Add Labels to ToS Price Channel Indicator

[robopro]

The indicator is PriceChannel
this picture pretty much explains it...

https://gyazo.com/ad776e4ee8df16dd4eae3fc45a64dd15

What i need is a label and arrow when the candle touches the pricechannel.
Label should read DOWN when the pricechannel line is coming down and
the candle touches the pricechannel line hitting the top as you see in the above picture.


And also the reverse as you see in the picture below.

https://gyazo.com/fededd8213d0737aaca8b0972ea0f4fb

Thank you


this is the indicator source.

#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#

input displace = 0;
input length = 20;

plot LowerBand = Lowest(low[-displace + 1], length);
LowerBand.SetDefaultColor(GetColor(8));

plot UpperBand = Highest(high[-displace + 1], length);
UpperBand.SetDefaultColor(GetColor(1));

 

[SleepyZ]

The indicator is PriceChannel
this picture pretty much explains it...

https://gyazo.com/ad776e4ee8df16dd4eae3fc45a64dd15

What i need is a label and arrow when the candle touches the pricechannel.
Label should read DOWN when the pricechannel line is coming down and
the candle touches the pricechannel line hitting the top as you see in the above picture.


And also the reverse as you see in the picture below.

https://gyazo.com/fededd8213d0737aaca8b0972ea0f4fb

Thank you


this is the indicator source.

#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#

input displace = 0;
input length = 20;

plot LowerBand = Lowest(low[-displace + 1], length);
LowerBand.SetDefaultColor(GetColor(8));

plot UpperBand = Highest(high[-displace + 1], length);
UpperBand.SetDefaultColor(GetColor(1));

To be able to assist you, please define what constitutes a touch. In you picture, it is unclear. For example, does touch mean close = one of the bands, or a close = one the bands and the wick extends through the band, etc...etc...?

 

[JoeDV]

I won't speak for the OP, but in general, when looking at Donchain or Price Channel, touch is considered when a wick goes through to set a new band or equals the existing one.

 

[SleepyZ]

I won't speak for the OP, but in general, when looking at Donchain or Price Channel, touch is considered when a wick goes through to set a new band or equals the existing one.

This is meant to do what you suggested as touches and robopro's bubbles and color coding. The bubbles appear when a new touch different the previous touch occurs. In other words, if there are consecutive bars that have touches of the same type, only the first of those will plot a bubble.

#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#

input displace = 0;
input length = 20;

plot LowerBand = Lowest(low[-displace + 1], length);
LowerBand.SetDefaultColor(GetColor(8));

plot UpperBand = Highest(high[-displace + 1], length);
UpperBand.SetDefaultColor(GetColor(1));

def touch = if (Max(close, open) < UpperBand and high >= UpperBand) or high==upperband
            then 1
            else if (Min(close, open) > LowerBand and low < LowerBand) or low==lowerband
            then -1
            else 0;

def lowerdir   = if LowerBand <= LowerBand[1]
                 then -1
                 else if LowerBand >= LowerBand[1]
                 then 1
                 else lowerdir[1];

AddChartBubble(touch[1] == 0 and touch == -1,
               low,
               if lowerdir == -1 then "DN" else "UP",
               if lowerdir == -1 then Color.RED else Color.GREEN,
               no);

def upperdir  = if UpperBand >= UpperBand[1]
                 then 1
                 else if UpperBand <= UpperBand[1]
                 then -1
                 else upperdir[1];

AddChartBubble(touch[1] == 0 and touch == 1,
               high, 
               if upperdir == -1 then "DOWN" else "UP",
               if upperdir == -1 then Color.RED else Color.GREEN,
               yes);
#

 

[robopro]

To be able to assist you, please define what constitutes a touch. In you picture, it is unclear. For example, does touch mean close = one of the bands, or a close = one the bands and the wick extends through the band, etc...etc...?

Hi SleepyZ, Thank you for helping....as soon as it hits the band in any which way.
Here is another example
What's important is that an up or down trend is determined first. There needs to be a significant slope before it can be considered.
https://gyazo.com/b6e1b35213296efff235b8acef36348c
or from your pic
https://gyazo.com/dd34b494cd3e8e383f103d4fa7b50d82

Basically its a retracement of the trend, Ex; trend is down, price action retraces back up to the band and then back down she goes

 

[SleepyZ]

Hi SleepyZ, Thank you for helping....as soon as it hits the band in any which way.
Here is another example
What's important is that an up or down trend is determined first. There needs to be a significant slope before it can be considered.
https://gyazo.com/b6e1b35213296efff235b8acef36348c
or from your pic
https://gyazo.com/dd34b494cd3e8e383f103d4fa7b50d82

Basically its a retracement of the trend, Ex; trend is down, price action retraces back up to the band and then back down she goes

This might get you started for what you want.

It sets a direction for each band. If the directions match and then there is a retracement hits the opposite band, an "X" bubble will appear.

There is no determination of strength of move, just that they match and then a retracement hits the opposite band.

You can set test to YES to see the 1/0 used.

#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#

input displace = 0;
input length = 20;

plot LowerBand = Lowest(low[-displace + 1], length);
LowerBand.SetDefaultColor(GetColor(8));

plot UpperBand = Highest(high[-displace + 1], length);
UpperBand.SetDefaultColor(GetColor(1));


def upperdir  = if high crosses above UpperBand
                 then 1
                 else if upperdir[1] >= 1 and UpperBand >= UpperBand[1]
                 then 1
                 else if UpperBand < UpperBand[1] then 0
                 else upperdir[1];

def lowerdir   = if high crosses above upperBand
                 then 1
                 else if lowerdir[1] >= 1 and LowerBand >= LowerBand[1]
                 then 1
                 else if LowerBand < LowerBand[1] then 0
                 else lowerdir[1];


def change_dir = if upperdir[1] + lowerdir[1] == 2 and upperdir + lowerdir == 1 or upperdir[1]+lowerdir[1] == 0 and upperdir+lowerdir == 2 then 1 else Double.NaN;

AddChartBubble(!IsNaN(change_dir), if !isnan(change_dir) and upperdir[1] == 0 and upperdir==1 then upperBand else lowerBand, " X ", Color.YELLOW, if upperdir[1] == 1 and upperdir == 1 then no else yes);

#test
input test = no;
plot xdndir = lowerdir;
xdndir.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);
xdndir.SetHiding(!test);

plot xupdir = if UpperBand then upperdir else Double.NaN;
xupdir.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
xupdir.SetHiding(!test);

#

 

[robopro]

Very interesting Thank you