Repaints B4 Balanced BB Breakout For ThinkOrSwim

[barbaros]

Everyone, here is a proposal for the scanner. Please note that ToS cannot run complex scripts. Due to this, I had to remove Market Forecast, Concavity and Squeeze. I wish we could have all those in as options, but ToS errors out that script is too complex.

Most options are kept. It works exactly like the chart arrows. If you want buy signal, you set the value to 1. If you want sell signal, you set the value to -1.

# Balanced BB Breakout Scanner
#
# 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 - Scanner Update, removed Market Forecast, HULL Concavity and Squeeze due to ToS limitation

### 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);
def MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;;
def MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;

### RSI/STOCASTIC/MACD CONFLUENCE COMBO

def RSM_MACD_Diff = reference MACD(fastLength = 12, slowLength = 26, MACDLength = 9).Diff;
def RSM_MACD_ZeroLine = 0;
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;

### 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];

### 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;

def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;

plot StrategyArrow = if Strategy_Buy and !Strategy_Buy[1] then 1
                    else if Strategy_Sell and !Strategy_Sell[1] then -1
                    else 0;

 

[nitrous]

Everyone, here is a proposal for the scanner. Please note that ToS cannot run complex scripts. Due to this, I had to remove Market Forecast, Concavity and Squeeze. I wish we could have all those in as options, but ToS errors out that script is too complex.

Most options are kept. It works exactly like the chart arrows. If you want buy signal, you set the value to 1. If you want sell signal, you set the value to -1.

# Balanced BB Breakout Scanner
#
# 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 - Scanner Update, removed Market Forecast, HULL Concavity and Squeeze due to ToS limitation

### 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);
def MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;;
def MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;

### RSI/STOCASTIC/MACD CONFLUENCE COMBO

def RSM_MACD_Diff = reference MACD(fastLength = 12, slowLength = 26, MACDLength = 9).Diff;
def RSM_MACD_ZeroLine = 0;
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;

### 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];

### 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;

def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;

plot StrategyArrow = if Strategy_Buy and !Strategy_Buy[1] then 1
                    else if Strategy_Sell and !Strategy_Sell[1] then -1
                    else 0;

Awesome, thanks

Where are we defining the buy/sell value?

 

[barbaros]

Awesome, thanks

Where are we defining the buy/sell value?

Look at the screenshot attached in that post.

 

[nitrous]

Look at the screenshot attached in that post.

Got it, my work blocks images, my bad

 

[Joseph Patrick 18]

Everyone, here is a proposal for the scanner. Please note that ToS cannot run complex scripts. Due to this, I had to remove Market Forecast, Concavity and Squeeze. I wish we could have all those in as options, but ToS errors out that script is too complex.

Most options are kept. It works exactly like the chart arrows. If you want buy signal, you set the value to 1. If you want sell signal, you set the value to -1.

# Balanced BB Breakout Scanner
#
# 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 - Scanner Update, removed Market Forecast, HULL Concavity and Squeeze due to ToS limitation

### 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);
def MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;;
def MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;

### RSI/STOCASTIC/MACD CONFLUENCE COMBO

def RSM_MACD_Diff = reference MACD(fastLength = 12, slowLength = 26, MACDLength = 9).Diff;
def RSM_MACD_ZeroLine = 0;
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;

### 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];

### 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;

def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;

plot StrategyArrow = if Strategy_Buy and !Strategy_Buy[1] then 1
                    else if Strategy_Sell and !Strategy_Sell[1] then -1
                    else 0;

Thanks @barbaros

 

[Trader Raider]

@Christopher84 ,

I am not the coder, but I am sure the code is getting pretty complex,

Y'all are working so hard on this! Thank you! I'm still testing the strategy signals. So far, my impression is that Balance of Power throws off too many signals on a lower timeframe to be useful (for my style of trading anyway) but it has some utility on higher timeframes. Simultaneous signals from the other 2 strategies seem more reliable for short timeframes. I'm still messing with the Potential Explosion indicator to rule out false signals. It does a pretty good job but it's a pain to find the best timeframe to plot the PE.

 

[barbaros]

Y'all are working so hard on this! Thank you! I'm still testing the strategy signals. So far, my impression is that Balance of Power throws off too many signals on a lower timeframe to be useful (for my style of trading anyway) but it has some utility on higher timeframes. Simultaneous signals from the other 2 strategies seem more reliable for short timeframes. I'm still messing with the Potential Explosion indicator to rule out false signals. It does a pretty good job but it's a pain to find the best timeframe to plot the PE.

I agree with you about BOP and not working well with other indicators in lower time frames. I have revision of the study where you can select agreement on individual indicators and BullBear selection. If BOP is not included, there might be value.

I don't mind removing BOP since I don't use it at all, but others might.

 

[svencool]

Everyone, here is a proposal for the scanner. Please note that ToS cannot run complex scripts. Due to this, I had to remove Market Forecast, Concavity and Squeeze. I wish we could have all those in as options, but ToS errors out that script is too complex.

Most options are kept. It works exactly like the chart arrows. If you want buy signal, you set the value to 1. If you want sell signal, you set the value to -1.

@barbaros Hey Bro Just made a new study called Balanced_BB_Breakout_Scanner and loaded just like you did in the picture. I scanned the whole stock market for a 3 signals and got no results. I must be doing something wrong. I know this isn't hard to do..... Anyone have any ideas? And thank you very much!!!! for hooking us up with a scanner...

Mike

 

[tem2005]

I wish there is way we can find stocks with momentum that we can apply this indicator to. Some stocks don't react well so exit signal will lead to big loss

 

[Christopher84]

@Christopher84 ,

The well thought out portion is all Barbaros! He is amazing at what he does and uses sound logic as he carefully and skillfully orchestrates this project. I can't thank him enough for his insight and contribution here. The original base of this system used Keltner Channels to overlay the BB, it identified when they were in a squeeze. We just updated the indicator with what we feel is a better representation of that condition, of course we could have modified the the KC settings and possibly acquired a similar result but after careful consideration and testing we decided to take that out.

The whole premise of this indicator revolves around BB, and hence the name: Balanced_BB_Breakout. Balanced due to its ability to spot areas of purposed consolidation or equilibrium, BB due to using the Bollinger Bands to show a breakout.

When the upper and lower Bollinger Bands are moving towards each other, or the distance between the upper and lower bands is narrow (on a relative basis), it is a suggestion that the market under review is consolidating.

A consolidation phase suggests that the market is non-directional for the time being and now rangebound in nature. The narrow or narrowing Bollinger Bands will essentially move closer to the price and at some stage appear to be in what I like to term a "Balanced BB Squeeze" It is at this stage that breakout traders might pay attention.

I personally do not use the Keltner Channels and am not an expert on them by any means. All that being said, I am not sure that would be a good direction to take this indicator.

I am not the coder, but I am sure the code is getting pretty complex, meaning it may be reaching a level where adding more to it may make it not work in scans, watchlists and mobile...etc. Barbaros is the resident genius on all that. But for now it is my opinion just to not include it at this time.

I managed to figure out how to modify the code to show the Keltner channels instead of the BB while maintaining the rest of the signals (I think). Thought I would share it incase anyone else would like to check it out. I apologize in advance for any mistakes. I am still very new to thinkscript.

# Balanced BB Breakout Indicator Modified with Keltner Channels
# 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
# v2.4 - Barbaros - removed PnL, added strategy signal arrows and alerts,
# added Fibonacci SuperTrend, added unified bar color selection
# v2.5 - Chuck - added divergence and squeeze label, added squeeze alert
# Barbaros - cleanup, changed divergance to text, show stoch labels all the time
# Barbaros - added trend squeeze label for BB, added alerts for Stoch Scalper
# Barbaros - added options to hide clouds and labels
# Barbaros - changed trend and divergence colors and text to match
# Barbaros - removed volume and keltner channel studies, unified squeeze

declare lower;

input ShowMarketForecastLabel = yes;
input ShowMACDBBLabel = yes;
input ShowMACDBBCloud = yes;
input ShowRSMCloud = yes;
input ShowHMALabel = yes;
input ShowSTOCHSCALPERSqueezeLabel = yes;
input ShowSTOCHSCALPERSqueezeCloud = yes;
input ShowBullBearVerticalLines = yes;

### Market Forecast

def pIntermediate = MarketForecast().Intermediate;

AddLabel(ShowMarketForecastLabel,
"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 Color.GREEN else
if pIntermediate <= 20 then Color.RED else
if pIntermediate > pIntermediate[1] then Color.LIGHT_GREEN else
if pIntermediate < pIntermediate[1] then Color.LIGHT_RED else Color.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);

def 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();

def 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();

def 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();

#Keltner Channels
input displace = 0;
input factor = 4.5;
input length = 12;
input price = close;
input averageType = AverageType.SIMPLE;
input trueRangeAverageType = AverageType.SIMPLE;

def o = (MACDBB_LINE + MACDBB_LINE[1]) / 2;

def h = Max(MACDBB_LINE, MACDBB_LINE[1]);

def l = Min(MACDBB_LINE, MACDBB_LINE[1]);

def c = MACDBB_LINE;

def shift = factor * MovingAverage(trueRangeAverageType, TrueRange(h, c, l), length);

def average = MovingAverage(averageType, MACDBB_Line, length);

plot Avg = average[-displace];
Avg.SetLineWeight(1);
Avg.SetDefaultColor(Color.LIGHT_RED);

plot Upper_Band = average[-displace] + shift[-displace];
Upper_Band.SetLineWeight(1);
Upper_Band.SetDefaultColor(Color.DARK_RED);

plot Lower_Band = average[-displace] - shift[-displace];
Lower_Band.SetLineWeight(1);
Lower_Band.SetDefaultColor(Color.GREEN);


#######
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(ShowMACDBBLabel,
"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 "Bullish (decreasing)"
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 "Bearish (increasing)"
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
);

### 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 ShowMACDBBCloud then MACDBB_Upper else MACDBB_Lower, MACDBB_Lower, Color.LIGHT_RED);
AddCloud(if ShowMACDBBCloud then Upper_Band else Lower_Band, Lower_Band, 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 ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN
);
AddCloud(
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED
);

### Divergance
input HMA_Length = 55;
input HMA_Lookback = 2;

def HMA = HullMovingAvg(price = HL2, length = HMA_Length);
def HMA_delta = HMA[1] - HMA[HMA_Lookback + 1];
def HMA_delta_per_bar = HMA_delta / HMA_Lookback;
def HMA_next_bar = HMA[1] + HMA_delta_per_bar;
def HMA_concavity = if HMA > HMA_next_bar then 1 else -1;
def HMA_MA_Max = if HMA[-1] < HMA and HMA > HMA[1] then HMA else Double.NaN;
def HMA_MA_Min = if HMA[-1] > HMA and HMA < HMA[1] then HMA else Double.NaN;
def HMA_divergence = HMA - HMA_next_bar;

AddLabel(ShowHMALabel,
"Divergence " +
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then "Bearish (increasing)"
else "Bearish"
else
if HMA_divergence[1] < HMA_divergence then "Bullish (decreasing)"
else "Bullish",
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then Color.DARK_RED
else Color.RED
else
if HMA_divergence[1] < HMA_divergence then Color.DARK_GREEN
else Color.GREEN
);

### Stocastic Scalper

input STOCHSCALPER_Period = 21;
input STOCHSCALPER_PeriodEMA = 13;
input STOCHSCALPER_VolumePeriod = 60;

def STOCHSCALPER_oSS = (open[1] + close[1]) / 2;
def STOCHSCALPER_hSS = Max(high, close[1]);
def STOCHSCALPER_lSS = Min(low, close[1]);
def STOCHSCALPER_cSS = (STOCHSCALPER_oSS + STOCHSCALPER_hSS + STOCHSCALPER_lSS + close) / 4;

def STOCHSCALPER_r = Highest(STOCHSCALPER_hSS, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period);
def STOCHSCALPER_p1 = (STOCHSCALPER_cSS - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period)) / STOCHSCALPER_r;
def STOCHSCALPER_K = ExpAverage(STOCHSCALPER_p1, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_sSS = Highest(STOCHSCALPER_K, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period);
def STOCHSCALPER_p3 = (STOCHSCALPER_K - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period)) / STOCHSCALPER_sSS;
def STOCHSCALPER_D = ExpAverage(STOCHSCALPER_p3, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_Min = LowestAll(STOCHSCALPER_K);
def STOCHSCALPER_Max = HighestAll(STOCHSCALPER_K);

def STOCHSCALPER_mean = Average(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_sd = StDev(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_atr = Average(TrueRange(STOCHSCALPER_cSS, STOCHSCALPER_hSS, STOCHSCALPER_lSS), 20);
def STOCHSCALPER_squeeze = if (STOCHSCALPER_mean + (2 * STOCHSCALPER_sd)) < (STOCHSCALPER_mean + (1.5 * STOCHSCALPER_atr)) then yes else no;
def STOCHSCALPER_squeeze_signal = !STOCHSCALPER_squeeze[1] and STOCHSCALPER_squeeze;

AddCloud(if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then Upper_Band else Double.NaN,
if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then Lower_Band else Double.NaN, Color.YELLOW);
AddLabel(ShowSTOCHSCALPERSqueezeLabel, "Scalper Squeeze", if STOCHSCALPER_squeeze then Color.WHITE else Color.GRAY);

### 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(ShowBullBearVerticalLines and BullBear_Buy and !BullBear_Buy[1], close, Color.GREEN, Curve.SHORT_DASH);
AddVerticalLine(ShowBullBearVerticalLines and 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);
Alert(STOCHSCALPER_squeeze_signal, "Scalper Squeeze", Alert.BAR, Sound.DING);

 

[Christopher84]

@Christopher84 ,

The well thought out portion is all Barbaros! He is amazing at what he does and uses sound logic as he carefully and skillfully orchestrates this project. I can't thank him enough for his insight and contribution here. The original base of this system used Keltner Channels to overlay the BB, it identified when they were in a squeeze. We just updated the indicator with what we feel is a better representation of that condition, of course we could have modified the the KC settings and possibly acquired a similar result but after careful consideration and testing we decided to take that out.

The whole premise of this indicator revolves around BB, and hence the name: Balanced_BB_Breakout. Balanced due to its ability to spot areas of purposed consolidation or equilibrium, BB due to using the Bollinger Bands to show a breakout.

When the upper and lower Bollinger Bands are moving towards each other, or the distance between the upper and lower bands is narrow (on a relative basis), it is a suggestion that the market under review is consolidating.

A consolidation phase suggests that the market is non-directional for the time being and now rangebound in nature. The narrow or narrowing Bollinger Bands will essentially move closer to the price and at some stage appear to be in what I like to term a "Balanced BB Squeeze" It is at this stage that breakout traders might pay attention.

I personally do not use the Keltner Channels and am not an expert on them by any means. All that being said, I am not sure that would be a good direction to take this indicator.

I am not the coder, but I am sure the code is getting pretty complex, meaning it may be reaching a level where adding more to it may make it not work in scans, watchlists and mobile...etc. Barbaros is the resident genius on all that. But for now it is my opinion just to not include it at this time.

Here is the code modified to show the STARC Bands for anyone who is interested. All of the signals/alerts are still based on the BB. Another reminder that I am new to thinkscript so please forgive any thing I may have overlooked.

# Balanced BB Breakout Indicator Modified with STARC Bands
# 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
# v2.4 - Barbaros - removed PnL, added strategy signal arrows and alerts,
# added Fibonacci SuperTrend, added unified bar color selection
# v2.5 - Chuck - added divergence and squeeze label, added squeeze alert
# Barbaros - cleanup, changed divergance to text, show stoch labels all the time
# Barbaros - added trend squeeze label for BB, added alerts for Stoch Scalper
# Barbaros - added options to hide clouds and labels
# Barbaros - changed trend and divergence colors and text to match
# Barbaros - removed volume and keltner channel studies, unified squeeze

declare lower;

input ShowMarketForecastLabel = yes;
input ShowMACDBBLabel = yes;
input ShowMACDBBCloud = yes;
input ShowRSMCloud = yes;
input ShowHMALabel = yes;
input ShowSTOCHSCALPERSqueezeLabel = yes;
input ShowSTOCHSCALPERSqueezeCloud = yes;
input ShowBullBearVerticalLines = yes;

### Market Forecast

def pIntermediate = MarketForecast().Intermediate;

AddLabel(ShowMarketForecastLabel,
"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 Color.GREEN else
if pIntermediate <= 20 then Color.RED else
if pIntermediate > pIntermediate[1] then Color.LIGHT_GREEN else
if pIntermediate < pIntermediate[1] then Color.LIGHT_RED else Color.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);

def 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();

def 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();

def 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 price = close;
input ATR_length = 15;
input SMA_length = 6;
input displace = 0;
input multiplier_factor = 3.0;

def o = (MACDBB_LINE + MACDBB_LINE[1]) / 2;

def h = Max(MACDBB_LINE, MACDBB_LINE[1]);

def l = Min(MACDBB_LINE, MACDBB_LINE[1]);

def c = MACDBB_LINE;

def val = Average(MACDBB_Line, sma_length);

def average_true_range = Average(TrueRange (h, c, l), length = atr_length);

plot Upper_Band = val[-displace] + multiplier_factor * average_true_range[-displace];
Upper_Band.SetLineWeight(1);
Upper_Band.SetDefaultColor(Color.DARK_RED);

plot Middle_Band = val[-displace];
Middle_Band.SetLineWeight(1);
Middle_Band.SetDefaultColor(Color.LIGHT_RED);

plot Lower_Band = val[-displace] - multiplier_factor * average_true_range[-displace];
Lower_Band.SetLineWeight(1);
Lower_Band.SetDefaultColor(Color.GREEN);
#######
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(ShowMACDBBLabel,
"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 "Bullish (decreasing)"
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 "Bearish (increasing)"
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
);

### 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 ShowMACDBBCloud then MACDBB_Upper else MACDBB_Lower, MACDBB_Lower, Color.LIGHT_RED);
AddCloud(if ShowMACDBBCloud then Upper_Band else Lower_Band, Lower_Band, 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 ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN
);
AddCloud(
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED
);

### Divergance
input HMA_Length = 55;
input HMA_Lookback = 2;

def HMA = HullMovingAvg(price = HL2, length = HMA_Length);
def HMA_delta = HMA[1] - HMA[HMA_Lookback + 1];
def HMA_delta_per_bar = HMA_delta / HMA_Lookback;
def HMA_next_bar = HMA[1] + HMA_delta_per_bar;
def HMA_concavity = if HMA > HMA_next_bar then 1 else -1;
def HMA_MA_Max = if HMA[-1] < HMA and HMA > HMA[1] then HMA else Double.NaN;
def HMA_MA_Min = if HMA[-1] > HMA and HMA < HMA[1] then HMA else Double.NaN;
def HMA_divergence = HMA - HMA_next_bar;

AddLabel(ShowHMALabel,
"Divergence " +
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then "Bearish (increasing)"
else "Bearish"
else
if HMA_divergence[1] < HMA_divergence then "Bullish (decreasing)"
else "Bullish",
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then Color.DARK_RED
else Color.RED
else
if HMA_divergence[1] < HMA_divergence then Color.DARK_GREEN
else Color.GREEN
);

### Stocastic Scalper

input STOCHSCALPER_Period = 21;
input STOCHSCALPER_PeriodEMA = 13;
input STOCHSCALPER_VolumePeriod = 60;

def STOCHSCALPER_oSS = (open[1] + close[1]) / 2;
def STOCHSCALPER_hSS = Max(high, close[1]);
def STOCHSCALPER_lSS = Min(low, close[1]);
def STOCHSCALPER_cSS = (STOCHSCALPER_oSS + STOCHSCALPER_hSS + STOCHSCALPER_lSS + close) / 4;

def STOCHSCALPER_r = Highest(STOCHSCALPER_hSS, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period);
def STOCHSCALPER_p1 = (STOCHSCALPER_cSS - Lowest(STOCHSCALPER_lSS, STOCHSCALPER_Period)) / STOCHSCALPER_r;
def STOCHSCALPER_K = ExpAverage(STOCHSCALPER_p1, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_sSS = Highest(STOCHSCALPER_K, STOCHSCALPER_Period) - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period);
def STOCHSCALPER_p3 = (STOCHSCALPER_K - Lowest(STOCHSCALPER_K, STOCHSCALPER_Period)) / STOCHSCALPER_sSS;
def STOCHSCALPER_D = ExpAverage(STOCHSCALPER_p3, STOCHSCALPER_PeriodEMA);
def STOCHSCALPER_Min = LowestAll(STOCHSCALPER_K);
def STOCHSCALPER_Max = HighestAll(STOCHSCALPER_K);

def STOCHSCALPER_mean = Average(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_sd = StDev(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_atr = Average(TrueRange(STOCHSCALPER_cSS, STOCHSCALPER_hSS, STOCHSCALPER_lSS), 20);
def STOCHSCALPER_squeeze = if (STOCHSCALPER_mean + (2 * STOCHSCALPER_sd)) < (STOCHSCALPER_mean + (1.5 * STOCHSCALPER_atr)) then yes else no;
def STOCHSCALPER_squeeze_signal = !STOCHSCALPER_squeeze[1] and STOCHSCALPER_squeeze;

AddCloud(if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then Upper_Band else Double.NaN,
if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then Lower_Band else Double.NaN, Color.YELLOW);
AddLabel(ShowSTOCHSCALPERSqueezeLabel, "Scalper Squeeze", if STOCHSCALPER_squeeze then Color.WHITE else Color.GRAY);

### 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(ShowBullBearVerticalLines and BullBear_Buy and !BullBear_Buy[1], close, Color.GREEN, Curve.SHORT_DASH);
AddVerticalLine(ShowBullBearVerticalLines and 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);
Alert(STOCHSCALPER_squeeze_signal, "Scalper Squeeze", Alert.BAR, Sound.DING);

 

[Chuck]

BTW Chuck, Thanks for getting this started.. and also congrats to you and your partners that made this indicator happen..

Thanks, barbaros created a new scanner, and it is posted on the main page. After you install it you can select weekly from the scan in dropdown. If it has weekly options it is professionally screened and usually exceeds the qualifications I would look for. Of course you can also put in any criteria you desire.

https://imgur.com/a/tlXQWIe

 

[Trader Raider]

I don't mind removing BOP since I don't use it at all, but others might.

I was just giving feedback, not suggesting that anything be removed. I can see where BOP may be useful in a scan on higher timeframes, but when it comes to BOP as a potential entry signal, I don't find it very reliable. Others with different trading styles may disagree.

All that aside, you've done a great job on this indicator and I appreciate your hard work!

 

[svencool]

Thanks, barbaros created a new scanner, and it is posted on the main page. After you install it you can select weekly from the scan in dropdown. If it has weekly options it is professionally screened and usually exceeds the qualifications I would look for. Of course you can also put in any criteria you desire.

https://imgur.com/a/tlXQWIe

@Chuck Well after seeing your post I switched the scan to Weekly and it started working. I found 4 stocks that had all 3 arrows signaling a buy today. But I switched it back to Daily and ran the same scan and got no results. Any ideas? I understand that if they hit on a weekly that will work in my favor. At any rate thanks to everyone that has contributed to this endeavor

 

[rad14733]

@everyone Just tossing it out there that based on years of experience in coding forums that you are looking for trouble if you intermingle forks of the main code with bastardizations... It has happened in other topics here in these forums and I'd hate to see it happen here as well... This topic is very popular and busy and I'd hate to see it get overly convoluted... A forked topic might be a better option... Otherwise this will just become a big code salad... Just my two cents...

 

[natcom2020]

Updated the Scanner

# 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
# v2.4 - Barbaros - removed PnL, added strategy signal arrows and alerts,
#                   added Fibonacci SuperTrend, added unified bar color selection
# beta - Chuck    - added divergence and squeeze label, added squeeze alert
#        Barbaros - cleanup, changed divergance to text, show stoch labels all the time
#        Barbaros - added trend squeeze label for BB, added alerts for Stoch Scalper
#        Barbaros - added options to hide clouds and labels
#        Barbaros - changed trend and divergence colors and text to match
#        Barbaros - removed volume and keltner channel studies, unified squeeze
# v1.2 AspaTrader - Adapted new Indicator and added Fib series. TODO: MarketForecast


input ShowMarketForecastLabel = yes;
input ShowMACDBBLabel = yes;
input ShowMACDBBCloud = yes;
input ShowRSMCloud = yes;
input ShowHMALabel = yes;
input ShowSTOCHSCALPERSqueezeLabel = yes;
input ShowSTOCHSCALPERSqueezeCloud = yes;
input ShowBullBearVerticalLines = yes;

### Market Forecast

def pIntermediate = MarketForecast().Intermediate;

def MF_Signal = if pIntermediate >= 80 then 1 else if pIntermediate <= 20 then 0 else -1;

### 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);

def MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;

def MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                             Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;

def MACDBB_Midline = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
                                               Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).MidLine;

def MACDBB_Line = MACDBB_Data;

def MACDBB_Dots = MACDBB_Data;

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;



### RSI/STOCASTIC/MACD CONFLUENCE COMBO

def RSM_MACD_Diff = reference MACD("fast length" = 12, "slow length" = 26, "macd length" = 9).Diff;


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;


### Divergance
input HMA_Length = 55;
input HMA_Lookback = 2;

def HMA = HullMovingAvg(price = HL2, length = HMA_Length);
def HMA_delta = HMA[1] - HMA[HMA_Lookback + 1];
def HMA_delta_per_bar = HMA_delta / HMA_Lookback;
def HMA_next_bar = HMA[1] + HMA_delta_per_bar;
def HMA_concavity = if HMA > HMA_next_bar then 1 else -1;
def HMA_MA_Max = if HMA[-1] < HMA and HMA > HMA[1] then HMA else Double.NaN;
def HMA_MA_Min = if HMA[-1] > HMA and HMA < HMA[1] then HMA else Double.NaN;
def HMA_divergence = HMA - HMA_next_bar;


### 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];



### 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;


def Strategy_Buy =  BullBear_Buy and MACDBB_Buy and RSM_Buy and BOP_Direction and FST_Direction;

def Strategy_BuySignal = Strategy_Buy and !Strategy_Buy[1];


plot BuyArrow = if Strategy_BuySignal then 0 else Double.NaN;

thanks but the scanner not finding anything

 

[barbaros]

@everyone Just tossing it out there that based on years of experience in coding forums that you are looking for trouble if you intermingle forks of the main code with bastardizations... It has happened in other topics here in these forums and I'd hate to see it happen here as well... This topic is very popular and busy and I'd hate to see it get overly convoluted... A forked topic might be a better option... Otherwise this will just become a big code salad... Just my two cents...

Hey @rad14733, thanks for sharing your thoughts about code forking and bastardization, but this happens in the open source community all the time. That's why code is released to everyone and everyone can contribute and share their ideas. I do agree with you that adding many indicators for the purpose of making changes and making many different versions around is not optimal and creates confusion, but I didn't want the new trades to be discouraged and not contribute. I welcome everyone's ideas and contributions. @Chuck can sort out the chaos and update the first post

 

[svencool]

thanks but the scanner not finding anything

Change time frame to Weekly....

 

[svencool]

Hey @rad14733, thanks for sharing your thoughts about code forking and bastardization, but this happens in the open source community all the time. That's why code is released to everyone and everyone can contribute and share their ideas. I do agree with you that adding many indicators for the purpose of making changes and making many different versions around is not optimal and creates confusion, but I didn't want the new trades to be discouraged and not contribute. I welcome everyone's ideas and contributions. @Chuck can sort out the chaos and update the first post

Well with me being a new trader! I welcomed the opinions of the seasoned traders! Like it was mentioned people can always do addons as needed also. I don't know but have read having to many indicators can be a bad thing. But what do I know I'm still a JAFR.... Thank You for everyone that has contributed to this endeavor!!!!!! Can't wait to see a final project

 

[Joseph Patrick 18]

Thanks, barbaros created a new scanner, and it is posted on the main page. After you install it you can select weekly from the scan in dropdown. If it has weekly options it is professionally screened and usually exceeds the qualifications I would look for. Of course you can also put in any criteria you desire.

https://imgur.com/a/tlXQWIe

Got it to work by using pasting script directly from post 506 into the thinkscript editor (pic 2)..

quick question, since it doesn't work in condition wizard (pic 1), what part of script do I change to get sell siganls (-1.0) compared to buy signals (+1.0) ??

Thanks

pic 1

https://imgur.com/C7j5GRv

pic 2

https://imgur.com/DPn6MV4