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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:

• Youtube explaining video : How to count Entries
• Tradedevils equivalent indicator

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:

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

Frequantly Asked Questions

Subscriptions Q&A