# MomentumKeltnerChannels
# Pensar
# 06/06/2020
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)
# Modified code to use Keltner Channels, changed code structure.
# Added colored price and user-adjustable global colors.
# Trend Reversal Scanner
# Scanner by [URL]https://usethinkscript.com/u/theelderwand[/URL]
# Discuss [URL]https://usethinkscript.com/d/183-trend-reversal-indicator-with-signals-for-thinkorswim[/URL]
#Inputs
input length = 34;
input factor = 0.5;
input displace = 0;
input price = close;
input type = AverageType.SIMPLE;
input pricecolor = yes;
input fill = yes;
input arrows = yes;
input alerts = yes;
input sound = {default "Ding", "Bell", "Chimes", "NoSound", "Ring"};
#Variables
def nan = double.nan;
def shift = factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg = MovingAverage(type, price, length);
def line1 = avg[-displace] - shift[-displace];
def line2 = avg[-displace] + shift[-displace];
def Chg = if(close > line2, 1, if(close < line1, -1, 0));
def Hold = CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);
def ArUp = if !arrows or Hold[0] == Hold[1] then nan else if Hold[0] == 1 then line1 else nan;
def ArDn = if !arrows or Hold[0] == Hold[1] then nan else if Hold[0] == -1 then line2 else nan;
def LBUp = if fill and Hold[0] == 1 then line2 else nan;
def UBUp = if fill and Hold[0] == 1 then line1 else nan;
def LBDn = if fill and Hold[0] == -1 then line2 else nan;
def UBDn = if fill and Hold[0] == -1 then line1 else nan;
def AlertUp = alerts and Hold[1] == 1 and (Hold[1] <> Hold[2]);
def AlertDn = alerts and Hold[1] == -1 and (Hold[1] <> Hold[2]);
#Colors
DefineGlobalColor("Cloud Up", color.dark_green);
DefineGlobalColor("Cloud Dn", color.dark_red);
DefineGlobalColor("Channel Up", color.green);
DefineGlobalColor("Channel Down", color.red);
DefineGlobalColor("Price Up", color.green);
DefineGlobalColor("Price Neutral", color.gray);
DefineGlobalColor("Price Down", color.red);
#Plots
plot UB = line1;
UB.SetLineWeight(1);
UB.AssignValueColor(if Hold[0] == 1 then GlobalColor("Channel Up")
else GlobalColor("Channel Down"));
plot LB = line2;
LB.SetLineWeight(1);
LB.AssignValueColor(if Hold[0] == 1 then GlobalColor("Channel Up")
else GlobalColor("Channel Down"));
plot BOA = ArUp;
BOA.SetPaintingStrategy(PaintingStrategy.Arrow_Up);
BOA.SetDefaultColor(color.green);
BOA.SetLineWeight(2);
plot BDA = ArDn;
BDA.SetPaintingStrategy(PaintingStrategy.Arrow_Down);
BDA.SetDefaultColor(color.red);
BDA.SetLineWeight(2);
#Clouds
AddCloud(LBUp, UBUp, GlobalColor("Cloud Up"), GlobalColor("Cloud Dn"));
AddCloud(LBDn, UBDn, GlobalColor("Cloud Dn"), GlobalColor("Cloud Up"));
#Price Color
#AssignPriceColor(if pricecolor then if close > line2 then GlobalColor("Price Up")
#else if close < line1 then GlobalColor("Price Down")
#else GlobalColor("Price Neutral")
#else color.current);
#Alerts
Alert(AlertUp, "BREAKOUT!", Alert.Bar, Sound);
Alert(AlertDn, "BREAKDOWN!", Alert.Bar, Sound);
input bubbles = yes;
input bubbleoffset = .0005;
def price2 = close;
def superfast_length = 9;
def fast_length = 14;
def slow_length = 21;
def displace2 = 0;
def mov_avg9 = ExpAverage(price2[-displace2], superfast_length);
def mov_avg14 = ExpAverage(price2[-displace2], fast_length);
def mov_avg21 = ExpAverage(price2[-displace2], slow_length);
#moving averages
def Superfast = mov_avg9;
def Fast = mov_avg14;
def Slow = mov_avg21;
def buy = mov_avg9 > mov_avg14 and mov_avg14 > mov_avg21 and low > mov_avg9;
def stopbuy = mov_avg9 <= mov_avg14;
def buynow = !buy[1] and buy;
def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1] == 1 and stopbuy then 0 else buysignal[1], 0);
def Buy_Signal = buysignal[1] == 0 and buysignal == 1;
def Momentum_Down = buysignal[1] == 1 and buysignal == 0;
def sell = mov_avg9 < mov_avg14 and mov_avg14 < mov_avg21 and high < mov_avg9;
def stopsell = mov_avg9 >= mov_avg14;
def sellnow = !sell[1] and sell;
def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1] == 1 and stopsell then 0 else sellsignal[1], 0);
def Sell_Signal = sellsignal[1] == 0 and sellsignal;
input method = {default average, high_low};
def percentamount = .01;
def revAmount = .05;
def atrreversal = 2.0;
def atrlength = 5;
def pricehigh = high;
def pricelow = low;
def averagelength = 5;
def averagetype = AverageType.EXPONENTIAL;
def mah = MovingAverage(averagetype, pricehigh, averagelength);
def mal = MovingAverage(averagetype, pricelow, averagelength);
def priceh = if method == method.high_low then pricehigh else mah;
def pricel = if method == method.high_low then pricelow else mal;
def EI = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = percentamount, "absolute reversal" = revAmount, "atr length" = atrlength, "atr reversal" = atrreversal);
rec EISave = if !IsNaN(EI) then EI else GetValue(EISave, 1);
def chg2 = (if EISave == priceh then priceh else pricel) - GetValue(EISave, 1);
def isUp = chg2 >= 0;
def EIL = if !IsNaN(EI) and !isUp then pricel else GetValue(EIL, 1);
def EIH = if !IsNaN(EI) and isUp then priceh else GetValue(EIH, 1);
def dir = CompoundValue(1, if EIL != EIL[1] or pricel == EIL[1] and pricel == EISave then 1 else if EIH != EIH[1] or priceh == EIH[1] and priceh == EISave then -1 else dir[1], 0);
def signal = CompoundValue(1, if dir > 0 and pricel > EIL then if signal[1] <= 0 then 1 else signal[1] else if dir < 0 and priceh < EIH then if signal[1] >= 0 then -1 else signal[1] else signal[1], 0);
def zz = ZigZagHighLow("price h" = high, "price l" = low, "percentage reversal" = PercentAmount,
"absolute reversal" = RevAmount, "atr length" = ATRlength, "atr reversal" = ATRreversal);
def ReversalAmount = if (close * PercentAmount / 100) > Max(RevAmount < ATRreversal * reference ATR(ATRlength), RevAmount)
then (close * PercentAmount / 100)
else if RevAmount < ATRreversal * reference ATR(ATRlength)
then ATRreversal * reference ATR(ATRlength)
else RevAmount;
def isConf = AbsValue(chg) >= ReversalAmount or (IsNaN(GetValue(zz, 1)) and GetValue(isConf, 1));
def zzSave = if !IsNaN(zz) then zz else GetValue(zzSave, 1);
def chgN = (if zzSave == high then high else low) - GetValue(zzSave, 1);
def isUpN = chg >= 0;
def bullish2 = signal > 0 and signal[1] <= 0;
plot upArrow = bullish2;
upArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
upArrow.SetDefaultColor(CreateColor(145, 210, 144));
def bearish2 = signal < 0 and signal[1] >= 0;
plot downArrow = bearish2;
downArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
downArrow.SetDefaultColor(CreateColor(255, 15, 10));
#AssignPriceColor(if bullish2 then Color.YELLOW else if bearish2 then Color.YELLOW else Color.CURRENT);
# RSI IFT
def over_Bought = .5;
def over_Sold = -.5;
def R = reference RSI(5, close) - 50;
def AvgRSI = MovingAverage(AverageType.EXPONENTIAL, R, 9);
def inverseRSI = (Power(Double.E, 2 * AvgRSI) - 1) / (Power(Double.E, 2 * AvgRSI) + 1);
def RSI_IFT_Buy = (inverseRSI > 0) and (inverseRSI[1] < 0);
def RSI_IFT_Sell = (inverseRSI[1] > 0) and (inverseRSI < 0);
# Buy/Sell Signals
input buySellStrategy = { "BalanceOfPower", default "RSI_IFT" };
#AssignPriceColor(if RSI_IFT_Buy then Color.CYAN else if RSI_IFT_Sell then Color.MAGENTA else Color.CURRENT);
AddChartBubble(bubbles and RSI_IFT_Sell, if isUpN then high * (1 + BubbleOffset) else high * (1 + BubbleOffset), "SELL", Color.magenta, if isUpN then yes else yes);
#AddChartBubble(bubbles and bearish2 , high, "swing high", Color.magenta, no);
AddChartBubble(bubbles and RSI_IFT_Buy, if isUpN then low * (1 - BubbleOffset) else low * (1 - BubbleOffset), "BUY", Color.cyan, if isUpN then no else no);
#AddChartBubble(bubbles and bullish2 , low, "swing low", Color.CYAN, no);
# --- End code ---
If you want to disable clouds then comment these lines as follows:
#Clouds
#AddCloud(LBUp, UBUp, GlobalColor("Cloud Up"), GlobalColor("Cloud Dn"));
#AddCloud(LBDn, UBDn, GlobalColor("Cloud Dn"), GlobalColor("Cloud Up"));
If you want to see price color in the candles, un-comment these lines as follows:
#Price Color
AssignPriceColor(if pricecolor then if close > line2 then GlobalColor("Price Up")
else if close < line1 then GlobalColor("Price Down")
else GlobalColor("Price Neutral")
else color.current);
