3 Weeks Tight - CANSLIM For ThinkOrSwim

[8Nick8]

The author states:
3 weeks tight is a bullish continuation pattern discovered by IBD's founder, William O'Neil.

The pattern can used as an opportunity to add to an existing position as it often occurs after a breakout above a cup with handle or other technical pattern.

The 3 weeks tight pattern forms when a stock closes within approximately 1% to 1.5% of the prior week's close for at least two weeks. The reason for the bullishness is that it indciates that investors who moved the stock upward in price since the breakout are not taking profits, the price is holding steady.

The buy point is just above the area of resistance formed at the highs of the three weeks plus 10 cents. The ten cent addition to the price is to ensure a push through the resistance at the high of the range.

Find the ToS code in post below.
The Tradingview version: https://www.tradingview.com/script/NHt4hBzv-3-Weeks-Tight-CANSLIM-Technical-Indicator/

 

[samer800]

Hi @samer800

May I request your help to convert this script. Thanks

https://www.tradingview.com/script/NHt4hBzv-3-Weeks-Tight-CANSLIM-Technical-Indicator/

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// Copyright © John Muchow
//@version=4
study("3 Weeks Tight", overlay = true)
//---------------------------------------------------------
// User configurable values and variable initialization
//----------------------------------------------------------
iThreshold = input(title = "% threshold between closes", type = input.float, minval = .5, defval = 1.0, step = .05)
iShowIndicatorLine = input(title = "Horizontal indicator at tight areas?", type = input.bool, defval = true, group = "Visual Indicators")
iIndicatorStyle = input(title = " ‎ ‎ ‎ ‎ ‎Style", type=input.string, options=["Solid", "Dotted", "Dashed", "Arrow Left", "Arrow Right", "Arrow Both"], defval="Solid", group = "Visual Indicators")
iIndicatorLineThickness = input(title = " ‎ ‎ ‎ ‎ ‎Thickness", type = input.integer, minval = 1, maxval = 10, defval = 2, group = "Visual Indicators")
iIndicatorLineColor = input(title = " ‎ ‎ ‎ ‎ ‎Color", type = input.color, defval = #5A98C6, group = "Visual Indicators")
iOffset = input(title = " ‎ ‎ ‎ ‎ ‎Offset up/down", type = input.integer, minval = -5, maxval = 5, defval = 1, step = .1, group = "Visual Indicators")
iShowVerticalBars = input(title = "Vertical band at tight areas?", type = input.bool, defval = true, group = "Visual Indicators")
iShowBuyPrice = input(title = "Show buy price at tight area?", type = input.bool, defval = true, group = "Buy Price")
iBuyPriceOffset = input(title = "Buy price offset up/down", type = input.integer, minval = 0, maxval = 15, defval = 5, step = .5, group = "Buy Price")
iTextSizeOption = input(title = "Text size", type = input.string, options=["Normal", "Large", "Huge"], defval = "Normal", group = "Buy Price")
// Only show content if on a weekly timeframe
onWeeklyChart = timeframe.isweekly
highestHigh = max(high, high[1], high[2])
//---------------------------------------------------------
// Calculate % change between closes
//----------------------------------------------------------
percentChange1 = ((close - close[1]) / close[1]) * 100
percentChange2 = ((close[1] - close[2]) / close[2]) * 100
//---------------------------------------------------------
// 3 weeks tight if closes meet threshold
//----------------------------------------------------------
threeWeeksTight = (abs(percentChange1) <= iThreshold) and (abs(percentChange2) <= iThreshold)
lineStyle = (iIndicatorStyle == "Dotted") ? line.style_dotted :
(iIndicatorStyle == "Dashed") ? line.style_dashed :
(iIndicatorStyle == "Arrow Left") ? line.style_arrow_left :
(iIndicatorStyle == "Arrow Right") ? line.style_arrow_right :
(iIndicatorStyle == "Arrow Both") ? line.style_arrow_both : line.style_solid
//---------------------------------------------------------
// Draw horizontal line above three weeks tight
//----------------------------------------------------------
if (onWeeklyChart and threeWeeksTight and iShowIndicatorLine)
line.new(bar_index[2], high + iOffset, bar_index, high + iOffset, style = lineStyle, width = iIndicatorLineThickness, color = iIndicatorLineColor)
//---------------------------------------------------------
// Show vertical bar indicating tight area?
//----------------------------------------------------------
bgcolor(onWeeklyChart and iShowVerticalBars and threeWeeksTight ? #5A98C6 : na, editable = false)
bgcolor(onWeeklyChart and iShowVerticalBars and threeWeeksTight ? #5A98C6 : na, offset = -1, editable = false)
bgcolor(onWeeklyChart and iShowVerticalBars and threeWeeksTight ? #5A98C6 : na, offset = -2, editable = false)
//---------------------------------------------------------
// Optional alert when 3 weeks tight is detected
//----------------------------------------------------------
alertcondition(threeWeeksTight, title="3 Weeks Tight", message="3 Weeks Tight pattern has been found.")
//---------------------------------------------------------
// Round to specified number of decimal places
//----------------------------------------------------------
fRound(_number, _decimals) =>
power = pow(10, _decimals)
int(_number * power) / power
//---------------------------------------------------------
// Label showing highest high of the tight range
//----------------------------------------------------------
fontSize = (iTextSizeOption == "Normal") ? size.normal :
(iTextSizeOption == "Large") ? size.large : size.huge
var label labelID = label.new(x = na, y = na, textcolor = color.white, color = #15B72C, size = fontSize, tooltip = "Highest high of the tight area + ten cents.")

if (onWeeklyChart and threeWeeksTight and iShowBuyPrice)
// Notice the buy price is $.1 above the highest high,
// the traditional CANSLIM entry to ensure push through resistance
label.set_text(id = labelID, text = "Buy price: \n" + tostring(fRound(highestHigh + .1, 2)))
label.set_x(id = labelID, x = bar_index)
label.set_y(id = labelID, y = high + iBuyPriceOffset)

check below:

#// Indicator for TOS
#// Copyright © John Muchow
#study("3 Weeks Tight", overlay = true)
# converted by Sam4Cok@Samer800    - 07/2024 - request from UseThinkScript.com member
input Threshold = 1.0; #(title = "% threshold between closes"
input ShowIndicatorLine = yes ;# = "Horizontal indicator at tight areas?", type = input.bool,
input Offset =  1.0; #  input(title = " ‎ ‎ ‎ ‎ ‎Offset up/down", type = input.integer, minva
input ShowVerticalBars = yes; #(title = "Vertical band at tight areas?",
input ShowBuyPrice = yes; #(title = "Show buy price at tight area?"
input BuyPriceOffset = 5.0; #(title = "Buy price offset up/down", type = input.integer, minval = 0, maxval = 15, defval = 5, step = .5, group = "Buy Price")

def na = Double.NaN;
def last = IsNaN(close);
def cap = getAggregationPeriod();
def errorInAggregation = cap != AggregationPeriod.WEEK;
assert(!errorInAggregation, "Chart Aggregation Period should be Weekly");

#// Only show content if on a weekly timeframe
def onWeeklyChart = yes; # timeframe.isweekly
def highestHigh = highest(high, 3);

#// Calculate % change between closes
def percentChange1 = ((close - close[1]) / close[1]) * 100;
def percentChange2 = ((close[1] - close[2]) / close[2]) * 100;
#// 3 weeks tight if closes meet threshold
def threeWeeksTight = (AbsValue(percentChange1) <= Threshold) and (AbsValue(percentChange2) <= Threshold);

#// Draw horizontal line above three weeks tight
def cond = (onWeeklyChart and threeWeeksTight and ShowIndicatorLine);
def hozLine = if cond then (high + Offset) else 0;

plot value = if cond then RoundUp(highestHigh + 0.1, 2) else na;
plot wt0 = if !last and hozLine then hozLine else na;
wt0.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
value.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
value.SetDefaultColor(Color.CYAN);
wt0.SetDefaultColor(Color.GRAY);
#// Show vertical bar indicating tight area?
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;

AddCloud(if ShowVerticalBars and (cond or cond[-1] or cond[-2]) then pos else na, neg, Color.GRAY);


AddChartBubble(ShowBuyPrice and cond, low -BuyPriceOffset,"Buy Price:\n" + RoundUp(highestHigh + 0.1, 2), Color.CYAN, no);
#-- END of CODE

 

[8Nick8]

check below:

#// Indicator for TOS
#// Copyright © John Muchow
#study("3 Weeks Tight", overlay = true)
# converted by Sam4Cok@Samer800    - 07/2024 - request from UseThinkScript.com member
input Threshold = 1.0; #(title = "% threshold between closes"
input ShowIndicatorLine = yes ;# = "Horizontal indicator at tight areas?", type = input.bool,
input Offset =  1.0; #  input(title = " ‎ ‎ ‎ ‎ ‎Offset up/down", type = input.integer, minva
input ShowVerticalBars = yes; #(title = "Vertical band at tight areas?",
input ShowBuyPrice = yes; #(title = "Show buy price at tight area?"
input BuyPriceOffset = 5.0; #(title = "Buy price offset up/down", type = input.integer, minval = 0, maxval = 15, defval = 5, step = .5, group = "Buy Price")

def na = Double.NaN;
def last = IsNaN(close);
def cap = getAggregationPeriod();
def errorInAggregation = cap != AggregationPeriod.WEEK;
assert(!errorInAggregation, "Chart Aggregation Period should be Weekly");

#// Only show content if on a weekly timeframe
def onWeeklyChart = yes; # timeframe.isweekly
def highestHigh = highest(high, 3);

#// Calculate % change between closes
def percentChange1 = ((close - close[1]) / close[1]) * 100;
def percentChange2 = ((close[1] - close[2]) / close[2]) * 100;
#// 3 weeks tight if closes meet threshold
def threeWeeksTight = (AbsValue(percentChange1) <= Threshold) and (AbsValue(percentChange2) <= Threshold);

#// Draw horizontal line above three weeks tight
def cond = (onWeeklyChart and threeWeeksTight and ShowIndicatorLine);
def hozLine = if cond then (high + Offset) else 0;

plot value = if cond then RoundUp(highestHigh + 0.1, 2) else na;
plot wt0 = if !last and hozLine then hozLine else na;
wt0.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
value.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
value.SetDefaultColor(Color.CYAN);
wt0.SetDefaultColor(Color.GRAY);
#// Show vertical bar indicating tight area?
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;

AddCloud(if ShowVerticalBars and (cond or cond[-1] or cond[-2]) then pos else na, neg, Color.GRAY);


AddChartBubble(ShowBuyPrice and cond, low -BuyPriceOffset,"Buy Price:\n" + RoundUp(highestHigh + 0.1, 2), Color.CYAN, no);
#-- END of CODE

Thank you so much!!

@samer800 is it possible to scan out stocks that its vertical cloud was plot in the last 3 weekly bars? Thanks

 

[NEWJINGUI]

Thank you very much for the coding. I have a question. When I paste the code in the custom filter, it showed " Chart Aggregation Period should be Weekly" at the bottom. Even if I changed Aggregation D to W. Can you help. Thanks.