Woah that's awesome to hear! I remember when I first combined the 4 indicators and started to use it my account went from $1,500 to $10k within 3 weeks. Never used it on the hourly as that is not my trading style. The whole purpose was to make it simple as possible without having too many indicators like the confirmation candles do. I am going to try to add the Supertrend to see how strong the signals are. Glad this indicator has helped you in your trading!
The Big Four Chart SetUp For ThinkOrSwim
- Thread starter TradingNumbers
- Start date
First, thank you for creating this indicator! It is the best I have seen. It has truly given me that edge I was looking for…for so long!
You should look at the 1 Hour for swing trades. The strength of this indicator on the 1 hour last for several days.
Here are a few symbols for example that I’ve traded in June based on 1 hour signals. I was buying ATM options 7-14 days out in exp. You can go back and look to see how the trend reversed and was strong for several days. CVS, WMT, GILD, CVX, PG, RBLX, BA, MU, NCLH, DUK, XOM.
Thanks again!
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Is there a way to add Labels to all 4 of the lower indicators for either bullish or bearish?
lolreconlol
Active member
What are your settings for the Big Four? Also, do you use extended hours or keep them off? When did you enter in XOM? Curious on some of those, I'd like to go back to see what you noticed before entering. Thanks!
Which version are you using? Big Four v1.5 has labels for Bullish/Bearish.
Any chance you can share the link to the latest so I can make sure i do have the correct one? There are 8 pages of this thread lol so good chance I missed the update
This is a pretty neat indicator. I just started using it and so far I like the results. I was using power x candles but I find this one is faster at entering then power x. I did play with the code a little bit and added scoring categories.
The scoring method I used is based on candle size and fractal energy, but I imagine there are other ways to improve this indicator even more then it is out of the box.
The idea is if the candle is larger than the previous few candles or if the fractal energy is below a certain threshold then the stock is less likely to be choppy.
I just am experimenting with it, but I would guess there are ways to add even more accuracy to it:
The scoring method I used is based on candle size and fractal energy, but I imagine there are other ways to improve this indicator even more then it is out of the box.
The idea is if the candle is larger than the previous few candles or if the fractal energy is below a certain threshold then the stock is less likely to be choppy.
I just am experimenting with it, but I would guess there are ways to add even more accuracy to it:
Code:
# The Big Four Indicator
# https://usethinkscript.com/threads/the-big-four-chart-setup.14711/
# v1.0 - GiantBull and TradingNumbers
# v1.1 - TradingNumbers - hiding vertical lines by ddefault and added arrows
# v1.2 - TradingNumbers - added TMO
# v1.3 - TradingNumbers - hold trend input added
# v1.4 - TradingNumbers - simplified options, added filter with TMO, and set conditions per GianBull parameters
# v1.5 - TradingNumbers - removed TMO color filter percentChg GiantBull, added labels
# Info Labels
input showLabels = yes;
AddLabel(showLabels, " The Big Four v1.5 ", Color.WHITE);
# AK Trend
def aktrend_input1 = 3;
def aktrend_input2 = 8;
def aktrend_price = close;
def aktrend_fastmaa = MovAvgExponential(aktrend_price, aktrend_input1);
def aktrend_fastmab = MovAvgExponential(aktrend_price, aktrend_input2);
def aktrend_bspread = (aktrend_fastmaa - aktrend_fastmab) * 1.001;
def cond1_UP = if aktrend_bspread > 0 then 1 else 0;
def cond1_DN = if aktrend_bspread <= 0 then -1 else 0;
# ZSCORE
def zscore_price = close;
def zscore_length = 20;
def zscore_ZavgLength = 20;
def zscore_oneSD = StDev(zscore_price, zscore_length);
def zscore_avgClose = SimpleMovingAvg(zscore_price, zscore_length);
def zscore_ofoneSD = zscore_oneSD * zscore_price[1];
def zscore_Zscorevalue = ((zscore_price - zscore_avgClose) / zscore_oneSD);
def zscore_avgZv = Average(zscore_Zscorevalue, 20);
def zscore_Zscore = ((zscore_price - zscore_avgClose) / zscore_oneSD);
def zscore_avgZscore = Average(zscore_Zscorevalue, zscore_ZavgLength);
def cond2_UP = if zscore_Zscore > 0 then 1 else 0;
def cond2_DN = if zscore_Zscore <= 0 then -1 else 0;
# Ehlers
def ehlers_length = 34;
def ehlers_price = (high + low) / 2;
def ehlers_coeff = ehlers_length * ehlers_price * ehlers_price - 2 * ehlers_price * Sum(ehlers_price, ehlers_length)[1] + Sum(ehlers_price * ehlers_price, ehlers_length)[1];
def ehlers_Ehlers = Sum(ehlers_coeff * ehlers_price, ehlers_length) / Sum(ehlers_coeff, ehlers_length);
def cond3_UP = if close > ehlers_Ehlers then 1 else 0;
def cond3_DN = if close <= ehlers_Ehlers then -1 else 0;
# Anchored Momentum
def amom_src = close;
def amom_MomentumPeriod = 10;
def amom_SignalPeriod = 8;
def amom_SmoothMomentum = no;
def amom_SmoothingPeriod = 7;
def amom_p = 2 * amom_MomentumPeriod + 1;
def amom_t_amom = if amom_SmoothMomentum == yes then ExpAverage(amom_src, amom_SmoothingPeriod) else amom_src;
def amom_amom = 100 * ( (amom_t_amom / ( Average(amom_src, amom_p)) - 1));
def amom_amoms = Average(amom_amom, amom_SignalPeriod);
def cond4_UP = if amom_amom > 0 then 1 else 0;
def cond4_DN = if amom_amom <= 0 then -1 else 0;
# TMO
def tmo_length = 30; #def 14
def tmo_calcLength = 6; #def 5
def tmo_smoothLength = 6; #def 3
def tmo_data = fold i = 0 to tmo_length with s do s + (if close > GetValue(open, i) then 1 else if close < GetValue(open, i) then - 1 else 0);
def tmo_EMA5 = ExpAverage(tmo_data, tmo_calcLength);
def tmo_Main = ExpAverage(tmo_EMA5, tmo_smoothLength);
def tmo_Signal = ExpAverage(tmo_Main, tmo_smoothLength);
def tmo_color = if tmo_Main > tmo_Signal then 1 else -1;
def cond5_UP = if tmo_Main <= 0 then 1 else 0;
def cond5_DN = if tmo_Main >= 0 then -1 else 0;
# Strategy
input Strategy_Confirmation_Factor = 4;
input Strategy_FilterWithTMO = no;
input Strategy_ColoredCandlesOn = yes;
input Strategy_VerticalLinesOn = no;
input Strategy_HoldTrend = yes;
def cond_UP = cond1_UP + cond2_UP + cond3_UP + cond4_UP;
def cond_DN = cond1_DN + cond2_DN + cond3_DN + cond4_DN;
def direction = if cond_UP >= Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO or cond5_UP) then 1
else if cond_DN <= -Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO or cond5_DN) then -1
else if !Strategy_HoldTrend and direction[1] == 1 and cond_UP < Strategy_Confirmation_Factor and cond_DN > -Strategy_Confirmation_Factor then 0
else if !Strategy_HoldTrend and direction[1] == -1 and cond_DN > -Strategy_Confirmation_Factor and cond_UP < Strategy_Confirmation_Factor then 0
else direction[1];
plot signal_up = direction == 1 and direction[1] < 1;
signal_up.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
signal_up.SetDefaultColor(Color.WHITE);
signal_up.Hide();
signal_up.HideBubble();
signal_up.HideTitle();
plot signal_dn = direction == -1 and direction[1] > -1;
signal_dn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
signal_dn.SetDefaultColor(Color.WHITE);
signal_dn.Hide();
signal_dn.HideBubble();
signal_dn.HideTitle();
AssignPriceColor(if Strategy_ColoredCandlesOn then if direction == 1 then Color.LIGHT_GREEN else if direction == -1 then Color.RED else Color.GRAY else Color.CURRENT);
AddLabel(showLabels, if Strategy_ColoredCandlesOn then if direction == 1 then " Bullish " else if direction == -1 then " Bearish " else " Neutral " else " N/A ",
if Strategy_ColoredCandlesOn then if direction == 1 then Color.LIGHT_GREEN else if direction == -1 then Color.RED else Color.GRAY else Color.BLACK);
AddVerticalLine(Strategy_VerticalLinesOn and signal_up, "Buy", Color.LIGHT_GREEN);
AddVerticalLine(Strategy_VerticalLinesOn and signal_dn, "Sell", Color.RED);
Alert(signal_up[1], "Buy", Alert.BAR, Sound.DING);
Alert(signal_dn[1], "Sell", Alert.BAR, Sound.DING);
# ------ Scoring Feature Below -------- #
# Large Candlestick Score
input candleLookback = 3;
input superCandleLookbackMult = 2;
def candle_size = absValue(close - open);
def largest_candle = if candle_size >= Highest(candle_size[1], candleLookback) then 1 else 0;
# Super Candlestick score
def super_candle = if candle_size >= Highest(candle_size[1], superCandleLookbackMult*candleLookback) then 1 else 0;
# Fractal Energy Score
def Period = 14;
def sumTR = Sum (TrueRange(high, close, low), Period);
def HMax = Highest (high, Period);
def LMax = Lowest (low, Period);
def FE = 100 * Log (sumTR / (HMax - LMax)) / Log(Period);
def Notchop = if FE < 61.8 then 1 else 0;
def premiumNotChop = if FE < 50 then 1 else 0;
# Score totals
input scoreThreshold = 2;
def score = Notchop + premiumNotChop + super_candle + largest_candle;
# ---- Signal Criteria ---- #
plot large_signal_up = direction == 1 and direction[1] < 1 and score >= scoreThreshold;
large_signal_up.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
large_signal_up.SetDefaultColor(Color.GREEN);
plot large_signal_dn = direction == -1 and direction[1] > -1 and score >= scoreThreshold;
large_signal_dn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
large_signal_dn.SetDefaultColor(Color.RED);
# ---- End Signal Criteria ---- #
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I agree, the big 4 is very good on its own. If I were to use the it and nothing else I prefer the modified version (Big7) which simply adds triple exhaustion and Vix alert 4 (actually need to rename it the big 6 haha) to the mix as it provides an early warning as to the end of a trend or to signal a pullback. I find the big 4 arrows work well but I only use them with the TMO filter on (the version I use TMO only filters arrows not candle color)
That being said the big 4 is a great indicator on it’s own.
Could you expound on what is different? I see that the Big Four doesn't give the same signals as the original....that would have missed some good entries. Just trying to figure out why this is. For example, look at PYPL on the 1 hour chart. The original Big 4 confirmed long on Friday. I entered July 14 65 calls. Today they were up 50%. But with your additions it didn't give you this signal.
All it does is checks to see if the fractal energy is below a certain threshold or a candle is larger than average than that implies you may not be chopping. It is supposed to give you less signals, not by a large degree, but hopefully it will keep you out of sideways trading. It was just an idea, I am working on adding more "restrictions" through scoring methods like checking if the relative volume is higher than average etc.
Honestly I wouldve been happy just saying "awesome indicator thanks!" because that is how I feel. I really like this one and believe that it is useful in practice but I wanted to attempt to add some value as well. If you dont like the addition or think it is overly restrictive without enough value compensation then just trade without it
Congrats on the PYPL calls btw! Nice trade
Thanks for your reply. I agree.... anything that will help keep you out of a choppy trade is definitely worth looking at. I've had a couple of trades that were choppy for a few days. PEP, ROKU most recently. I entered ROKU July 7 Calls on Wednesday June 27 long signal. They were under water at the close on Friday. On Monday (Y'day) I closed them for 30% profit....I was at work and didn't want to chance the possibility of giving my gains up...They eventually went up another 30% but by eod they would have been under water...so I am happy! On June 20th and 21st I entered PEP 185 Puts...they were under water for a couple days and then on the 26th was able to close for them a small gain of 12%. These are reasons why I buy options expiring no less than 7 days...and I am actually going out 14-21 days as my account is growing and can afford to buy more time.
I will keep your additions to the Big 4 on a separate chart for reference. And please continue sharing your work. Since you're a VIP member you might want to add the BTD indicator. I wouldn't blindly use the BTD indicator as a stand alone but once you get a BTD signal...wait for the BIG 4 to confirm...this might help with some chop.
Oh, GOOGL has been another choppy trade...it's been difficult to trade this symbol thus far....but I am not giving up lol.
I am using the big4 on 1hr as well, I tade forex and stocks. I check the trend on daily, switch to 1H for signal and fine tune entry on 5/15min. Its yielding very good results if I catch the signal correctly. My problem is scanning I haven’t figured out how to find trades prior to supertrend trigering. I am usually late a few candles which is okay because I take a solid slice of core move. I’d love to optimize my entries by finding positions before they make a move I guess in the gray stage with tmo moving above tmo. Is anyone else day trading with this setup? If so, do you just play your usual fsvoritee watchlist or do you have a scanner setup to be first row when the sognal triggers?
I have 2 main watchlists...one is called "Default" and it probably has about 500+ stocks. Then I have a "Favorites" which has probably half of the stocks from Default. These are filtered out based on volume, open interest, bid/ask spreads, and backtesting to see if the signals would have worked previously. But mostly option spreads...I don't want to trade options that have wide bid/ask and low volume & open interest.
I have created a scan for up/dn signals on the 1 HR pulling from my "favorites." I have also added scans for 1 HR within 6 bars (1day) and 12 bars (2 days). This allows me to go back and see which stocks have confirmed long or short without having to keep up with them every hour. Sometimes you'll get a signal early in the hour but the stock may not confirm if the price doesn't close above Ehlers Distant Coeffeint. So having the scans within 6 & 12 bars will only grab those that have confirmed.
Here are the scans. I'm not sure if these will work. This scan looks for the TMO less than Zero for Up signals and TMO greater than zero for Dn Scans.
You can also change the timeframe to whatever time you want...I also have saved scans for Daily w/n 1 bar, 5 bars (week) and 10 bars (2 weeks). As well as Weekly timeframe.
http://tos.mx/1Tj1J6C - Scan for Big Four Up 1 Hr w/n 1 bar
http://tos.mx/oS8p3Yy - Scan for Big Four Up 1 Hr w/n 6 bars
http://tos.mx/NfMMobv - Scan for Big Four Up 1 Hr w/n 12 bars
http://tos.mx/1Tj1J6C - Scan for Big Four Dn 1 Hr w/n 1 bar
http://tos.mx/i2fL63S - Scan for Big Four Dn 1 Hr w/n 6 bars
http://tos.mx/8rNAA54 - Scan for Big Four Dn 1 Hr w/n 12 bars
http://tos.mx/6XQSLFG - My Favorites Watchlist
I hope this helps.
I should mention...somewhere in the beginning of this thread I saw someone mention that TMO needs to be 30,6,6. I believe the default settings are 14,5,3. So the scans above are using 30,6,6...which I have found work a lot better than the default settings. I am not sure what @GiantBull (the creator of Big 4) uses?
@illbdam69 Thanks for the details on how you use the indicator and the scans you provided! Also, thanks for everyone that is sharing the tweaks they are doing to make the indicator better.
I still use the same settings since back testing this those settings gave the best results. However, if you are using this indicator on a timeframe other than the 3 minute the parameters might be drastically different. You would need to back test to see which TMO settings will achieve the highest win %. Also, check to see if even the big 4 parameters need to be changed as I had set them to what I back tested on the 3 min timeframe.
I still use the same settings since back testing this those settings gave the best results. However, if you are using this indicator on a timeframe other than the 3 minute the parameters might be drastically different. You would need to back test to see which TMO settings will achieve the highest win %. Also, check to see if even the big 4 parameters need to be changed as I had set them to what I back tested on the 3 min timeframe.
You might find this useful, im not sure if anyone has done this already (I havent gone through every page), but here is a custom watchlist column code. It would be useful in the way youre describing, such as finding a btd candidate and putting it on a wait for strength watchlist.
Code:
# The Big Four Watchlist Column
# AK Trend
def aktrend_input1 = 3;
def aktrend_input2 = 8;
def aktrend_price = close;
def aktrend_fastmaa = MovAvgExponential(aktrend_price, aktrend_input1);
def aktrend_fastmab = MovAvgExponential(aktrend_price, aktrend_input2);
def aktrend_bspread = (aktrend_fastmaa - aktrend_fastmab) * 1.001;
def cond1 = if aktrend_bspread > 0 then 1 else -1;
# ZSCORE
def zscore_length = 20;
def zscore_ZavgLength = 20;
def zscore_oneSD = StDev(close, zscore_length);
def zscore_avgClose = SimpleMovingAvg(close, zscore_length);
def zscore_Zscore = ((close - zscore_avgClose) / zscore_oneSD);
def cond2 = if zscore_Zscore > 0 then 1 else -1;
# Ehlers
def ehlers_length = 34;
def ehlers_price = (high + low) / 2;
def ehlers_coeff = ehlers_length * ehlers_price * ehlers_price - 2 * ehlers_price * Sum(ehlers_price, ehlers_length)[1] + Sum(ehlers_price * ehlers_price, ehlers_length)[1];
def ehlers_Ehlers = Sum(ehlers_coeff * ehlers_price, ehlers_length) / Sum(ehlers_coeff, ehlers_length);
def cond3 = if close > ehlers_Ehlers then 1 else -1;
# Anchored Momentum
def amom_src = close;
def amom_MomentumPeriod = 10;
def amom_SignalPeriod = 8;
def amom_SmoothingPeriod = 7;
def amom_p = 2 * amom_MomentumPeriod + 1;
def amom_t_amom = ExpAverage(amom_src, amom_SmoothingPeriod);
def amom_amom = 100 * ( (amom_t_amom / ( Average(amom_src, amom_p)) - 1));
def amom_amoms = Average(amom_amom, amom_SignalPeriod);
def cond4 = if amom_amom > 0 then 1 else -1;
# Aggregate and return score
def BigFourScore = cond1 + cond2 + cond3 + cond4;
AddLabel(yes, BigFourScore, color.black);
# Assign color to the text based on the score
AssignBackgroundColor(
if BigFourScore == -4 then Color.RED else
if BigFourScore == -3 then Color.ORANGE else
if BigFourScore == -2 then CreateColor(153, 153, 0) else
if BigFourScore == 2 then CreateColor(173, 216, 230) else
if BigFourScore == 3 then Color.BLUE else
if BigFourScore == 4 then Color.GREEN else
Color.GRAY
);
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Error:Script execution timeout occurs when running a resource-intensive scan against the universe of stocks.
TDA throttles these types of scans as part of their resource management schema.
Workarounds:
~ sometimes this type of scan will run in off-hours when more resources are available.
~ or run the scan against a smaller subset of stocks.
IE: use a "scan-in" field and load one of your personal watchlists or one of ToS sub-lists: S&P100, NASDAQ100, etc.
~ or take out the "within x bars" as that creates x iterations which is a resource-killer.
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Added Vix Alert 4 to the BIG4 watchlist column
http://tos.mx/I1aG5E5
http://tos.mx/I1aG5E5
Code:
#Big_5 WL (Vix Alert4 added)
#added Blst off - triple exhaustion - vix alert4 to the big 4 - HODL
#######################################
## Create Labels
#######################################
def showtitle = no;
def showlabels = yes;
def AutoAgg = yes;
def AutoAgg2 = yes;
# Williams Vix Fix Formula
def pd = 22;
def bbl = 20;
def mult = 2.0;
def lb = 50;
def ph = 0.85;
def pl = 1.01;
# Downtrend Criteria
input ltLB = 40;
input mtLB = 14;
input str = 3;
def wvf = ((highest(close, pd) - low) / (highest(close, pd))) * 100;
def sDev = mult * stdev(wvf, bbl);
def midLine = SimpleMovingAvg(wvf, bbl);
def lowerBand = midLine - sDev;
def upperBand = midLine + sDev;
def rangeHigh = (highest(wvf, lb)) * ph;
# Filtered Bar Criteria
def upRange = low > low[1] and close > high[1];
def upRange_Aggr = close > close[1] and close > open[1];
# Filtered Criteria
def filtered = ((wvf[1] >= upperBand[1] or wvf[1] >= rangeHigh[1]) and(wvf<upperBand and wvf<rangeHigh));
def filtered_Aggr = (wvf[1] >= upperBand[1] or wvf[1] >= rangeHigh[1]);
# Alerts Criteria
def alert4 = upRange_Aggr and close > close[str] and (close < close[ltLB] or close < close[mtLB]) and filtered_Aggr;
def Buy_133 = if alert4 and alert4[1] then 1 else 0;
def hide133 = if buy_133 and buy_133[1] then 0 else 1;
def Buy_13 = if buy_133 and hide133 then 1 else 0;
input trig = 20;
input paintbar = yes;
def val = AbsValue(close - open);
def range = high - low;
def blastOffVal = (val / range) * 100;
def trigger = trig;
#def alert1 = blastOffVal < trig;
def col = blastOffVal < trig;
plot value = if col then 1 else 0;
def ag_skip = no;
def ag_skip2 = no;
def ag_skip_lbl = no;
def agperiod1 = GetAggregationPeriod();
input timeframe = aggregationperiod.DAY;
input length = 10;
input length2 = 20;
def Vol = volume(period = timeframe);
def at_High = high(period = timeframe);
def at_Open = open(period = timeframe);
def at_Close = close(period = timeframe);
def at_Low = low(period = timeframe);
def Vol1 = volume(period = timeframe);
def at_High1 = high(period = timeframe);
def at_Open1 = open(period = timeframe);
def at_Close1 = close(period = timeframe);
def at_Low1 = low(period = timeframe);
# Buy_Volume forumla is volume * (close_price minus low_price) / (High_price minus low_price)
def Buy_Volume = RoundUp(Vol * (at_Close - at_Low) / (at_High - at_Low));
def Buy_percent = RoundUp((Buy_Volume / Vol) * 100);
#Buy_percent.SetPaintingStrategy(PaintingStrategy.LINE);
#Buy_percent.SetLineWeight(1);
#Buy_percent.SetDefaultColor(Color.GREEN);
#Sell_Volume forumla is volume * (High_price minus Close_price) / (High_price minus Low_price)
def Sell_Volume = RoundDown(Vol1 * (at_High1 - at_Close1) / (at_High1 - at_Low1));
def Sell_percent = RoundUp((Sell_Volume / Vol1) * 100);
#input price = close;
input length_BB = 10;
input length_BB2 = 20;
plot avg = ExpAverage(close(period = agperiod1), length_BB);
#plot avg = ExpAverage((price), length);
def height = avg - avg[length];
avg.SetStyle(Curve.SHORT_DASH);
avg.SetLineWeight(1);
AddLabel(showtitle, " Big_6: ", Color.Light_gray);
# AK Trend
def aktrend_input1 = 3;
def aktrend_input2 = 8;
def aktrend_price = close;
def aktrend_fastmaa = MovAvgExponential(aktrend_price, aktrend_input1);
def aktrend_fastmab = MovAvgExponential(aktrend_price, aktrend_input2);
def aktrend_bspread = (aktrend_fastmaa - aktrend_fastmab) * 1.001;
def cond1_UP = if aktrend_bspread > 0 then 1 else 0;
def cond1_DN = if aktrend_bspread <= 0 then -1 else 0;
# ZSCORE
def zscore_price = close;
def zscore_length = 20;
def zscore_ZavgLength = 20;
def zscore_oneSD = StDev(zscore_price, zscore_length);
def zscore_avgClose = SimpleMovingAvg(zscore_price, zscore_length);
def zscore_ofoneSD = zscore_oneSD * zscore_price[1];
def zscore_Zscorevalue = ((zscore_price - zscore_avgClose) / zscore_oneSD);
def zscore_avgZv = Average(zscore_Zscorevalue, 20);
def zscore_Zscore = ((zscore_price - zscore_avgClose) / zscore_oneSD);
def zscore_avgZscore = Average(zscore_Zscorevalue, zscore_ZavgLength);
def cond2_UP = if zscore_Zscore > 0 then 1 else 0;
def cond2_DN = if zscore_Zscore <= 0 then -1 else 0;
# Ehlers
def ehlers_length = 34;
def ehlers_price = (high + low) / 2;
def ehlers_coeff = ehlers_length * ehlers_price * ehlers_price - 2 * ehlers_price * Sum(ehlers_price, ehlers_length)[1] + Sum(ehlers_price * ehlers_price, ehlers_length)[1];
def ehlers_Ehlers = Sum(ehlers_coeff * ehlers_price, ehlers_length) / Sum(ehlers_coeff, ehlers_length);
def cond3_UP = if close > ehlers_Ehlers then 1 else 0;
def cond3_DN = if close <= ehlers_Ehlers then -1 else 0;
# Anchored Momentum
def amom_src = close;
def amom_MomentumPeriod = 10;
def amom_SignalPeriod = 8;
def amom_SmoothMomentum = no;
def amom_SmoothingPeriod = 7;
def amom_p = 2 * amom_MomentumPeriod + 1;
def amom_t_amom = if amom_SmoothMomentum == yes then ExpAverage(amom_src, amom_SmoothingPeriod) else amom_src;
def amom_amom = 100 * ( (amom_t_amom / ( Average(amom_src, amom_p)) - 1));
def amom_amoms = Average(amom_amom, amom_SignalPeriod);
def cond4_UP = if amom_amom > 0 then 1 else 0;
def cond4_DN = if amom_amom <= 0 then -1 else 0;
# TMO
def tmo_length = 30; #def 14
def tmo_calcLength = 6; #def 5
def tmo_smoothLength = 6; #def 3
def tmo_data = fold i = 0 to tmo_length with s do s + (if close > GetValue(open, i) then 1 else if close < GetValue(open, i) then - 1 else 0);
def tmo_EMA5 = ExpAverage(tmo_data, tmo_calcLength);
def tmo_Main = ExpAverage(tmo_EMA5, tmo_smoothLength);
def tmo_Signal = ExpAverage(tmo_Main, tmo_smoothLength);
def tmo_color = if tmo_Main > tmo_Signal then 1 else -1;
def cond5_UP = if tmo_Main <= 0 then 1 else 0;
def cond5_DN = if tmo_Main >= 0 then -1 else 0;
# Strategy
input Strategy_Confirmation_Factor = 4;
input Strategy_FilterWithTMO = no;
input Strategy_FilterWithTMO_arrows = yes;
input Strategy_ColoredCandlesOn = yes;
input Strategy_VerticalLinesOn = no;
input Strategy_HoldTrend = no;
def cond_UP = cond1_UP + cond2_UP + cond3_UP + cond4_UP;
def cond_DN = cond1_DN + cond2_DN + cond3_DN + cond4_DN;
def direction = if cond_UP >= Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO or cond5_UP) then 1
else if cond_DN <= -Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO or cond5_DN) then -1
else if !Strategy_HoldTrend and direction[1] == 1 and cond_UP < Strategy_Confirmation_Factor and cond_DN > -Strategy_Confirmation_Factor then 0
else if !Strategy_HoldTrend and direction[1] == -1 and cond_DN > -Strategy_Confirmation_Factor and cond_UP < Strategy_Confirmation_Factor then 0
else direction[1];
def direction2 = if cond_UP >= Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO_arrows or cond5_UP) then 1
else if cond_DN <= -Strategy_Confirmation_Factor and (!Strategy_FilterWithTMO_arrows or cond5_DN) then -1
else if !Strategy_HoldTrend and direction2[1] == 1 and cond_UP < Strategy_Confirmation_Factor and cond_DN > -Strategy_Confirmation_Factor then 0
else if !Strategy_HoldTrend and direction2[1] == -1 and cond_DN > -Strategy_Confirmation_Factor and cond_UP < Strategy_Confirmation_Factor then 0
else direction2[1];
def signal_up = direction2 == 1 and direction2[1] < 1;
def signal_dn = direction2 == -1 and direction2[1] > -1;
def up = direction == 1;
def down= direction == -1;
def none = !up and !down;
def alert4_1 = alert4 within 8 bars;
addlabel(yes,
if alert4_1 and none then " Alert 4 "
else if signal_up and alert4_1 and up then " Alert 4 | 👍 "
else if signal_dn and alert4_1 and down then " Alert 4 | 👎 "
else if signal_up and alert4_1 then " Alert 4 | 👍 "
else if signal_dn and alert4_1 then " Alert 4 | 👎 "
else if up and Alert4_1 then " Alert 4 "
else if down and Alert4_1 then " Alert 4 "
else if signal_up then "👍"
else if signal_dn then "👎"
else " ", color.white);
Assignbackgroundcolor(
if up and Alert4_1 then Color.dark_green
else if up then Color.dark_GREEN
else if down and alert4_1 then Color.dark_red
else if down then Color.dark_RED
else color.gray);I have the scan pulling from my custom watchlist called "Favorites". You will probably change the "scan in" to your custom watchlist or another watchlist that TOS provides.
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