@BenTen @cos251 @diazlaz
Sorry to bother you guys but if someone has any free time to help out a fellow member @Chuck with his Balance BB Breakout (Balance of Power) Indicator that he has combined with @cos251 RSM indicator, EMA and TEMA, Keltner Channels, Bolinger Bands, Multiple labels all in a lower indicator which lets you check your P/L just by tweaking the time frames to see which time frames are most profitable...
Maybe @diazlaz and @cos251 (who have experience combinng and incorporating multiple indicators and scans) can help @Chuck tweak his settings,help fine tuning and have any suggestion for his Balance of Power (Balance BB Breakout) lower indicator and also helping setting up a scan and watchlist for the Balance BB Breakout.
Any help for @Chuck would be greatly appreciated. I know you guys are super busy but I figured I'd at least reach out and try to help him out. Thanks in advance, hope all you guys and your families are/stay safe
Here is the link, pic and the script...
Link:
https://tos.mx/GaYtlPX
Pic:
Script:
# Balanced BB Breakout Indicator
# Assembled by Chuck Edwards
# V1.2
# 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.
#################################################################
#################### TOS MARKET FORECAST #######################
#################################################################
#Edited by Chuck_E
declare lower;
def pIntermediate = MarketForecast()."Intermediate" ;
DefineGlobalColor("Pre_Cyan", CreateColor(204, 255, 204)) ;
DefineGlobalColor("LabelGreen", CreateColor(0, 165, 0)) ;
AddLabel(yes,
if pIntermediate >= 80 then "Market Forecast Bullish" else
if pIntermediate <= 20 then "Market Forecast Bearish" else
if pIntermediate > pIntermediate[1] then "Market Forecast Rising" else
if pIntermediate < pIntermediate[1] then "Market Forecast Falling" else " ",
if pIntermediate >= 80 then GlobalColor("Pre_Cyan") else
if pIntermediate <= 20 then Color.RED else
if pIntermediate > pIntermediate[1] then GlobalColor("LabelGreen") else
if pIntermediate < pIntermediate[1] then Color.RED else Color.LIGHT_GRAY);
################################################################
#################### MACD_BB ##########################
################################################################
# By Eric Purdy, Thinkscripter LLC
# Modification to color scheme by Rick_K 12/26/20.
# Edited color scheme Chuck_E 02/23/21.
###### MACD
input price = close;
input BBlength = 15;
input BBNum_Dev = 1.0;
input MACDfastLength = 12;
input MACDslowLength = 26;
input fastLengthMACD = 12;
input slowLengthMACD = 26;
input MACDLength = 25;
input averageTypeMACD = AverageType.WEIGHTED;
input showBreakoutSignals = no;
def MACD_Data = MACD(fastLength = MACDfastLength, slowLength = MACDslowLength, MACDLength = MACDLength);
plot MACD_Dots = MACD_Data;
plot MACD_Line = MACD_Data;
plot BB_Upper = reference BollingerBands(price = MACD_Line, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
plot BB_Lower = reference BollingerBands(price = MACD_Line, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
plot BB_Midline = reference BollingerBands(price = MACD_Line, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;
BB_Upper.SetDefaultColor(Color.RED);
BB_Lower.SetDefaultColor(Color.GREEN);
BB_Midline.SetDefaultColor(Color.LIGHT_RED);
BB_Midline.SetStyle(Curve.FIRM);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] then Color.GREEN else Color.RED);
MACD_Line.AssignValueColor(if MACD_Line > MACD_Line[1] and MACD_Line >= BB_Upper then Color.GREEN else if MACD_Line < MACD_Line[1] and MACD_Line >= BB_Upper then Color.DARK_GREEN else if MACD_Line < MACD_Line[1] and MACD_Line <= BB_Lower then Color.RED else if MACD_Line > MACD_Line[1] and MACD_Line <= BB_Lower then Color.DARK_RED else Color.GRAY);
MACD_Line.SetLineWeight(1);
MACD_Dots.AssignValueColor(if MACD_Line > MACD_Line[1] then Color.GREEN else Color.RED);
MACD_Dots.AssignValueColor(if MACD_Line > MACD_Line[1] and MACD_Line > BB_Upper then Color.GREEN else if MACD_Line < MACD_Line[1] and MACD_Line > BB_Upper then Color.DARK_GREEN else if MACD_Line < MACD_Line[1] and MACD_Line < BB_Lower then Color.RED else if MACD_Line > MACD_Line[1] and MACD_Line < BB_Lower then Color.DARK_RED else Color.GRAY);
MACD_Dots.SetPaintingStrategy(PaintingStrategy.LINE_VS_POINTS);
MACD_Dots.SetLineWeight(1);
def zero = 0;
###### Keltner Channels
input displace = 0;
input factor = 1.5;
input length = 20;
input averageType = AverageType.EXPONENTIAL;
input trueRangeAverageType = AverageType.EXPONENTIAL;
def shift = factor * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def average = MovingAverage(averageType, price, length);
#def Avg = average[-displace];
def Upper_Band = average[-displace] + shift[-displace];
def Lower_Band = average[-displace] - shift[-displace];
###### Bollinger Bands
input BBLength2 = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;
input bb_averageType = AverageType.SIMPLE;
def sDev = StDev(data = price[-displace], length = BBLength2);
def MidLine = MovingAverage(bb_averageType, data = price[-displace], length = BBLength2);
def LowerBand = MidLine + Num_Dev_Dn * sDev;
def UpperBand = MidLine + Num_Dev_up * sDev;
###### Add Cloud
AddCloud(if UpperBand <= Upper_Band and LowerBand >= Lower_Band then BB_Upper else BB_Lower, BB_Lower, Color.YELLOW);
AddCloud( BB_Upper, BB_Lower, Color.LIGHT_RED );
###### Add Alert
def bull_cross = MACD_Line crosses above zero;
def bear_cross = MACD_Line crosses below zero;
Alert(bull_cross, "Time to Buy", Alert.BAR, Sound.Chimes);
Alert(bear_cross, "Time to Sell", Alert.BAR, Sound.Bell);
################################################################
########## RSI/STOCASTIC/MACD CONFLUENCE COMBO #############
################################################################
#CHANGELOG
# 2020.10.27 V1.0 @cos251 - Added RSI, StochasticSlow and MACD to same indicator; this will plot only MACD but also
# - calculates RSI and Sotchasit; Will shade the lower plot area of the following conditions are met
# Shade GREEN = RSI > 50 and SlowK > 50 and (macd)Value > (macd)Avg
# Shade RED = RSI < 50 and SlowK < 50 and (macd)Value < (macd)Avg
#REQUIREMENTS - RSI Set to 7, EXPONENTIAL
# Stoch Slow 5(not14) and 3 WILDERS
# MACD 12,26,9 WEIGHTED
#CREDITS
# requesed by "@Joseph Patrick 18"
#LINK
#
https://rockwell-files.s3.amazonaws.com/PXCompanionGuide2ndEd_cover.pdf
# Markus Heikoetter who is the author of the Power X Strategy
#
https://usethinkscript.com/threads/mimicking-power-x-strategy-by-markus-heitkoetter.4283/
#Edited by Chuck_E
def Value = MovingAverage(averageTypeMACD, close, fastLengthMACD) - MovingAverage(averageTypeMACD, close, slowLengthMACD);
def Avg = MovingAverage(averageTypeMACD, Value, MACDLength);
plot Diff = Value - Avg;
plot ZeroLine = 0;
plot UpSignalMACD = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;
plot DownSignalMACD = if Diff crosses below ZeroLine then ZeroLine else Double.NaN;
UpSignalMACD.SetHiding(!showBreakoutSignals);
DownSignalMACD.SetHiding(!showBreakoutSignals);
#Value.SetDefaultColor(Color.GREEN);
#Avg.SetDefaultColor(Color.RED);
Diff.SetDefaultColor(GetColor(5));
Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Diff.SetLineWeight(4);
Diff.DefineColor("Positive and Up", Color.GREEN);
Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
Diff.DefineColor("Negative and Down", Color.RED);
Diff.DefineColor("Negative and Up", Color.DARK_RED);
Diff.AssignValueColor(if Diff >= 0 then if Diff > Diff[1] then Diff.Color("Positive and Up") else Diff.Color("Positive and Down") else if Diff < Diff[1] then Diff.Color("Negative and Down") else Diff.Color("Negative and Up"));
ZeroLine.SetDefaultColor(Color.RED);
UpSignalMACD.SetDefaultColor(Color.UPTICK);
UpSignalMACD.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignalMACD.SetDefaultColor(Color.DOWNTICK);
DownSignalMACD.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
###### RSI
input lengthRSI = 7;
input over_BoughtRSI = 70;
input over_SoldRSI = 30;
input averageTypeRSI = AverageType.EXPONENTIAL;
def NetChgAvg = MovingAverage(averageTypeRSI, price - price[1], lengthRSI);
def TotChgAvg = MovingAverage(averageTypeRSI, AbsValue(price - price[1]), lengthRSI);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);
###### Stochastic Slow
input over_boughtSt = 80;
input over_soldSt = 20;
input KPeriod = 5;#5
input DPeriod = 3;
input priceH = high;
input priceL = low;
input priceC = close;
input averageTypeStoch = AverageType.WILDERS;
input showBreakoutSignalsStoch = {default "No", "On SlowK", "On SlowD", "On SlowK & SlowD"};
def SlowK = reference StochasticFull(over_boughtSt, over_soldSt, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageTypeStoch).FullK;
def SlowD = reference StochasticFull(over_boughtSt, over_soldSt, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageTypeStoch).FullD;
###### Check for signals > 50 and macd Value > Avg
def rsiGreen = if RSI >= 50 then 1 else Double.NaN;
def rsiRed = if RSI < 50 then 1 else Double.NaN;
def stochGreen = if SlowK >= 50 then 1 else Double.NaN;
def stochRed = if SlowK < 50 then 1 else Double.NaN;
def macdGreen = if Value > Avg then 1 else Double.NaN;
def macdRed = if Value < Avg then 1 else Double.NaN;
###### Shade areas based on criteria; adjust as needed
AddCloud(if rsiGreen and stochGreen and macdGreen then Double.POSITIVE_INFINITY else Double.NaN, if rsiGreen and stochGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN);
AddCloud(if rsiRed and stochRed and macdRed then Double.POSITIVE_INFINITY else Double.NaN, if rsiRed and stochRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED);
################################################################
########## Variables #########
################################################################
#input aggPeriod = AggregationPeriod.MIN;
def aggPeriod = GetAggregationPeriod();
input paintBars = yes;
input showRSMShade = no;
input tradetype = { "long", "short", default "both" };
input showTrendLabels = no;
input showIndLabels = no;
input rangeType = { default "ADR", "ATR" };
input plotADR = yes;
input showADRZones = no;
input showADRLabels = no;
################################################################
########## Assign Price Color #########
################################################################
#AssignPriceColor
AssignPriceColor(if paintBars and RSI >= 50 and SlowK >= 50 and Value > Avg then Color.GREEN else if paintBars and RSI < 50 and SlowK < 50 and Value < Avg then Color.RED else if paintBars then Color.DARK_GRAY else Color.CURRENT);
#################################################################
############ BALANCE OF POWER TREND ############################
#################################################################
# Assembled by BenTen at useThinkScript.com
# Converted from
https://www.tradingview.com/script/XldP1lmA/
input EMA = 20;
input TEMA = 20;
input high_l = 0.1;
input low_l = -0.1;
def THL = If(high != low, high - low, 0.01);
def BullOpen = (high - open) / THL;
def BearOpen = (open - low) / THL;
def BullClose = (close - low) / THL;
def BearClose = (high - close) / THL;
def BullOC = If(close > open, (close - open) / THL, 0);
def BearOC = If(open > close, (open - close) / THL, 0);
def BullReward = (BullOpen + BullClose + BullOC) / 1;
def BearReward = (BearOpen + BearClose + BearOC) / 1;
def BOP = BullReward - BearReward;
def SmoothBOP = ExpAverage(BOP, EMA);
def xPrice = SmoothBOP;
def xEMA1 = ExpAverage(SmoothBOP, TEMA);
def xEMA2 = ExpAverage(xEMA1, TEMA);
def xEMA3 = ExpAverage(xEMA2, TEMA);
def nRes = 3 * xEMA1 - 3 * xEMA2 + xEMA3;
def SmootherBOP = nRes;
def s1 = SmoothBOP;
def s2 = SmootherBOP;
def s3 = SmootherBOP[2];
####### Vertical Lines
def short = s2 < s3 and s2[1] > s3[1];
def long = s2 > s3 and s2[1] < s3[1];
AddVerticalLine(short, close, Color.RED, Curve.SHORT_DASH);
AddVerticalLine(long, close, Color.GREEN, Curve.SHORT_DASH);
###### P/L Statement
input PandL_Label = Yes;
def orderDir = CompoundValue(1, if s2 < s3 then 1 else if s2 > s3 then -1 else orderDir[1], 0);
def isOrder = orderDir crosses 0;
def orderCount = CompoundValue(1, if IsNaN(isOrder) then 0 else if isOrder then orderCount[1] + 1 else orderCount[1], 0);
def noBar = IsNaN(open[-1]);
def orderPrice = if isOrder then if noBar then close else open[-1] else orderPrice[1];
def profitLoss = if !isOrder or orderCount == 1
then 0
else if orderDir < 0 then orderPrice[1] - orderPrice
else if orderDir > 0 then orderPrice - orderPrice[1] else 0;
#else if orderDir > 0 then orderPrice[1] - orderPrice
#else if orderDir < 0 then orderPrice - orderPrice[1] else 0;
#def profitLoss = if !isOrder or orderCount == 1 then 0 else orderPrice - orderPrice[1];
def profitLossSum = CompoundValue(1, if IsNaN(isOrder) then 0 else if isOrder then profitLossSum[1] + profitLoss else profitLossSum[1], 0);
def orderWinners = CompoundValue(1, if IsNaN(isOrder) then orderWinners[1] else if orderCount > 1 and profitLoss > 0 then orderWinners[1] + 1 else orderWinners[1], 0);
###### Add Label
AddLabel(PandL_Label, orderCount + " orders (" + AsPercent(orderWinners / orderCount) + ") | P/L " + AsDollars ((profitLossSum / TickSize()) * TickValue()), if profitLossSum > 0 then Color.GREEN else if profitLossSum < 0 then Color.RED else Color.GRAY);
#------ End Balanced BB Breakout Indicator
Thanks
Joe
