Price Action 2nd Entry Indicator for NinjaTrader 8 (Premium)

NinjaTrader 8 Indicator Published 25 August 2024
PREMIUM

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Description

The PriceAction 2nd Entry indicator is a Premium NinjaTrader 8 indicator that shows 2nd Entries signal as defined by Mack's PATS strategy from priceactiontradingsystem.com

To learn more about the PATS 2nd Entry strategy, please have a look at those resources:

The idea behind the 2nd entry indicator is that price moves in a 2 wave pattern composed of a First pullback that generates a failed attempt to break the 1st swing in the move. Then followed by a second high probability pullback that pushes the price to move a certain numbe of ticks that can traded for profit. This pattern happens very frequently during the trading session.

Examples
  • 2000 Ticks Timeframe of ES
  • On the below example, you can see the 2nd Entry indicator in action on ES-2000 Ticks timeframe:

    pa-second-entry-example1
    Click to enlarge

    The first thing to notice is that indicator draws counting numbers in two colors. Green for bullish and Red for bearish. These brush colors can offcourse be modified according to your taste. Each counting sequence start with a Higher-High for bullish sequences, and with a Lower-Low for bearish sequences. At that swing point price, the indicator will print the number 0

    If after drawing 0 on a level, the price breaks that swing points and make a new Higher-High or a new Lower-Low, the drawn 0 will be removed and a new 0 will be drawn marking the start of a new counting sequence.

    The algorithm then searches for the first failed attempt to occur. The 1st failed attempt is defined by the price pulling back at least one tick higher or lower than the previous price bar, then going back to going farther from the initial start of counting sequence (meaning going down for bullish sequence, or going up for a bearish sequence.) If the price, after pulling back continues and breaks the inital start of the counting sequence, then the pattern is marked as invalid and it will be removed from drawing.

    After detecting the 1st failed attempt, the algorithm seeks the 2nd attempt which will be the high prbability entry setup. The second attempt is the second pullback where the price breaks the previous candle higher (for bullish pattern) or lower (for bearish pattern) wick, and closes with a green (for bullish pattern) or red candle (for bearish pattern)

    When this happens, the indicator will draw an arrow marking a valid high probability entry signal, and if when enabled, the indicator will play a sound.

    Features

    The Price Action Second Entry indicator has a set of unique features

    • Replace your manual counting efforts with mechanical counting
    • Can play a sound on each detected entry signal along with a drawn arrow
    • Can be run with or without TickReplay on any Timeframe
    Parameters

    We always try to keep the parameters to minimum.

    License
    License This is the license key you get when you create an account on automated-trading.ch. After creating an account, copy your license key from the billing page. You need to set this parameter only once per month, once the license key is validated it will be remembered for the rest of the month.
    Market Structure
    Swing Period Swings are higher lows,higher highs, lower highs and lower lows. After each price bar close, a swing can be detected. But just after that, the next bar can cancel the swing at the previous bar by creating a new swing of the same type. Or this can happen on the second bar, or the third, etc... The swing period sets how many bars is enough to seperate two swings of the same type. The more you increase this parameter, the more you decrease the number of swings overall. The more you decrease this parameter, the more you increase the number of overall swings. I personally use the value of 3 or 4 for this parameter.
    Rendering
    Render Opacity The opacity to render sequence counting numbers on the chart
    Bearish Color Draw Color of bearish items to draw on the chart
    Bullish Color Draw Color of bullish items to draw on the chart
    Show Swings Control showing or not the swing points on the chart
    Counting Numbers Gap (points) Control the drawing gap in points between the candle wicks and the drawing of the counting numbers
    Show Signal Arrow Control showing or not the entry signals arrow
    General
    Play Sound This parameter will enable playing an alert sound when an entry signal is detected
    Play Sound File This parameter will set the file name to be played on sound alert. This can be set to any .wav file on your computer
    Download & Installation Instructions

    To download and install the indicator follow the instructions below

    • Click on the below download button to download the Indicator file
    • This file was downloaded 124 times. Last download was 1 day ago
    • Import the downloaded .zip file into NinjaTrader using the import NinjaScript menu item
    • how to import add on to NinjaTrader
    • Next, open a new chart window
    • image
    • After installing the indicator and opening a new Chart window you should add the indicator to the chart. Right-click on the chart and click on Indicators...
    • image
    • Copy/Paste your license key that you can find on the Billing page into the license parameter
    • The indicator requires the Premium Subscription. Check the Pricing page for details
    • After adding the indicator to the chart with a valid license, the indicator will be run on Historical data loaded on the chart.
    • After that, the indicator is added with success and will continue to run on live market data
    Frequantly Asked Questions
    General
    Can I ask you to modify/add a new feature to this Indicator?

    Yes, If you have an idea that you believe can improve this indicator, I will be more then happy to hear from you. Please use the contact page to send me a message

    Will I get the source code of the indicator when I download it?

    No, the source code of the indicator is protected for copyright reasons

    Can I use this indicator without the TickReplay mode enabled?

    Yes you can use this indicator with or without TickReplay seamlessly

    Subscriptions Q&A
    How does subscription it work?

    After you Register, you will get access to the Dashboard where you can grab your license and use it on all the free or premium products. We don't use the built-in NinjaTrader Vendor licensing system. We have developed our custom system where you need to submit the license number on each product you are using

    Can I cancel my subscription anytime?

    Yes, you can Cancel/Resume your subscription with a click of a button with no questions asked. You don't even need to request something or send a message. You can manage your subscription in a completely autonomous way.

    I see a message that says the license will expire in a month, what does it mean?

    Our products will verify the license validity at 1st day of each month. At that date, you need to provide the license number to the product (with a simple copy/paste) so that it will be valid to the rest of the month.

    Is it safe to use my credit card info on your website?

    We do not store payment credentials, they are encrypted and passed to Stripe or PayPal for a safe & secure way to purchase subscriptions on our site.

    Release Notes
    Release 1.0.0.0 - 25 Aug 2024

    • First Release of the indicator

    User Comments & Feedback