Automatic line creation based on calculation possible?

[badmf]

Hi everyone, thanks for taking the time to read. I think this may already be created/done but I'm not sure how to find it or how to create it..

I take the daily close value of a stock, 20% of the ATR value (7 days), then add/subtract from the close price to set a level for calls and puts. I currently do this on a spreadsheet, which I hate working with. I just move the line daily on stocks I regularly trade, or create it from scratch on new tickers. I would like this done automatically.

Example: GOOGL closed at 2375.69 today ATR was 4.22, 20% of that is 0.84.. I add that to the close and get 2376.53 then substract from the close and get 2374.84.. I put two lines on each of those levels and watch it.. Sometimes I even set alerts, so that would be a perk too.

Is there a way to do this automatically on ToS? Can someone direct me to some scripts I can read through and work with to figure it out. I script in other languages, if that's relevant.

 

[halcyonguy]

Hi everyone, thanks for taking the time to read. I think this may already be created/done but I'm not sure how to find it or how to create it..

I take the daily close value of a stock, 20% of the ATR value (7 days), then add/subtract from the close price to set a level for calls and puts. I currently do this on a spreadsheet, which I hate working with. I just move the line daily on stocks I regularly trade, or create it from scratch on new tickers. I would like this done automatically.

Example: GOOGL closed at 2375.69 today ATR was 4.22, 20% of that is 0.84.. I add that to the close and get 2376.53 then substract from the close and get 2374.84.. I put two lines on each of those levels and watch it.. Sometimes I even set alerts, so that would be a perk too.

Is there a way to do this automatically on ToS? Can someone direct me to some scripts I can read through and work with to figure it out. I script in other languages, if that's relevant.

why do you say ATR of 7 days ?
if i am on a day chart , and ATR is length is 7, then the ATR is 87.
if i set the chart to 5 minutes, with ATR(7), then i get a value of 4.229

this creates 2 lines that matches what you mentioned above
it saves the close from the last bar of the day and the atr from the last bar of the day, and calculates 2 levels, that are drawn on the next day.

# https://usethinkscript.com/threads/finding-the-first-and-last-bar-of-the-day-in-thinkorswim.526/
# find last bar of day
def nan = Double.NaN;
def isRollover = GetYYYYMMDD() != GetYYYYMMDD()[1];
def beforeStart = GetTime() < RegularTradingStart(GetYYYYMMDD());
def afterEnd = GetTime() > RegularTradingEnd(GetYYYYMMDD());
def firstBarOfDay = if (beforeStart[1] == 1 and beforeStart == 0) or (isRollover and beforeStart == 0) then 1 else 0;
def lastBarOfDay = if
    (afterEnd[-1] == 1 and afterEnd == 0) or
    (isRollover[-1] and firstBarOfDay[-1])
    then 1
    else 0;


input agg = AggregationPeriod.DAY;
def dayclsa = close(period = agg)[0];

input atr_per = 20;
input atr_len = 7;

def atra = ATR(atr_len);

# if last bar then atr else keep
def dayclsb;
def atrb;
if lastbarofday then {
    dayclsb = dayclsa;
    atrb = atra;
} else {
    dayclsb = dayclsb[1];
    atrb = atrb[1];
}


def atr7per =  atr_per / 100 * atrb;

def hilevel = dayclsb + atr7per;
def lolevel = dayclsb - atr7per;

plot u = hilevel;
plot l = lolevel;

u.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
u.SetDefaultColor(Color.light_gray);
#u.setlineweight(1);
#u.hidebubble();

l.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
l.SetDefaultColor(Color.light_gray);
#l.setlineweight(1);
#l.hidebubble();

 

[badmf]

why do you say ATR of 7 days ?
if i am on a day chart , and ATR is length is 7, then the ATR is 87.
if i set the chart to 5 minutes, with ATR(7), then i get a value of 4.229

this creates 2 lines that matches what you mentioned above
it saves the close from the last bar of the day and the atr from the last bar of the day, and calculates 2 levels, that are drawn on the next day.

# https://usethinkscript.com/threads/finding-the-first-and-last-bar-of-the-day-in-thinkorswim.526/
# find last bar of day
def nan = Double.NaN;
def isRollover = GetYYYYMMDD() != GetYYYYMMDD()[1];
def beforeStart = GetTime() < RegularTradingStart(GetYYYYMMDD());
def afterEnd = GetTime() > RegularTradingEnd(GetYYYYMMDD());
def firstBarOfDay = if (beforeStart[1] == 1 and beforeStart == 0) or (isRollover and beforeStart == 0) then 1 else 0;
def lastBarOfDay = if
    (afterEnd[-1] == 1 and afterEnd == 0) or
    (isRollover[-1] and firstBarOfDay[-1])
    then 1
    else 0;


input agg = AggregationPeriod.DAY;
def dayclsa = close(period = agg)[0];

input atr_per = 20;
input atr_len = 7;

def atra = ATR(atr_len);

# if last bar then atr else keep
def dayclsb;
def atrb;
if lastbarofday then {
    dayclsb = dayclsa;
    atrb = atra;
} else {
    dayclsb = dayclsb[1];
    atrb = atrb[1];
}


def atr7per =  atr_per / 100 * atrb;

def hilevel = dayclsb + atr7per;
def lolevel = dayclsb - atr7per;

plot u = hilevel;
plot l = lolevel;

u.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
u.SetDefaultColor(Color.light_gray);
#u.setlineweight(1);
#u.hidebubble();

l.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
l.SetDefaultColor(Color.light_gray);
#l.setlineweight(1);
#l.hidebubble();

Thank you very much, this gives me something to work with.

In response to your ATR 7 question. It is because I want to capture an average of the prices range. Sometimes I use 5 days, or 10 days depending on the recent size of candles but I get this number from the Daily chart but the ATR indicator is set to 7 for length. I find 7 to work pretty well pretty often. Sometimes a stock will move very little but have a huge trend day that skews off the average so ATR needs to be played with. I use 20-30% of the ATR range (20% * value). This isn't an exact science it just lets me find a few levels to easily target for going long or short, often I manually adjust when I am looking at the chart on lower time frames to find a more precise significant level. But this keeps me out of using major pivots that would limit my ability to make profits. I trade mainly intraday, a long swing for me is 2-3 days at most and never over a weekend/holiday.

I compared the script to my manually created lines and something is not right. I'm going to try to explain what I'm trying to do automatically..

Market closed, stock closed at $10.00 today and the ATR for the day was $1.00 so the 20% of that would be .20 I would subtract that from the close and draw a line at $9.80 and I would take the .20 and add that to the close and draw a line at $10.20 this would be levels for tomorrow.

Thank you once again this is very helpful!