Links

Location Point

BRIEF DESCRIPTION LOCATION POINT PACKAGE

WARNING!
Dear customer, before you start working with Location Point signals, tools and indicators, we request that you read through these instructions in detail before modifying any settings.
The Location Point® AddOn is a very advanced tool that contains many settings and parameters. Incorrect settings that are made out of “curiosity” can lead to undesired behavior.
IMPORTANT!
You can carry out any changes you want in the indicator settings; however, we strongly recommend that you only touch the parameters with which you are familiar.
Technically correct Location Point® trading is an extremely effective trading style, but it must first be understood and internalized from the ground up if you wish to be able to achieve the expected results in the markets.
Successful trading with the Location Point® signals requires substantiated training; for more detailed information please visit www.locationpointtrading.com. Wishing you much success in trading with the Location Point® package,

INSTRUCTIONS FOR PACKAGE INSTALLATION

  1. 1.
    After making your purchase, you will receive the LocationPointPackage.txpack file sent to you by
    email. This file is the actual package including all components contained within.
    ATTENTION!
    If you are using Internet Explorer or Microsoft Edge, the .txpack file may automatically be renamed
    as a zip file by your browser. After downloading, therefore, you need to rename the
    LocationPointPackage.zip to LocationPointPackage.txpack
  2. 2.
    Save the LocationPointPackage.txpack file on your hard drive.
  3. 3.
    Now you still need to enter your license for the package in TradersYard X. To do so, click on “License”
    in the main toolbar and select “Enter activation key”, then navigate to “LocationPointPackage” and
    enter your activation key, which you received via email (you will find the key directly in your invoice).
    Click on “Activate”. Once you see the message that your license has been successfully activated,
    close this window.
  4. 4.
    Open Tools->Packages->Import package, read the subsequent backup information and, if you have
    already carried out a backup, click on OK. In the next window, navigate to the storage location of the
    LocationPointPackage.txpack file, click on it and then select “Open”. Confirm the request to restart
    TradersYard X by clicking on “OK”.
  5. 5.
    After restarting, the first step is to establish a connection to the data feed.
  6. 6.
    Once you have established a connection to your data feed, select Main -> Workspace ->
    LocationPointTrading to load one of the Location Point workspaces. As soon as all charts are fully
    loaded, the Location Point package is completely ready for use.

CONTENTS OF LOCATION POINT PACKAGE

  • 6 Location Point signals (+ LP indicators) • EightTrain • TwentyTrain • Stairway • Yoyo130 • yojo200 • WipeOut
  • Location Point PAD • Effective display of the Location Point in various timeframes • Automated FreeRide checks in various timeframes • Recognition and placement of the Location Point targets
  • Location Point workspaces • End-of-Day trading workspace • Intraday trading workspace • Market preparation workspace (End-of-Day and intraday) • Market preparation CFDs Workspace (End-of-Day and intraday)
  • Dynamic scanner • The optimized control center for your semi-automated trading

1. THE LOCATION POINT WORKSPACE

1.1. Scanner templates

• LocationPoints Trading AllSignals • LocationPoints Trading TrendSignals • LocationPoints Trading ReversalSignals • LocationPoints Trading FastMover Signals

1.2. Chart templates incl. ActionBar templates

• LocationPointsMarketPreparation • LocationPointsSignalTF • LocationPointsTF+1 • LocationPointsTF+2

1.3. ListChartGroup templates

• LocationPoints Trading (End of Day und Intraday) • LocationPoints AllSignals (1D-1W-1M / 1H-4H-1D / 5M-15M-1H) • LocationPoints TrendSignals (1D-1W-1M / 1H-4H-1D / 5M-15M-1H) • LocationPoints ReversalSignals (1D-1W-1M / 1H-4H-1D / 5M-15M-1H) • LocationPoints FastMover Signals (1D-1W-1M / 1H-4H-1D / 5M-15M-1H)

1.4. LocationPoint-Pad

When you import the package, the Location Point pad is assigned the hotkey “L”; as soon as you click in a chart and then press this key, the Location Point pad opens up. The settings that you make in the Location Point pad are saved by means of a chart template. Therefore, if you change the settings and then save a template in the corresponding chart when you then load this template in the future, the settings are also loaded in the LP pad.
All settings that you change in the Location Point pad can also be saved using a chart template. So, if you want to set the color of the SMA 200 to white in the LP pad and then save a chart template of the chart in which the LP pad is open, precisely those LP pad settings are opened when you load the corresponding chart template in another chart.
  • Show LocationPoints The basic idea of this section of the LP pad is to be able to display the Location Points from the superior timeframes in the chart as easily and conveniently as possible. This is why in the LP pad, the timeframe that is superior by 1 level is always activated automatically. When you open the LP pad in the daily chart, for example, the 1-week tab is automatically activated. A click on “All” suffices to load the superior Location Points from the weekly chart into the daily chart. 1)Timeframe tabs: The tabs are each labeled with a Location Point timeframe; a click on the corresponding tab opens the option “Show Location Points” in the respective timeframe 2)LP indicator selection: For each LP timeframe, the 5 Location Point indicators are predefined. With a click on “All”, you activate all Location Points for the corresponding timeframe. You can also just activate or deactivate individual indicators using the checkbox. Next to each indicator, you will find a color selection that is affected immediately once you change it. In addition, you also have the option to change the line strength of each indicator very simply using the “Width” box. 3) OnClosedBar When this option is activated, the Location Point indicators are calculated at the respective closing prices; when you deactivate this option, the indicators are calculated tick-by-tick and are also drawn in up to the most recent candle. This has an impact in particular when you would like to display the Location Points from timeframes well above the current chart – for this, deactivate “OnClosedBar” so that the superior Location Points are drawn up until the most recent candle. 4) AutoScale When you activate this option, the y-axis (price axis) of the chart is scaled in such a way that the selected indicators are visible. 5)Location Point heatmap Using “Show heatmap”, you can activate the Location Point heatmap for the corresponding timeframe in the chart. With the lookback period, you can set how many bars the heatmap should analyze You can find more detailed information on how the heatmap works under “2.2 Location Point heatmap”. 6) Risk This function is currently still in progress and will be enabled with a future update of the Location Point package.
  • CheckFreeRide 7) FreeRideLong / FreeRideShort The FreeRide indicator serves to check the current plus the superior timeframes to see whether there is a Location Point within double the range (=default setting) of the current bar in the chart in which the LP pad is loaded. If this is the case, there is no FreeRide, since these closely located Location Points could provide strong resistance and trade, in this direction, therefore, has only a very limited risk-reward ratio. With a click on FreeRideLong or FreeRideShort, the current plus x superior timeframes are automatically checked (the value x is defined via the selected setting “TF” next to the FreeRide buttons. A value of TF=2 means that with a click on FreeRideLong/FreeRideShort, the current + 2 superior timeframes are checked. If the current timeframe is the daily chart, therefore, the 1D, 1W, and 1M chart would be checked for FreeRide). FreeRideLong checks the FreeRide upwards in the chart (-> for long positions); FreeRideShort checks the FreeRide downwards in the chart (-> for short positions). A green light next to the button means that a FreeRide is present. For this, all timeframes that have been checked need to return a green light for the FreeRide. As soon as one of the checked timeframes no longer returns a positive FreeRide, the entire FreeRideLong/FreeRideShort check is negative and trade in the respective direction should not be carried out. Every timeframe that has been checked receives a black checkmark to the right of the respective timeframe. You can find more detailed information on what the FreeRide checks and exactly how the FreeRide indicator works under “2.1 FreeRide” 8) Individual timeframes You can also have individual timeframes checked for any existing FreeRides. To do so, simply click on the respective timeframe that you would like to have checked in the long or shortlist. When you do so, then only this one timeframe is checked, and depending on the result, a green (=positive) or red (=negative) light is outputted. The algorithm recognizes whether the timeframe that you want to check is the timeframe of the current chart. If this is the case, only the SMA 200 and the EMA 130 are used for the FreeRide evaluation. All other timeframes go through the complete FreeRide test. Again, you can find more detailed information on how the FreeRide works and the differentiation of the calculation between the current chart timeframe and all other timeframes under “2.1 FreeRide”. 9) Number of timeframes As you can read under “5. FreeRideLong/FreeRideShort, this setting controls how many timeframes above the current timeframe the FreeRide should be scanned. A setting of 0 means that only the current timeframe is scanned. A value of 1 means that the current + one superior timeframe is checked. The higher you set this value, the more timeframes are checked. The more timeframes are to be checked, the more time the algorithm needs to output a result since the price data has to be loaded and processed from multiple timeframes. By default, the timeframe setting is on “TF = 2”. 10) Clear calculation You can delete the current results using the “X” in the upper right corner of the “CheckFreeRide” area.
  • Targets 11) Set LP targets To activate this function, a TX++ setup must already be present in the chart as a suggested order. In addition, the setup must have targets so that these can then actually be shifted. With a click on “Set LP targets”, TradersYard X searches for Location Points that will shortly be approaching your trend in the current as well as the superior timeframes. Precisely at these Location Points is where the targets are now automatically placed. This means that with just one click, your targets are now at the Location Points – completely in accordance with the LP rules – that could become resistances in the future. You now simply have to activate the entry order in the market in order to start the Location Point trade. 12) Recalc LP targets If you already have a trade running, you can use this button to request a recalculation of the LP targets. The Location Points are dynamic and naturally change over the course of the trade. When you click “Recalc LP targets”, dashed green lines appear showing the markers at which the LP targets should optimally be placed after the recalculation. In addition, a button now appears in the LP pad to “Confirm” or “Decline”. If you agree with the recalculation of the LP targets, you can request the targets to be shifted to the levels that were just shown by clicking on “Confirm”. If you do not wish to shift the targets, you can simply cancel the process by clicking “Decline”. 13) Number of timeframes With this setting, you can set how many superior timeframes should be used for the target search. The default setting here is 2, which means that the current timeframe (in which the trade is running) plus 2 superior timeframes will be analyzed.

1.5. Dynamic scanner

This feature is an add-in for TradersYard X that is included in your Location Point license. The dynamic scanner optimizes the workflow for semi-automatic trading for your maximum comfort. The dynamic scanner gathers all the signals that occur in all open tabs in your TradersYard X. This makes this tool the central control point where all your signals are displayed, and where you then just have to manually check the signals and activate the desired trades.
An extremely helpful hotkey for working with the dynamic scanner is “All Charts Increase/Decrease TimeFrame”, which can be found in the hotkey category “Chart Groups”. With this hotkey, you can increase or decrease the timeframes of all charts in the current chart container using just one button. When you do so, the timeframe slide is placed one position higher or lower in the ActionBar. Since the signals you receive in the dynamic scanner come from the most varying of timeframes, this hotkey gives you a very effective way of switching to the chart view that you need to evaluate the current signal. If, for example, you would like to observe a signal in the daily chart, but your current chart container in the dynamic scanner is showing 5min/15min/1h charts, you can click on “All Charts Increase TimeFrame” several times to switch to the chart container view 1D/1W/1M in order to be able to analyze the Location Point signal including the superior timeframes.
You can find more detailed information on the dynamic scanner in our wiki: LINK

2. LOCATION POINT INDICATORS

2.1. LocationPointFreeRide

This indicator can be found under “Premium indicators”, and checks the current plus the superior timeframes to find out whether there are Location Points in a specific range in the signal direction that is opposing the signal and could present a strong resistance.
If a Location Point is present in this specified range, no FreeRide is outputted. The trend-following LP signals are only outputted when there is a FreeRide in the signal direction. In the timeframe in which the LP signal occurs, TradersYard X only scans for EMA 130 and SMA 200 (= “CheckAllLPs” = False); in the superior timeframes, it then scans for “CheckAllLPs = True”.
  • CheckAllLPs - True: in the FreeRide calculation, SMA 8, SMA 20, EMA 130, and SMA 200 are taken into consideration - False: in the FreeRide calculation, EMA 130 and SMA 200 are taken into consideration
  • CheckBBWidth - True: in the superior timeframe, TradersYard X checks whether the Bollinger Bands are far enough apart to detect a possible sideways phase and accordingly to no longer output any trend-following signals
  • Direction - Long: the FreeRide condition for a long signal is checked - Short: the FreeRide condition for a short signal is checked
  • RangeMultiplier - Here you can enter a decimal number. A range corresponds to the size of the current candle from the high to the low. The RangeMultiplier controls the factor of this range above/below the signal for which no Location Point may occur that could function as resistance. If a Location Point occurs within this range, there is no FreeRide in the respective direction.
  • TFReference - This parameter is only required for signal generation in the code for the signals; you do not need this parameter for the chart display.
  • TimeFrameNumber - Has the same function as “NumberOfTFs” in the LP signals. This controls how many superior timeframes the FreeRide should check for opposing Location Points. For a value of 0, only the current timeframe is checked; a value of 2 (= default setting) means that the current plus two superior timeframes are to be checked.
  • BackgroundColorLong - Background color in the chart if there is a FreeRideLong
  • BackgroundColorShort - Background color in the chart if there is a FreeRideShort
  • BBWidthBackground - If “CheckBBWidth” = True is set, the area of the chart in which the CheckBBWidth condition is responsible for there being no FreeRide is marked with the respective color.
  • Colorize - True: the chart background is marked with the colors set above if there is a FreeRide. - False: no coloration of the background takes place.

2.2. LocationPointHeatmap

This indicator can be found under “Premium indicators” and aids in visually locating sideways phases.
The deeper the shade of red of the heatmap gets, the longer and the more intensive is the sideways phase zone that has been discovered in the chart. Green values mean that no sideways phases have occurred in this area.
Trend-following Location Point signals should not be traded in sideways phases, which can be controlled very nicely using the heatmap. For each chart, you can load a maximum of 2 charts next to each other; after this, the addition of a further heatmap is blocked and an according message is issued in the log.
The heatmap can be activated using the LP pad, the ActionBar, or via the normal way using the indicator dialog. The only available parameter, “LookBack”, controls how many bars the heatmap should look back into the past to detect sideways phases.
By default, a value of 500 bars is set in the LP pad. A value of 0 means that the entire available history is analyzed.

2.3. ClimacticMove

This indicator can be found under “Scripted Indicators” and calculates how strong a current movement in the chart is measured to the last local high/low point. If very high values are measured here, a strong movement has taken place since the last high/low point, which among other things can be a basis for the occurrence of an LP yoyo signal, which signalizes and end to this movement including the subsequent reversal.
  • ZigZagATRValue - Regulates how sensitive the search for the last high/low points in the chart is, which has a direct influence on the strength of the measured movements.
  • LimitLineValue - Is the value for which signal lines in the indicator are displayed if ShowLines is activated. If the ClimacticMove is above the LimitLineValue, we are dealing with a strong movement since the last high/low point.
  • ShowLines - True: the signal lines in the indicator panel are shown.

3. . LOCATION POINT BASIC CONDITIONS

3.1. SingleBarRetracement

  • Parameters - Arrow Long/Short: the color of the signal arrows in the chart - Show Arrows: activates/deactivates the signal arrows in the chart

3.2. DoubleBarRetracement

  • Parameters see SingleBarRetracement

3.3. TripleBarRetracement

  • Parameters see SingleBarRetracement

4. LOCATION POINT SIGNAL CONDITIONS

4.1 LPEightTrain

  • CheckBBWidth - True: in the superior timeframes, TradersYard X checks whether the Bollinger Bands are far enough apart to detect a possible sideways phase and accordingly to no longer output any trend-following signals
  • ShowOnlyFilledSignals - True: in the chart, now only the historical signals are shown that would have been filled with the next candle, for which the next candle has therefore formed a high for a long signal above the signal candle. The high above the signal candle means that an entry order at the high of the last candle would have been filled and the trade would have been opened. This display serves only as a visual check, in the history; for real-time signals, this setting should be on “False”!
  • atrDevMultiplier - Here you can enter a decimal value. This setting makes it possible to calculate the signals a little less precisely. This means that you can set the Location Point signals in such a way that a retracement no longer has to reach precisely to the exact corresponding Location Point, but that the high/low of the retracement does not need to touch the Location Point. This multiplier regulates how far away the high/low of the signal bar may be in order to continue to recognize an LP signal. A value of 0.08 means that for a long LPEightTrain signal, the low of the signal candle may be located at a maximum of 0.08*ATR(13) higher than the SMA 8.
  • MinimalQuality - With this setting, you can control, which quality of the signal must be present, in order to show the signal. Except for WipeOuts the default value for MinimalQuality is set to “1”. The quality is calculated as follows: For each LocationPoint-line which is touched by the signal-retracement, one point of quality is added. Additionally, the upper timeframes are considered as well. The higher the timeframe, the higher the number of quality points awarded to the signal. In the upper timeframes the relevant candle is always the current (latest) candle (does this candle touch an LP-line?). With the setting “NumberOfTFs” – which will be discussed shortly – you can control, how many superior timeframes should be used for this quality-calculation. In the current signal-timeframe, each touch of a LocationPoint-line by the signal retracement is valued with one quality-point. In the superior timeframe, each touch already counts two quality-points. One more timeframe above, each touch now counts three quality-points. Following this logic, the quality-counting is continued on as many higher timeframes as the setting “NumberOfTFs” has set. By default, the current and two higher timeframes are considered for this calculation. When the quality is calculated, it will be displayed in a small info-field in the left upper corner of your chart, as soon as you have an LP-signal displayed. For each signal-type, a new field will be generated and always the quality-ratings of the last occurred signal will be shown. In addition, you have the possibility to click on an existing LP-signal-arrow in your chart, subsequently, the info-box will show the quality-values for exactly this signal. Therefore, you are able to analyze and check historical signals and see how the total quality numbers for this signal were calculated. In an AnalyzerEscort column, you can see the quality ratings as well. In the SetupBuilder you can choose if you want to see the exact listing of the quality components of each timeframe (if you set “ShowAnalyzerText” = “True”) or only the overall quality for the signal (“ShowAnalyzerText“ = “False”).
  • NumberOfTFs - Here you can enter integer values. This parameter serves as an input parameter for the LocationPointFreeRide indicator and controls how many superior timeframes the LocationPointFreeRide should check for this signal.
  • LongColor - Color for the long signal arrow
  • ShortColor - Color for the short signal arrow
  • Show arrows - True: the signal arrows are displayed in the chart
  • Show text - True: the signal labels are displayed in the chart

4.2. LPTwentyTrain

  • Parameters see LPEightTrain

4.3. LPStairway

  • Parameters see LPEightTrain

4.4. LPJojo130

  • Parameters see LPEightTrain

4.5. LPJojo200

  • Parameters see LPEightTrai

4.6. LPWipeOut

  • Parameters see LPEightTrain

5. PREDEFINED SETUPS

These setups are pre-configured in the Analyzer Escort session “LocationPoints”. The LPTwentyTrain setup is deactivated by default, since trading the TwentyTrain is only recommended for advanced and experienced traders who have completed the Location Point trading education and understand exactly how to handle the retracements at the SMA 20.

5.1. LPEightTrain

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: TwentyTrail (WaitBeforeFirstTrail = 5)
  • SoftStop: EightTrail (WaitBeforeFirstTrail = 5)
  • Targets: MultipleRisk3Levels

5.2. LPTwentyTrain

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: PivotFast (WaitBarsBeforeFirstTrail = 5)
  • SoftStop: TwentyTrail (WaitBarsBeforeFirstTrail = 5)
  • Targets: MultipleRisk3Levels

5.3. LPStairway

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: PivotFast (WaitBarsBeforeFirstTrail = 5)
  • SoftStop: InitialStopOnly
  • Targets: MultipleRisk3Levels

5.4. LPJojo130

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: PivotFast (WaitBarsBeforeFirstTrail = 5)
  • SoftStop: InitialStopOnly
  • Targets: MultipleRisk3Levels

5.5. LPJojo200

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: PivotFast (WaitBarsBeforeFirstTrail = 5)
  • SoftStop: InitialStopOnly
  • Targets: MultipleRisk3Levels

5.6. WipeOut

  • InitialStop: BarByBar (BarsBackInitialStop = 1)
  • HardStop: BarByBar (BarsBackHardStop = 1)
  • SoftStop: InitialStopOnly
  • Targets: MultipleRisk3Levels