible due to some very technical reason which you have not as of yet realized about markets. I studied your posts for a while and realized the pervasive symptom that you and many beginners have... It has to do with pulling the trigger. In order of your EQ, these type of individuals typically begin their paths by looking for others to trade for them, then they try to automate something, then try to coattail, and then somewhere give up, before reaching an actual beginning that is start from scratch and work from a safe riskless beginning point. It is a long path for most and the one that appears to be of least resistance... Resistance being pulling the trigger themselves which leaves the trader responsible for their decisions and actions. I have seen this countless times with many individuals I have crossed paths with. Trial and Error is a tough path indeed.
With regards to the previous attachment, as mentioned before it is built for IQFEED. It is 100% DDE driven. There is no code behind it whatsever. It is built upon the leading/lagging TRUTHS. I'm sure many of you are familiar with the synch that is or isn't there for some of you who don't see things. This is just a tool to get you calibrated. Already, there have been several PM's and Q's and alot of prepping I need to mention to lay some groundwork and what it is that one is looking at.
To begin with, it should be very simple to convert the above attachment to any datafeed. All datafeeds, that I know of have some way of access the data via excell (DDE means). To convert the following attachment to hook into to any DDE, simply change cells B5 and C5 to your DDE syntax.
B5 is currently formulated with "=IQLink|indu.x!last" and
C5 is currently formulated with "=IQLink|'@YMM6'!last".
Changing the above to the equivalent syntax given your datafeed of choice is the homework each one would have to do. These calibrates the rest of the sheet to monitor the offset between YM/INDU as most of us are familiar with. The above is a one time shot for you non-coding folks. In other words, once you have modified the sheet to work with your datafeed, save the sheet for daily use.
For each day, the sheet has to be calibrated to the days offset. This typically requires 2 minutes after the point at which the two symbols above synch. Fortunately, the following link provides the offset values everyday before the market opens...
www.indexarb.com
Pull the Dow Jones "Fair Value" down for the day. Today for example, it is listed as 63.78. Tommorrow it is projected to be 62.22, 60.65 the day after... etc... You plug in the current days value into cells C14. So this is premarket (ie. preflight) stuff. It takes me less than a minute to do. The market opens and you watch as the futures and index converge. Typically, for me, that means I watch as the highlighted cells of columns H and K converge towards each other. The offset differential is displayed in bold in cell K28.
Once I see the convergence complete (ie. +/- 2 range in cells K28), I then begin fine tuning. Ultimately, the market sets the true offset. The indexarb is often spot on, but the smart money folks are what we need to calibrate to. To do this, I pull up several things and this is rather advanced.
In the attachment below, the entire screen is coordinated around the DOM. My projections are done on a screen to the left. The attachment is the NOW screen. To fine tune, I watch a range bar chart for various reasons. I can use any chart NOW that I am visually understand and know how to fine tune, but I find it easiest to tune on a range bar chart. However, the range bar is VERY VERY specific. Because this is only for ES, I set my range bars equal to the spread as seen in the following attachment. Thus every single bar reduces to just the DOM action. Two pairs stick out like sore thumbs as you can see. Who coined anything from 11:05 to 11:15... Definitely nothing their to coin as seen on the chart. It is sideline for sure if you couldn't sit through it.
The neat part here is that you can see each one of the bars being influed by the YM. Typically, for offsets greater than 2, ES will follow long and follow short for -2. A bunch of you will get into the whole ONCE it did the opposite and then proclaim there's no leading. In SCT we talk about winning the game, not every point. I assure you I can get to very very lengthy details about a whole myriad of things that stem just from this sheet. I have been fortunate to have a non-stumbling mind as far as I can tell.
So my fine tune is complete once I see that a <-2 corresponds to bars forming short and a >+2 offset corresponding to bars forming long. As usual, if you just watch this all day long, you will be hyper. As a first step, just watch when you get to channel boundaries.
continued...
MAK
. For some it's panic, otherwise it is super confirming volume. My PRV volume (ie top left of my NOW screen) was pinging extraordinary and was sticking as opposed to the first 2 times. The first 2 times I got in early on volume nods which did not stick. The SQUeezing was 3 minutes early.