Buy the Dip Stats & Performance for ThinkorSwim

jox51

Member
2019 Donor
VIP
Greetings All,

Attached is a companion indicator for the Buy The Dip (BTD) indicator that calculates statistics and displays them as labels. This indicator will calculate the performance of the BTD signals for the ticker and is meant only as a rough estimate as to how the ticker has performed when a BTD signal has triggered. The reason I say rough estimate is that in order to get the stats I had to make some assumptions in order to calculate averages and thinkscript isn’t the best language for any kind of data mining.

I have been meaning to do a project like this for a minute now and have had the opportunity and time to finally do so. This is the first version so there could be some discrepancies and errors. If so, provide your feedback and I will check here periodically as time allows and attempt to correct anything. Additionally, the other coders on the site are more than welcome to make improvements/corrections as desired. Thank you and hope it helps.

Explanation of labels:

Total BTD Signals: Calculates total BTD signals on the chart. Will probably not include the most recent signal if signal fired before the user chosen “past bars” variable.

BTD Open Green: Calculates the number of times the close was green after a signal is fired. This would be good for day traders and give a hint how the signal initially responds to the BTD.

Poss Winners: Number of times a signal fired, trade entered at/near the open, the trade lasted for the specified number of bars, and trade closed in profit.

BTD Avg Run: Calculates the avg dollar amount gain for all BTD signals fired.

BTD Per Gain: Calculates avg percentage gain for all signals fired.

Poss Losers: Opposite of Possible Winners, number of times trade closed in loss.

Avg Heat Taken: The avg amount price went against you while a trade was open.

Avg Heat Percent: The avg percentage price went against you while trade was open.

Win Probability: The percentage of wins out of the total signals fired.

Loss Probability: Percentage of losses.

Score: Performance score that calculates a score based of win probability, avg amount gain, and avg amount loss.

RRR: Risk Reward Ratio.

Performance Rating: Grade given based on the score. Usually the good and excellent tickers have shown a decent amount of profit potential. Can be used initial filter if scanning for BTD signals.


BTD Stats Specific Options

Show all labels: Shows all labels on the chart. Maybe too much information if your not a stats fan.

Show min labels: Shows just four labels, Avg Heat Taken, RRR, Score, and Performance Rating

Past Bars: After a signal fired, the amount of time you want a trade to last. Initially set to 5 for a trade to be open for 5 days. Can adjust as needed.

Choose Signal: Choose the BTD signal you want to calculate stats for. Aggressive, Medium, Conservative.

Choose Strictness:
Optimistic - Will use the highest price while trade was opened as the exit price.
Realistic - Will choose the close price as the exit price when the trade was closed.

As a note, it will use the open price on the day the signal fired as price you get in. The difference between the open price and either the highest price over the trade duration or close price at the end of the trade duration calculated. These occurrences will then be averaged out to calculate the BTD Avg Run and BTD Avg Heat Taken dollar amounts.

I have added a watchlist column that you can use to quickly see the performance rating. There will be a difference in the rating the watchlist column displays and what the chart says because of the delay in updating the watchlist columns. If anything, take what you see on the chart as the most accurate rating.

Hopefully, this will help identify tickers that have responded more favorably to BTD than others. This should help you identify where to put your stops, the amount of dollar gain, and the probability of a profit being realized.

Indicator

Code:
This content is only accessible to VIP members.
Upgrade your account

Or Learn more.


WATCHLIST COLUMN

Code:
This content is only accessible to VIP members.
Upgrade your account

Or Learn more.









Update 31Dec20

  • Added option to show STR trades stats
  • Added option to show BTD Percentile indicator
  • Added options to highlight BTD trades on chart
  • Added strictness settings for BTD trades
    • Optimistic enters at the Open after BTD signal and exits at the highest bar occurred within the trade duration
    • Realistic enters at the close after BTD signal/exits at the close at the end of the trade duration
  • Added strictness settings for STR trades
    • Optimistic enters at the open after STR signal and exits at the lowest bar within the trade duration
    • Realistic enters at the close after STR signal/exits at the close at the end of the trade duration
  • Show Signals displays the actual BTD Percentile indicator
Update 03Jan21
  • I missed something and made a little update to the indicator, now it highlights the last bar of the trade duration for the BTD signals.


STR All Stats



STR Stats Show Min Labels




Indicator Options




Highlight BTD Trades



Highlight STR Trades

 
Last edited:

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top