AGAIG Opening Second Bar Trend For ThinkOrSwim

[csricksdds]

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As a scalp trader I'm always interested in the direction at opening especially the direction of the second candle (Bar). With not much to do today since it's a holiday I have been working on an indicator that only shows direction on the second bar. This works well on 30 minutes or less?

Here is the code:

##AsGood_OpeningSecondBarTrend
##Charles Ricks 1/16/23
##NOTE: TimeFrame Frame should not be less than current chart aggregation period.
##As with any indicator it is good to have another confirming indicator as well.



input timeFrame = {default MIN, FIVE_MIN, FIFTEEN_MIN, Thirty_MIN};

def cap = GetAggregationPeriod();

def yyyyMmDd = GetYYYYMMDD();
def periodIndx;
switch (timeFrame) {
case MIN:
periodIndx = yyyyMmDd;
case FIVE_MIN:
periodIndx = Floor((DaysFromDate(first(yyyyMmDd)) + GetDayOfWeek(first(yyyyMmDd))) / 7);
case FIFTEEN_MIN:
periodIndx = RoundDown(yyyyMmDd / 100, 0);
case THIRTY_MIN:
periodIndx = RoundDown(yyyyMmDd / 100, 0);
}
def isPeriodRolled = compoundValue(1, periodIndx != periodIndx[1], yes);

def volumeSum;
def volumeVwapSum;
def volumeVwap2Sum;

if (isPeriodRolled) {
volumeSum = volume;
volumeVwapSum = volume * vwap;
volumeVwap2Sum = volume * Sqr(vwap);
} else {
volumeSum = compoundValue(1, volumeSum[1] + volume, volume);
volumeVwapSum = compoundValue(1, volumeVwapSum[1] + volume * vwap, volume * vwap);
volumeVwap2Sum = compoundValue(1, volumeVwap2Sum[1] + volume * Sqr(vwap), volume * Sqr(vwap));
}
def price = volumeVwapSum / volumeSum;
def deviation = Sqrt(Max(volumeVwap2Sum / volumeSum - Sqr(price), 0));


def GetDayVar = GetDay();
def BarCountVar = if GetDay() != GetDay()[1] then 1 else BarCountVar[1] + 1;

#####################
##trend logic
def TrendDirection = if BarCountVar == 1 and price[78] - price[2] < 0 then -1 else if BarCountVar == 1 and price[78] - price[2] >= 0 then 1 else TrendDirection[1];
def NewDayTrendChange = if BarCountVar == 2 and TrendDirection == 1 and price[1] >= price[2] then 1 else if BarCountVar == 2 and TrendDirection == 1 and price[1] < price[2] then -2 else if BarCountVar == 2 and TrendDirection == -1 and price[1] >= price[2] then 2 else if BarCountVar == 2 and TrendDirection == -1 and price[1] < price[2] then -1 else NewDayTrendChange[1];
def BarTwoTest = BarCountVar == 2;
def ExitBarCount = BarCountVar == 77;
def EntryLongPrice = if BarTwoTest and (NewDayTrendChange == -2 or NewDayTrendChange == 1) then open else if ExitBarCount then Double.NaN else EntryLongPrice[1];
def longstate = if EntryLongPrice != EntryLongPrice[1] then EntryLongPrice else longstate[1];
def EntryShortPrice = if BarTwoTest and (NewDayTrendChange == -1 or NewDayTrendChange == 2) then open else if ExitBarCount then Double.NaN else EntryShortPrice[1];
def shortstate = if EntryShortPrice != EntryShortPrice[1] then EntryShortPrice else shortstate[1];


plot EntryLongPlot = BarTwoTest and EntryLongPrice;
EntryLongPlot.SetDefaultColor(Color.CYAN);
EntryLongPlot.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
EntryLongPlot.SetLineWeight(4);

plot EntryShortPlot = BarTwoTest and EntryShortPrice;
EntryShortPlot.SetDefaultColor(Color.CYAN);
EntryShortPlot.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
EntryShortPlot.SetLineWeight(4);

##End Code

 

[hovcen411]

Hi C,
I tried the code and it is giving up and down arrows on the same bar. what am I doing wrong?

 

[csricksdds]

It will occasionally give both directions especially if there are wicks on either side of the candle - this is usually infrequent however. Look back at several opening days and I don't think you will see it very often. If you are using it for longer than 30 minute charts you will probably get arrows both ways as it is designed for 30 min or less?

 

[hovcen411]

thanks

 

[sandpiper]

As a scalp trader I'm always interested in the direction at opening especially the direction of the second candle (Bar). With not much to do today since it's a holiday I have been working on an indicator that only shows direction on the second bar. This works well on 30 minutes or less?

Here is the code:

##AsGood_OpeningSecondBarTrend
##Charles Ricks 1/16/23
##NOTE: TimeFrame Frame should not be less than current chart aggregation period.
##As with any indicator it is good to have another confirming indicator as well.



input timeFrame = {default MIN, FIVE_MIN, FIFTEEN_MIN, Thirty_MIN};

def cap = GetAggregationPeriod();

def yyyyMmDd = GetYYYYMMDD();
def periodIndx;
switch (timeFrame) {
case MIN:
periodIndx = yyyyMmDd;
case FIVE_MIN:
periodIndx = Floor((DaysFromDate(first(yyyyMmDd)) + GetDayOfWeek(first(yyyyMmDd))) / 7);
case FIFTEEN_MIN:
periodIndx = RoundDown(yyyyMmDd / 100, 0);
case THIRTY_MIN:
periodIndx = RoundDown(yyyyMmDd / 100, 0);
}
def isPeriodRolled = compoundValue(1, periodIndx != periodIndx[1], yes);

def volumeSum;
def volumeVwapSum;
def volumeVwap2Sum;

if (isPeriodRolled) {
volumeSum = volume;
volumeVwapSum = volume * vwap;
volumeVwap2Sum = volume * Sqr(vwap);
} else {
volumeSum = compoundValue(1, volumeSum[1] + volume, volume);
volumeVwapSum = compoundValue(1, volumeVwapSum[1] + volume * vwap, volume * vwap);
volumeVwap2Sum = compoundValue(1, volumeVwap2Sum[1] + volume * Sqr(vwap), volume * Sqr(vwap));
}
def price = volumeVwapSum / volumeSum;
def deviation = Sqrt(Max(volumeVwap2Sum / volumeSum - Sqr(price), 0));


def GetDayVar = GetDay();
def BarCountVar = if GetDay() != GetDay()[1] then 1 else BarCountVar[1] + 1;

#####################
##trend logic
def TrendDirection = if BarCountVar == 1 and price[78] - price[2] < 0 then -1 else if BarCountVar == 1 and price[78] - price[2] >= 0 then 1 else TrendDirection[1];
def NewDayTrendChange = if BarCountVar == 2 and TrendDirection == 1 and price[1] >= price[2] then 1 else if BarCountVar == 2 and TrendDirection == 1 and price[1] < price[2] then -2 else if BarCountVar == 2 and TrendDirection == -1 and price[1] >= price[2] then 2 else if BarCountVar == 2 and TrendDirection == -1 and price[1] < price[2] then -1 else NewDayTrendChange[1];
def BarTwoTest = BarCountVar == 2;
def ExitBarCount = BarCountVar == 77;
def EntryLongPrice = if BarTwoTest and (NewDayTrendChange == -2 or NewDayTrendChange == 1) then open else if ExitBarCount then Double.NaN else EntryLongPrice[1];
def longstate = if EntryLongPrice != EntryLongPrice[1] then EntryLongPrice else longstate[1];
def EntryShortPrice = if BarTwoTest and (NewDayTrendChange == -1 or NewDayTrendChange == 2) then open else if ExitBarCount then Double.NaN else EntryShortPrice[1];
def shortstate = if EntryShortPrice != EntryShortPrice[1] then EntryShortPrice else shortstate[1];


plot EntryLongPlot = BarTwoTest and EntryLongPrice;
EntryLongPlot.SetDefaultColor(Color.CYAN);
EntryLongPlot.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
EntryLongPlot.SetLineWeight(4);

plot EntryShortPlot = BarTwoTest and EntryShortPrice;
EntryShortPlot.SetDefaultColor(Color.CYAN);
EntryShortPlot.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
EntryShortPlot.SetLineWeight(4);

##End Code

Can we start this at market open 9:30 as now it starts at extended hour?

 

[csricksdds]

Can we start this at market open 9:30 as now it starts at extended hour?

Good question....I have a better suggestion. Look at my new charting indicators (Indicators are like new cars...things are updated and improved on each model as time progresses). We're always looking for trend direction (i.e. Follow the Money) and my new charting AGAIG_BestTradingChartSetup will show trend and continuing direction with long/short entries (repainting of course the same as life repaints) as they occur. I also show arrows (sometimes overlapping) looking at trend direction from different perspectives. On my BestTradingChartSetup everything is at eye level to make trading as easy to follow as possible.