Repaints B4 Balanced BB Breakout For ThinkOrSwim

[Chuck]

Is there any new version released, I will take it up for scanner

Not just yet. I will keep updating the first page of this post. We might have different versions available here shortly.

 

[optionsRS]

@barbaros,

I noticed that when trending Rising appears on your label it is dark red, Shouldn't it turn a shade of green when rising? Also I am testing a version I built with the additions of fractal energy and divergence to identify strong trends. I am very excited about how it is performing. I would like you to take a look at it. You will not regret it. bro.chuck.edwards[?]gmail.?

Dark green dot - after the finish of the candle? I'm trying to understand at what point dot is changing from light green to dark green

 

[optionsRS]

Not just yet. I will keep updating the first page of this post. We might have different versions available here shortly.

looking forward so we can test it out this weekend

 

[Chuck]

Emailing you right after this.

There are 2 labels on the left top. One is the "Market Forecast". I reformatted this but didn't change the logic. Market forecast can be rising, but it can be still below 20. If it is, then it will be red. "Trend" label is for MACDBB. Same for that too. It could be below the band and raising but still down trend.

No mail yet

 

[barbaros]

No mail yet

Just sent.

 

[Chuck]

Just sent.

Just replied

 

[mashume]

@barbaros,

I noticed that when trending Rising appears on your label it is dark red, Shouldn't it turn a shade of green when rising? Also I am testing a version I built with the additions of fractal energy and divergence to identify strong trends. I am very excited about how it is performing. I would like you to take a look at it. You will not regret it. bro.chuck.edwards[?]gmail.?

Ooooh... Fractal Energy. Sounds intriguing! I'm looking forward to seeing that one when you've got it ready for public consumption!

-mashume

 

[Chuck]

Ooooh... Fractal Energy. Sounds intriguing! I'm looking forward to seeing that one when you've got it ready for public consumption!

-mashume

@mashume, you should....It works in conjunction with the divergence portion of your,"Hull Moving Average Concavity and Turning Points". Script. I was wondering if you could take a look see at it to work out some kinks. I dont want to post it here , as to not clog up the trend with unfinished untested versions etc. Especially ones I have thrown together. Email me if you can!!!

 

[Chuck]

https://imgur.com/a/eo8S4HJ

 

[optionsRS]

https://imgur.com/a/eo8S4HJ

looks yummy! waiting for the new code

 

[mashume]

email sent

 

[Chuck]

email sent

Got it

 

[joe362]

Got it

can you send the scrip for me?

 

[optionsRS]

https://imgur.com/a/eo8S4HJ

Hey Chuck, i'm wondering, did you guys use the Dix market forecast indicator or tweaked version?

https://usethinkscript.com/threads/here-are-some-of-the-indicators-i-use-every-day.4114/post-59223

 

[Chuck]

Hey Chuck, i'm wondering, did you guys use the Dix market forecast indicator or tweaked version?

https://usethinkscript.com/threads/here-are-some-of-the-indicators-i-use-every-day.4114/post-59223

No, I used the original, that is nice

 

[barbaros]

Everyone, here is the new beta.

# Balanced BB Breakout Indicator
# Free for use. Header credits must be included when any form of the code included in this package is used.
# User assumes all risk. Author not responsible for errors or use of tool.
# v1.2 - Assembled by Chuck Edwards
# v2.0 - Barbaros - cleanup
# v2.1 - Barbaros - added RSI IFT, NumberOfShares, BB crossing options
# v2.2 - Barbaros - fixed PnL issues and removed intraDay filter
# v2.3 - Barbaros - changed input and variable names, RSM is re-done
# beta - Barbaros - removed PnL, added strategy signal arrows and alerts,
#                   added Fibonacci SuperTrend, added unified bar color selection

declare lower;

### Market Forecast

def pIntermediate = MarketForecast().Intermediate;

AddLabel(yes,
    "Market Forecast " +
    if pIntermediate >= 80 then "Bullish" else
    if pIntermediate <= 20 then "Bearish" else
    if pIntermediate > pIntermediate[1] then "Rising" else
    if pIntermediate < pIntermediate[1] then "Falling" else "Neutral",
    if pIntermediate >= 80 then CreateColor(204, 255, 204) else # Pre_Cyan
    if pIntermediate <= 20 then Color.RED else
    if pIntermediate > pIntermediate[1] then CreateColor(0, 165, 0) else # LabelGreen
    if pIntermediate < pIntermediate[1] then Color.RED else Color.LIGHT_GRAY
);

### MACDBB

input MACDBB_FastLength = 12;
input MACDBB_SlowLength = 26;
input MACDBB_Length = 25;
input MACDBB_BandLength = 15;
input MACDBB_NumDev = 1.0;

def MACDBB_Data = MACD(fastLength = MACDBB_FastLength, slowLength = MACDBB_SlowLength, MACDLength = MACDBB_Length);

plot MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;
MACDBB_Upper.SetDefaultColor(Color.RED);
MACDBB_Upper.HideTitle();
MACDBB_Upper.HideBubble();

plot MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
MACDBB_Lower.SetDefaultColor(Color.GREEN);
MACDBB_Lower.HideTitle();
MACDBB_Lower.HideBubble();

plot MACDBB_Midline = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                               Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).MidLine;
MACDBB_Midline.SetDefaultColor(Color.LIGHT_RED);
MACDBB_Midline.SetStyle(Curve.FIRM);
MACDBB_MidLine.HideTitle();
MACDBB_MidLine.HideBubble();

plot MACDBB_Line = MACDBB_Data;
MACDBB_Line.AssignValueColor(
    if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.DARK_GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.RED else
    if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.DARK_RED
    else Color.GRAY
);
MACDBB_Line.SetLineWeight(1);

plot MACDBB_Dots = MACDBB_Data;
MACDBB_Dots.AssignValueColor(
    if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
    else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
    else Color.GRAY
);
MACDBB_Dots.SetPaintingStrategy(PaintingStrategy.LINE_VS_POINTS);
MACDBB_Dots.SetLineWeight(1);
MACDBB_Dots.HideTitle();
MACDBB_Dots.HideBubble();

input MACDBB_CrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input MACDBB_CrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};

def MACDBB_CrossFromAboveVal = if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Lower then MACDBB_Lower
                               else if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Upper then MACDBB_Upper
                              else 0;
def MACDBB_CrossFromBelowVal = if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Lower then MACDBB_Lower
                               else if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Upper then MACDBB_Upper
                               else 0;

def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;

AddLabel(yes,
    "Trend " +
    if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Bullish"
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Falling"
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Bearish"
    else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Rising"
    else "Neutral",
    if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
    else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
    else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
    else Color.GRAY
);

### Keltner Channels

input Keltner_Factor = 1.5;
input Keltner_length = 20;
input Keltner_AverageType = AverageType.EXPONENTIAL;
input Keltner_TrueRangeAverageType = AverageType.EXPONENTIAL;

def Keltner_Shift = Keltner_Factor * MovingAverage(Keltner_TrueRangeAverageType, TrueRange(high, close, low), Keltner_length);
def Keltner_Average = MovingAverage(Keltner_AverageType, close, Keltner_length);
def Keltner_Upper_Band = Keltner_Average + Keltner_Shift;
def Keltner_Lower_Band = Keltner_Average - Keltner_Shift;

### Bollinger Bands

input BB_Length = 20;
input BB_NumDevDn = -2.0;
input BB_NumDevUp = 2.0;
input BB_AverageType = AverageType.SIMPLE;

def BB_SDev = StDev(data = close, length = BB_Length);
def BB_MidLine = MovingAverage(BB_AverageType, data = close, length = BB_Length);
def BB_LowerBand = BB_MidLine + BB_NumDevDn * BB_SDev;
def BB_UpperBand = BB_MidLine + BB_NumDevUp * BB_SDev;

# BB Cloud

AddCloud(if BB_UpperBand <= Keltner_Upper_Band and BB_LowerBand >= Keltner_Lower_Band then MACDBB_Upper else MACDBB_Lower, MACDBB_Lower, Color.YELLOW);
AddCloud(MACDBB_Upper, MACDBB_Lower, Color.LIGHT_RED);

### RSI/STOCASTIC/MACD CONFLUENCE COMBO

plot RSM_MACD_Diff = reference MACD("fast length" = 12, "slow length" = 26, "macd length" = 9).Diff;
RSM_MACD_Diff.SetDefaultColor(GetColor(5));
RSM_MACD_Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RSM_MACD_Diff.SetLineWeight(4);
RSM_MACD_Diff.DefineColor("Positive and Up", Color.GREEN);
RSM_MACD_Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
RSM_MACD_Diff.DefineColor("Negative and Down", Color.RED);
RSM_MACD_Diff.DefineColor("Negative and Up", Color.DARK_RED);
RSM_MACD_Diff.AssignValueColor(
    if RSM_MACD_Diff >= 0 then
        if RSM_MACD_Diff > RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Positive and Up") else RSM_MACD_Diff.Color("Positive and Down")
    else
        if RSM_MACD_Diff < RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Negative and Down") else RSM_MACD_Diff.Color("Negative and Up")
);

plot RSM_MACD_ZeroLine = 0;
RSM_MACD_ZeroLine.SetDefaultColor(Color.RED);
RSM_MACD_ZeroLine.HideTitle();
RSM_MACD_ZeroLine.HideBubble();

def RSM_RSI = reference RSI(length = 7).RSI;

def RSM_Stoch_Val = 100 * (close - lowest(low, 14)) / (highest(high, 14) - lowest(low, 14));
def RSM_StochSlowK = SimpleMovingAvg(SimpleMovingAvg(RSM_Stoch_Val,3),3);

def RSM_rsiGreen = RSM_RSI >= 50;
def RSM_rsiRed = RSM_RSI < 50;
def RSM_stochGreen = RSM_StochSlowK >= 50;
def RSM_stochRed = RSM_StochSlowK < 50;
def RSM_macdGreen = RSM_MACD_Diff >= 0;
def RSM_macdRed = RSM_MACD_Diff < 0;
def RSM_Buy = RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen;
def RSM_Sell = RSM_rsiRed and RSM_stochRed and RSM_macdRed;

# Shade areas based on criteria; adjust as needed

AddCloud(
    if RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.POSITIVE_INFINITY else Double.NaN,
    if RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN
);
AddCloud(
    if RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.POSITIVE_INFINITY else Double.NaN,
    if RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED
);

### Balance of Power

input BOP_EMA_Length = 20;
input BOP_TEMA_Length = 20;

def BOP_THL = If(high != low, high - low, 0.01);
def BOP_BullOpen = (high - open) / BOP_THL;
def BOP_BearOpen = (open - low) / BOP_THL;
def BOP_BullClose = (close - low) / BOP_THL;
def BOP_BearClose = (high - close) / BOP_THL;
def BOP_BullOC = If(close > open, (close - open) / BOP_THL, 0);
def BOP_BearOC = If(open > close, (open - close) / BOP_THL, 0);
def BOP_BullReward = (BOP_BullOpen + BOP_BullClose + BOP_BullOC) / 1;
def BOP_BearReward = (BOP_BearOpen + BOP_BearClose + BOP_BearOC) / 1;

def BOP_BOP = BOP_BullReward - BOP_BearReward;
def BOP_SmoothBOP = ExpAverage(BOP_BOP, BOP_EMA_Length);
def BOP_xPrice = BOP_SmoothBOP;
def BOP_xEMA1 = ExpAverage(BOP_SmoothBOP, BOP_TEMA_Length);
def BOP_xEMA2 = ExpAverage(BOP_xEMA1, BOP_TEMA_Length);
def BOP_xEMA3 = ExpAverage(BOP_xEMA2, BOP_TEMA_Length);
def BOP_nRes = 3 * BOP_xEMA1 - 3 * BOP_xEMA2 + BOP_xEMA3;

def BOP_SmootherBOP = BOP_nRes;
def BOP_s1 = BOP_SmoothBOP;
def BOP_s2 = BOP_SmootherBOP;
def BOP_s3 = BOP_SmootherBOP[2];
def BOP_Direction = if BarNumber() == 1 then 0
                    else if BOP_s2 < BOP_s3 and BOP_s2[1] > BOP_s3[1] then -1
                    else if BOP_s2 > BOP_s3 and BOP_s2[1] < BOP_s3[1] then 1
                    else BOP_Direction[1];

### RSI IFT

def RSI_IFT_R = reference RSI(5, close) - 50;
def RSI_IFT_AvgRSI = MovingAverage(AverageType.Exponential,RSI_IFT_R,9);
def RSI_IFT_InverseRSI = (Power(Double.E, 2 * RSI_IFT_AvgRSI) - 1) / (Power(Double.E, 2 * RSI_IFT_AvgRSI) + 1);
def RSI_IFT_Direction = if BarNumber() == 0 then 0
                        else if (RSI_IFT_InverseRSI[1] > 0) and (RSI_IFT_InverseRSI < 0) then -1
                        else if (RSI_IFT_InverseRSI > 0) and (RSI_IFT_InverseRSI[1] < 0) then 1
                        else RSI_IFT_Direction[1];

### Fibonacci SuperTrend

input FST_Length = 11;
input FST_Retrace = 23.6;
input FST_UseHighLow = yes;

def FST_h = if FST_UseHighLow then high else close;
def FST_l = if FST_UseHighLow then low else close;
def FST_minL = Lowest(FST_l, FST_Length);
def FST_maxH = Highest(FST_h, FST_Length);

def FST_hh = if FST_h > FST_maxH[1] then FST_h else FST_hh[1];
def FST_ll = if FST_l < FST_minL[1] then FST_l else FST_ll[1];
def FST_trend = if FST_h > FST_maxH[1] then 1 else if FST_l < FST_minL[1] then -1 else FST_trend[1];
def FST_Direction = if BarNumber() == 0 then 0
                    else if FST_trend != 1 then -1
                    else if FST_trend == 1 then 1
                    else FST_Direction[1];

### Bar Color

input BarColor = { "None", default "RSM", "FibonacciSuperTrend" };

AssignPriceColor(
    if BarColor == BarColor.FibonacciSuperTrend then
        if FST_trend == 1 then Color.GREEN else Color.RED
    else if BarColor == BarColor.RSM then
        if RSM_Buy then Color.GREEN
        else if RSM_Sell then Color.RED
        else Color.DARK_GRAY
    else Color.CURRENT
);

### Strategy

input BullBear = { "BalanceOfPower", "FibonacciSuperTrend", default "RSI_IFT" };

def BullBear_Buy = if BullBear == BullBear.BalanceOfPower then BOP_Direction == 1
                   else if BullBear == BullBear.FibonacciSuperTrend then FST_Direction == 1
                   else if BullBear == BullBear.RSI_IFT then RSI_IFT_Direction == 1
                   else no;
def BullBear_Sell = if BullBear == BullBear.BalanceOfPower then BOP_Direction == -1
                    else if BullBear == BullBear.FibonacciSuperTrend then FST_Direction == -1
                    else if BullBear == BullBear.RSI_IFT then RSI_IFT_Direction == -1
                    else no;

AddVerticalLine(BullBear_Buy and !BullBear_Buy[1], close, Color.GREEN, Curve.SHORT_DASH);
AddVerticalLine(BullBear_Sell and !BullBear_Sell[1], close, Color.RED, Curve.SHORT_DASH);

def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;
def Strategy_BuySignal = Strategy_Buy and !Strategy_Buy[1];
def Strategy_SellSignal = Strategy_Sell and !Strategy_Sell[1];

plot BuyArrow = if Strategy_BuySignal then 0 else Double.NaN;
BuyArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
BuyArrow.SetDefaultColor(Color.WHITE);
BuyArrow.HideTitle();
BuyArrow.HideBubble();

plot SellArrow = if Strategy_SellSignal then 0 else Double.NaN;
SellArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SellArrow.SetDefaultColor(Color.WHITE);
SellArrow.HideTitle();
SellArrow.HideBubble();

### Alerts

Alert(Strategy_BuySignal, "Long Entry", Alert.BAR, Sound.DING);
Alert(Strategy_SellSignal, "Short Entry", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses above MACDBB_CrossFromAboveVal, "MACDBB Crossed Up", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses below MACDBB_CrossFromBelowVal, "MACDBB Crossed Down", Alert.BAR, Sound.DING);

 

[optionsRS]

awesome! I'm wide awake even at 12:30 am EST and waiting for your code. Now, time to test. Thank you

 

[optionsRS]

No, I used the original, that is nice

okay! did you just use only the label correct? i don't see any lines in your code vs the original one. thank you

 

[svencool]

I use the Market Forecast to find buying and selling opportunities based on several timeframes. It gauges “Momentum”, in this case Intermediate. It cycles on daily, weekly, and monthly basis, respectively.

For a swing trade entry:

I use a top-down process starting with the monthly chart

I then look at the weekly chart

Then I go to the daily chart

Then on to the hourly chart

In my opinion that should be the process involved in a day trade as well. The Balanced BB Breakout is a good resource in my opinion to confirm buy signals on all timeframes prior to entry.

@Chuck @barbaros Very Interesting, Being I have a day job and and am getting into swing trading using Hourly/Daily/Weekly Charts. Will this indicator work on those time frames as I see lots of comments and intraday use? Thanks

 

[barbaros]

@Chuck @barbaros Very Interesting, Being I have a day job and and am getting into swing trading using Hourly/Daily/Weekly Charts. Will this indicator work on those time frames as I see lots of comments and intraday use? Thanks

It works on all timeframes.