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AB-NC-30/30 Power Reversal

Implementation of Ninjacators 30/30 Power Reversal

The indicator is easy to use and works like most other NinjaTrader indicators. Once installed, simply select it from the 'Indicators' dialog box in the ABTrading folder, set the options as desired (defaults are pretty sane) and start using it. I tried to give all the options names that make sense and, if you hover over them with your mouse, I've included more detailed descriptions as appropriate. Overall, I don't think there is too much that's a mystery. However, this page will provide an overview just in case something doesn't make sense to you.

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Download Instructions

You can download the latest version of AB-NC-30/30 Power Reversal here . Make sure you save the file somewhere you can find it easily -- your Downloads folder or your Desktop are usually the easiest places. If you wish to verify your download, the SHA-256 checksum is displayed below the download button for each release on the Downloads page.

Installation, Upgrades & Removal

installation

  1. Open NinjaTrader and go to the main control window (the one with the main program menu) and select Tools | Import | NinjaScript Add-On... [Installation screenshot 1]

  2. Navigate and find the ZIP file you downloaded. Select it and click "Open". NinjaTrader will install the file for you.

  3. Assuming there are no errors, you should see a dialog box saying "NinjaTrader successfully imported all scripts contained in the NinjaScriptArchive File." [Installation screenshot 2]

  4. That's it, you're done!

upgrading

Upgrading involves removing the previous version and then installing the new version just as you did in the initial installation.

You MUST remove the previous version or NinjaTrader will fail to perform the upgrade. If you don't remove the previous version, you will see a dialog box saying "Import failed..." [Screenshot showing upgrade error]

  1. Follow the steps in the "Uninstallation" section below to remove the current (old) version.

  2. Now, follow the steps in the "Installation" section above to install the newest version. Just make sure you choose the newest ZIP (it will have the highest version number) and that will do the "upgrade" for you. Upgrading really is just installing the latest version. Your existing templates will be unaffected and will be automatically reapplied after the upgrade.

removal

It is recommended you remove any custom indicators from within NinjaTrader instead of deleting the file manually (though I've never experienced any problems manually deleting files). We will go through the recommended procedure here.

  1. On the main NinjaTrader Control Center window (the one with the main program menu), select Tools | Remove NinjaScript Assembly [DLL uninstallation screenshot 1]

  2. A new window will appear asking you to select which assembly you want to remove. Select AB_NC_3030PowerReversal and click "Remove". [DLL uninstallation screenshot 2]

  3. NinjaTrader will display a confirmation dialog box asking if you're sure. You are. Say Yes.

  4. Assuming no errors, you will get a success message. Click OK to close the dialog box. [DLL uninstallation screenshot 3]

  5. Click CLOSE on the "Remove NinjaScript Assembly" dialog box to close it. [DLL uninstallation screenshot 4]

  6. AB-NC-30/30 Power Reversal is now uninstalled. If you removed the indicator as part of the upgrade process, please follow the "Installation" section above to complete the upgrade.

Using In NinjaTrader

You add the indicator to your chart like any other. In the chart window, right-click and select Indicators (or click the indicators button in the toolbar) to open your indicators panel. Now look for a folder called "ABTrading" on the left side of the window. Double-click to open the folder and then double-click on AB-NC-30/30 Power Reversal(version) to activate the indicator. You can then customize any options you want on the right side of the window and click "OK" to add the indicator. You may change any options or remove the indicator at any time by opening your indicators panel again.

Remember, 'splitting' your screen to display the longer timeframe as an additional data series is NOT necessary. The indicator will load the higher-timeframe data automatically in the background and monitor it for you. If you are playing around with customizing settings, however, you may want to open a split screen to understand what your settings are really 'looking at' in the higher timeframe. To do this:

  1. Right-click on your chart and select "Data Series...".
  2. Select the same instrument as your current one in the "Instrument" drop-down at the top-left of the dialog box.
  3. On the right-half of the window, alter the new data-series as desired (usually just changing the timeframe).
  4. Make sure your new data-series is listed UNDER your active (shorter timeframe/main) chart!
  5. Click OK.

If/when you want to undo the split screen, just open "Data Series..." again, "remove" the secondary data-series and click OK.

alerts

You can use the standard NinjaTrader alert system in addition to or instead of the indicator generated alerts. In fact, I recommend this method over the indicator-generated alerts because it is more flexible. When configuring your alerts using NinjaTrader, your criteria will be:

  • Indicator value equals 1: LONG signal
  • Indicator value equals -1: SHORT signal

There is a huge variety on how you can configure alerts, so it is beyond the scope of this documentation. More information about the alerts system can be found in the NinjaTrader official documentation . The alerts dialog is pretty complicated so you might find this YouTube video about NinjaTrader alerts or this YouTube video with some alert examples helpful.

Interpretation

Ultimately, this strategy is not a full-fledged trading approach on its own. It should be more of a tool in your arsenal since signals may not necessarily trigger often enough and, when they do, they still require some discretion as to whether the trade should be taken and where your stop should be placed. It is often the case that signals are too early and, sometimes, too late. Remember that you are trading on a very short timeframe with signals from a comparatively very long timeframe. Therefore, your targets should be pretty small and your stops should be tight enough so you can afford to be wrong pretty often but not so tight that the market has no 'wiggle-room'. I strongly suggest playing with this system in "playback" mode and/or in a simulated account until you find a way to use the signals that works for your trading personality and unique situation.

All that being said, in the right circumstances, this strategy can provide great scalping-type signals. In my experience, it works best in the direction of the overall trend (NOT in sideways markets!) and when combined with some form of entry filter. The examples below are, obviously, taken from successful trades as a means to help you understand how the indicator works. Future versions may incorporate some filters but, in the meantime, that's up to you as a trader!

Long setup

Let's go ahead and take a look at a LONG trade setup first. Remember, it's up to you to find a way to interpret these signals and filter them!

  1. A signal is generated at the yellow circles and indicated by the green up triangles.
  2. Based on the Ninjacators recommended approach, you should buy on the open of the next bar. Your stop would be placed a little beyond the opposite extreme of the signal bar.
  3. Let the trade work until you either hit your target (suggest about 1:1 risk:reward) or you are stopped out.

Short setup

Now, let's take a look at a SHORT trade setup . Remember, it's up to you to find a way to interpret these signals and filter them!

  1. A signal is generated at the yellow circle and indicated by the pink down triangle.
  2. Based on the Ninjacators recommended approach, you should sell on the open of the next bar. Your stop would be placed a little beyond the opposite extreme of the signal bar.
  3. Let the trade work until you either hit your target (suggest about 1:1 risk:reward) or you are stopped out. Obviously, this trade went well beyond the suggested target!

Tips & Ticks

  • Remember, this strategy is not a full system! It is a tool in your arsenal that provides short-term signals here and there for some quick additional scalp-style trades.

  • Signals are most effective going in the direction of the prevailing trend and do not work well in sideways markets.

  • I strongly suggest you play with this system in simulator-mode or market-playback to get familiar with the signals and how they manifest. You should take some time to get a feel for where stops should be placed and how to filter your entries if you are not going to simply buy/sell the open of the next bar.

  • It might well be worth your time to play with the candle-formation criteria in the indicator parameters to find settings that provide more or less frequent signals based on your own trading approach, risk tolerance and personality.

  • If you have suggestions for filters (I have a few in mind I might implement in future versions) or enhancements then please email me so I can incorporate them and everyone can benefit!

  • PLEASE feel free to make suggestions for new features, changes to existing ones, report any bugs/issues or provide any feedback you'd like. You can email me using the links on this site or, if you are familiar with git, you can file an issue in the git repo.

Parameters

Click on any of the options below to expand it and read a more detailed explanation of what the particular parameter does. This section will be updated with each new release version.

Timeframe

Longer timeframe

Timeframe in minutes for the indicator to monitor in the background and generate signals. By default, this is set to 30 minutes.

Thresholds

Open threshold

The percentage of the candle range within which the open should be found. For a long signal (bearish bar), the open should be within this percentage of the top of the bar. Remember, in this case we want a body in the upper portion of the range so the open must be fairly close to the high. For a short signal (bullish bar), the open should be within this percentage of the bottom of the bar. Remember, in this case we want a body in the lower portion of the range so the open must be fairly close to the low. Default: 33%

Close threshold

The percentage of the candle range within which the close should be found. For a long signal (bearish bar), the close should be within this percentage of the top of the bar. Remember, in this case we want a body in the upper portion of the range so the close must be farther away from the high than the open but still not too far away from the high. For a short signal (bullish bar), the close should be within this percentage of the bottom of the bar. Remember, in this case we want a body in the lower portion of the range so the close must be farther away from the low than the open but still not too far away from the low. Default: 66%

Candle body minimum

This is the minimum percentage of the candle range that is composed of the body. Basically, this helps filter out 'doji-like' bars and those with small bodies which often lead to poor signals. We want a large rejection shadow but not accompanied by too small a body. Default: 25%

Rejection

This is the minimum percentage of the candle range that is composed of the rejection shadow. For a bullish bar (sell signal candidate), this would be the upper shadow. For a bearish bar (buy signal candidate) this would be the lower shadow. Default: 33%

Rejection multiple

Setting this to anything above 0 means you want the rejection shadow to be this many times larger than the body of the candle. A setting of 2, for example, means you want the rejection shadow to be twice the size of the candle body. A setting of 0 disables this criterion. Default: 0

Markers

Draw trade markers

If this is checked (enabled), markers will be drawn on your chart. If unchecked (disabled), markers will not be drawn. This only affects the markers, alerts and the hidden plot will not be affected by this setting. Default: Enabled

Marker size

Size in pixels to draw marker triangles. Default: 7

Buy marker colour

Colour to use when drawing BUY markers. Default: LawnGreen

Sell marker colour

Colour to use when drawing SELL markers. Default: Coral

Alerts

Enable alerts

This enables or disables the indicator generated alerts. When enabled, an alert will be generated using the sound and message you have configured. An entry in the alerts log will be created and an optional modal pop-up will be displayed. If disabled, no other settings in this section will be processed. This does NOT affect alerts you configure with the standard NinjaTrader alerts system using the hidden plot. Default: Disabled

Alert sound

Sound to be played when an alert is issued. You may choose any sound located in the NinjaTrader 'sounds' folder. Default: Alert1.wav

Buy condition message

Message text to be displayed in the alert log and optional modal pop-up box when a BUY signal is generated. Default: "30/30 Power Reversal BUY conditions met."

Sell condition message

Message text to be displayed in the alert log and optional modal pop-up box when a SELL signal is generated. Default "30/30 Power Reversal SELL conditions met."

Display pop-up

If enabled, a modal pop-up box will be displayed when an alert is generated. You must manually close this box or it will remain open! Default: Disabled

contact me

Want to stay updated on new releases? Have questions or found a bug? Want to submit a feature request? Feel free to email me by clicking the button below. I'll be happy to answer any questions you have, help you get the indicator set-up, or let you know about incorporating your suggestion(s) into future versions. If you know how to program for NinjaTrader or in C#/.NET in general and want to contribute, email me using the button below or file an issue or pull request in the git repo (preferred).

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