Everything you wanted to know about REPAINTING and were afraid to ask
ZigZags, Swings, Waves, Reversals, and Pivots are all repainting indicators.
No, repainting indicators can not be rewritten to not repaint. Repainting is part of their DNA.
Repainters are the FASTEST way to find and be alerted to tops and bottoms which make them the preferred indicators for shorter timeframes.
But because repainters are such prolific liars, these studies should ONLY be used to make entry by traders proficient in using them in correlation with price action, candlestick patterns, a disciplined stop-loss plan, and the fortitude to weather the losses that come with the false signals.
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.
Positive Side of these Indicators:
They are written specifically to repaint.
Repainter's proper use, by most traders, is not for entry but for analyzing trendlines and support & resistance.
They purposely repaint when trends change and when support or resistance are broken through thus providing up-to-date data as to the state of our trend.
Never use a repainter for entry in isolation!
Both up and down signals will repaint.
You will see more buy arrow repainting when the instrument has a strong bearish trend. As it makes new lows the previous up signals will be erased.
You will see more sell arrow repainting when the instrument has a bullish trend. As it makes new highs the previous down signals will be erased.
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. all Waves, 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
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
ZigZags, Swings, Waves, Reversals, and Pivots are all repainting indicators.
No, repainting indicators can not be rewritten to not repaint. Repainting is part of their DNA.
Repainters are the FASTEST way to find and be alerted to tops and bottoms which make them the preferred indicators for shorter timeframes.
But because repainters are such prolific liars, these studies should ONLY be used to make entry by traders proficient in using them in correlation with price action, candlestick patterns, a disciplined stop-loss plan, and the fortitude to weather the losses that come with the false signals.
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.
Positive Side of these Indicators:
They are written specifically to repaint.
Repainter's proper use, by most traders, is not for entry but for analyzing trendlines and support & resistance.
They purposely repaint when trends change and when support or resistance are broken through thus providing up-to-date data as to the state of our trend.
Never use a repainter for entry in isolation!
Both up and down signals will repaint.
You will see more buy arrow repainting when the instrument has a strong bearish trend. As it makes new lows the previous up signals will be erased.
You will see more sell arrow repainting when the instrument has a bullish trend. As it makes new highs the previous down signals will be erased.
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. all Waves, 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
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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