Answers to Commonly Asked Questions

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MerryDay

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Everything you wanted to know about REPAINTING and were afraid to ask
ZigZags, Swings, Waves, Reversals, and Pivots are all repainting indicators.

Repainting is when an indicator triggers (prints an arrow, shows up on a scan/watchlist, sends an alert, buy & sells on back testing, etc) because at that moment it is at a High or Low. But as the price goes down (or up), it erases that signal and puts the high/low signal on the next candle. And so on and on. Showing no history of the many false signals. It only leaves the one perfect high/low signal, long after the trend has finished.

The Negative: Repainting is problematic especially for newer traders. Many of these indicators provide triggers promising that a stock has hit a low (or high) and is indicating NOW NOW NOW is the time to make entry and it can be right, reinforcing their belief that this is a good strategy. But it can also be wrong, it erases that signal, continues to drop like a rock, and crushes previous profits. Just the potential of that possibility causes traders to lack confidence, to leave trades early at the smallest sign of trouble, creating a feedback loop of ever-smaller profits and ever-larger losses.

No, repainting indicators can not be rewritten to not repaint. Repainting is part of their DNA.

Positive Side of these Indicators:
  • Savvy scalpers, who are also using other strategic elements and have expertise in reading price action /candle patterns are known to make use of some repainting indicators because they trigger MUCH faster than the non-repainting. They factor the cost of losses due to phantom signals into their strategy.
  • Swing Traders and Scalpers will sometimes use these indicators to analyze overall trendlines as opposed to looking for specific entry or exit. The caveat being that even if the bar is many many candles past is can STILL REPAINT, the trendline can go from up to down based on new data points. But this is true even when drawing manual trendlines. So I can see the use for utilizing these types of indicators to get a general idea of historical trends.
How do you know if an indicator is a repainting indicator?
If you look at a script and if there is a fold operation using highest and/or lowest that is the indication that it repaints.
Fold is a recursive operation that keeps redefining the highest and lowest and redrawing them.
Generally, if you have an indicator that shows buy and sell signals on your chart and every single signal works out perfectly, such as: Trend Reversals, Zigzags, Swing High, Swing Low, COG, Hurst indicators, some Pivot Points, etc... then most likely that indicator repaints. Looks great for backtesting because all the false signals and bad buy/sells are erased.

Multi-Timeframe REPAINTING-type Behavior
Aetfs.png


Other REPAINTING-type Behavior:
In TOS, an indicator can be triggered and signal prematurely during the formation of a candle because the conditions are met but the signal can disappear by the close of the candle if the conditions for the signal do not hold true. A workaround would be to be scan/alert/paint the arrow on the prior candle and/or do not trigger your scan/watchlist/alert/arrow/signal based on just one study. This holds true for reducing many types of false signals.

This information was compiled from the various posts written about repainting. A search of this forum will provide the detail from which these statements were derived.
HTH
 
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MerryDay

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ToS Platform Limitations

ToS studies can be referenced in custom studies. Custom studies cannot be referenced in another script.
There is not a work_around. :(

The ToS platform does not allow backtesting of anything other than strategies. The Strategy script needs to contain all the conditions necessary to create the AddOrder statement.
 
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MerryDay

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When there is no reply to your question, perhaps it is because it is not clear what you are asking.

Help us help you:
Provide a detail explanation of what you are trying to accomplish.
Provide a marked-up screenshot of what a chart that meets all your conditions would look like.
Unsure of how to upload screenshots to the forum, Here are directions.

When you are posting your question, please follow the guidelines found here:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-58016
 

MerryDay

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Want A TradingView Script Converted To TOS?
Try explaining in detail why you think this improves the existing indicator and how it might enhance our trading. The more abundant the information you provide, the better chance that some enterprising poster might become interested in making enhancements to an existing TOS indicator or even creating one from scratch.

Provide a URL link.
Provide the script that is to be converted.
Provide at least one image of the whole chart and then any close-up screenshots of details you want to highlight.
Unsure of how to upload screenshots to the forum, Here are directions.
 
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MerryDay

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FYI:
Thinkscript does not provide us any means of writing studies that will be interactive with the platform-controlled elements or any ThinkOrSwim modules... Custom modifications are beyond the scope of the capabilities of the platform...

For example:
There are no settings or scripts that would allow the ToS Volume Profile's colors to be changed in this manner as ToS doesn't provide separate buy/sell information in the profile data.

DsuGC1rm.png
 
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MerryDay

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Scans only update every 3-4 minutes.
When EDITING scans, best practices dictate that scans being EDITED be saved with a NEW scan name.

There are short-term issues with EDITING scans. When a scan is edited and you hit scan, it will provide the correct results. But because the scan is not immediately updated on the TDA servers and it will shortly revert to an old version. The new version isn't lost, it just takes "awhile" for the TDA servers to update EDITED scans.

The workaround is when editing a scan, save it with a new name. Thus, nothing for it to revert to.
 
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MerryDay

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WE ASK MEMBERS TO NOT POST CODE FOR THE BACKTESTING OF REPAINTING INDICATORS.
THERE CAN BE NO REALISTIC BACKTESTING RESULTS FOR REPAINTING INDICATORS.
REPAINTING INDICATORS HAVE ERASED ALL THE FAILED SIGNALS. THEREFORE, NONE OF THE FAILED SIGNALS APPEAR IN BACKTESTING RESULTS, MAKING THE RESULTS APPEAR FAVORABLE WHEN IN REALITY THEY ARE NOT.
 
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MerryDay

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The ToS platform utilizes ThinkScript language to create code. ThinkScript makes decisions, using Boolean expressions (true/false) inside conditionals (if/else). Thanks to conditionals, the script can respond differently based on different inputs and parameters.

When asking for something to be scripted:
  • The true / false statements need to be defined.
  • The conditionals need to be defined.
  • The inputs and the parameters need to be defined.
If your request is missing the above, it is less likely that your request will be able to be answered.
 
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