BTD Percentile Add-on for ThinkorSwim

FateOwnzYou

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I have modified @BenTen 's BTD conservative signals to show 1 line for both Buy the Dip AND Sell the RIP. There is 1 color for each length and its still set default to 22, 50, and 100. This is a GREAT tool for finding reversals, as with any BTD version, but i have also found that after building this it is also great for finding small retracements too. If you notice in some of the pictures below that if the green line strays far from the red line, and continues to hit 0 or 100, then it will ALMOST ALWAYS return and catch back up to the red line. So this can be really useful when say a stock is trending up, stock starts to fall, green line touches 0 then turns around to head back towards red, GREAT time to BUY THE DIP!!!.

On a few of my charts I'm only watching the red line (100 length) due to giving the best reversal signals. You can also remove the other lines by just making the lengths the same. So in my 100 length only chart, all 3 lengths are set to 100.

I have the "Smooth_Length" default set to 7 (@chewie76's Idea) because I like how it will pass up the 100 or 0 trigger lines and can see watch for the reversal for stock price to turn around, and when it does it will give the trigger signal. BUT if you want to stick to the original BTD default signals, if you set this setting to 1, it will give the same signals as the original if you prefer that, then can just benefit from having a 0 to 100 chart with 1 line per length simplicity.

Hope you guys enjoy




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EDIT: If anyone that is familiar with BTD knows that it follows Current price, so you may get signals to show up, but then disappear before the candle closes. So I have adjusted this version of BTD just slightly to where when line is less than 50 it goes off the LOWS and if line is above 50 then it goes off the HIGHS. I feel that there are tons of trigger arrows that we may be missing out on just because the candle hasnt closed yet. You will still get the same signals as before but this will give you more. So I bring to you the BTD_Percentile_2.0.
Now if you are one of the people that set the smooth length to 1 to get CORRECT BTD signals, then you wont want to use this version, as it will still be giving you signals that werent meant to be there with @BenTen's version.

In this picture below you will see that the lows of the previous bottom were not recorded on the original version but they were with the 2.0 as well with the highs of today. Script will be below the picture



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BenTen

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You did it again! Another great modification 👏
 

TJ Baez

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Great work @FateOwnzYou. What timeframes you recommend (i.e., 1hr, 4hrs or D)?
 

FateOwnzYou

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@TJ Baez Its gonna be the same as anything youve used before with any BTD Indicators. BTD works well on any time frame. I feel you might get stronger signals with higher timeframes though. But its also gonna depend on your strategy. If your only holding for 10-20 minutes at a time, maybe watch 15min and 1 hour. But i personally hold for 3-10 days, so im constantly watching 4hr, daily and weekly. Its really going to depend on how it can work for you. Just play around with it and see what would work best with your strategy
 

FateOwnzYou

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Okay, it has been brought to my attention that using "Arrow is true" does not work on the scans, and I think that it how my arrow plot function is set up, so Im going to walk you through on how you would go about scanning for arrow triggers.

1st you will want to add a condition group to "Any of the following" because we will be scanning for arrows on both top and bottom signals

then add study, click pencil to edit study, click on "thinkscript Editor" so we can put some code in. delete what is currently in the thinkscript editor.

then copy and paste this
Code:
BTD_Percentile()."line1" crosses above 0 within 5 bars or BTD_Percentile()."line2" crosses above 0 within 5 bars or BTD_Percentile()."line3" crosses above 0 within 5 bars
!Now my indicator is name BTD_Percentile and this script will only work if yours is called that to, either change your indicator name, or change the code above to the name of YOUR indicator name.

Select your time frame then click okay.

now add another study and do same as before an copy and paste this as well
Code:
BTD_Percentile()."line1" crosses below 100 within 5 bars or BTD_Percentile()."line2" crosses below 100 within 5 bars or BTD_Percentile()."line3" crosses below 100 within 5 bars

click OK, save, and you should be good to go. Note you can change the "Bars" to look back on to whatever you want, and can change the 100 and 0 trigger lines to whatever you want as well. Pictures below to show what I did




 

FateOwnzYou

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Added another version for additional signals, check original post at bottom

I have also just added the Trendlines function that @chewie76 has added on for us. Option to turn on in the indicator settings.
Thanks Chewie, real MVP!
 

allpozitiv

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Just curios @BenTen , if it is possible to convert study in post#1 (second one) to TradingView. I believe it wouldn't be a problem as a kind of BTD was already converted to TV.
 

egshih

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nchotou029008

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What a great indicator. Thanks for sharing
 

SugarTrader

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@FateOwnzYou Big thank you. This is simply amazing piece of work.

Not only the for the work of the indicator but also for taking time for detailing how to use it, adapting it on demand...this is invaluable for members. This Christmas day post is dedicated to you. You just saved me many many hours of work.
 
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