B4 Balanced BB Breakout For ThinkOrSwim

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New Indicator: Buy the Dip

Check out our Buy the Dip indicator and see how it can help you find profitable swing trading ideas. Scanner, watchlist columns, and add-ons are included.

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I created a scan for it , See if this helps, this is only for bullish.

Ruby: 
# 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.

#v1.0 - AspaTrader - added Scan code for bullish on top of the script .. thanks to Chuck and barbaros for their scripts

# Market Forecast
def pIntermediate = MarketForecast().Intermediate;

def signal_Forecasat = if (pIntermediate > pIntermediate[1] or pIntermediate >= 80) then 1 else 0;

# MACD_BB
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);


def BB_Upper = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
def BB_Lower = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
def BB_Midline = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;

def signal_MACD = if MACD_Data > MACD_Data[1] and MACD_Data >= BB_Upper or  MACD_Data < MACD_Data[1] and MACD_Data >= BB_Upper then 1 else 0;

# Keltner Channels
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, close, length);
def Upper_Band = average + shift;
def Lower_Band = average - shift;

# 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 = close, length = BBLength2);
def MidLine = MovingAverage(bb_averageType, data = close, length = BBLength2);
def LowerBand = MidLine + Num_Dev_Dn * sDev;
def UpperBand = MidLine + Num_Dev_up * sDev;


# BB Alert

input BBCrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input BBCrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};

def BBCrossFromAboveVal = if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Lower then BB_Lower
                          else if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Upper then BB_Upper
                          else 0;
def BBCrossFromBelowVal = if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Lower then BB_Lower
                          else if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Upper then BB_Upper
                          else 0;

def signal_BB = if MACD_Data crosses above BBCrossFromBelowVal then 1 else 0;

# RSI/STOCASTIC/MACD CONFLUENCE COMBO

def Value = MovingAverage(averageTypeMACD, close, fastLengthMACD) - MovingAverage(averageTypeMACD, close, slowLengthMACD);
def Avg = MovingAverage(averageTypeMACD, Value, MACDLength);

def Diff = Value - Avg;

def signal_RSI = if Diff >= 0 and Diff > Diff[1] then 1 else 0;

def ZeroLine = 0;

def UpSignalMACD = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;

input lengthRSI = 7;
input averageTypeRSI = AverageType.EXPONENTIAL;

def NetChgAvg = MovingAverage(averageTypeRSI, close - close[1], lengthRSI);
def TotChgAvg = MovingAverage(averageTypeRSI, AbsValue(close - close[1]), lengthRSI);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);

input KPeriod = 5;
input DPeriod = 3;
input averageTypeStoch = AverageType.WILDERS;

def SlowK = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullK;
def SlowD = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullD;

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;

def signal_Stoch = if RSI >= 50 and SlowK >= 50 and Value > Avg then 1 else if RSI < 50 and SlowK < 50 and Value < Avg then 0 else 0;


# Balance of Power

input EMA = 20;
input TEMA = 20;

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];

def BOPshort = s2 < s3 and s2[1] > s3[1];
def BOPlong = s2 > s3 and s2[1] < s3[1];

# RSI IFT

def over_Bought = .5;
def over_Sold = -.5;

def R = reference RSI(5, close) - 50;
def AvgRSI = MovingAverage(AverageType.Exponential,R,9);
def inverseRSI = (Power(Double.E, 2 * AvgRSI) - 1) / (Power(Double.E, 2 * AvgRSI) + 1);
def RSI_IFT_Buy =  (inverseRSI > 0) and (inverseRSI[1] < 0);
def RSI_IFT_Sell = (inverseRSI[1] > 0) and (inverseRSI < 0);


plot signal = if signal_Forecasat and signal_BB and signal_MACD and signal_RSI and signal_Stoch then 1 else 0;



https://imgur.com/Gkrqs9Q

https://imgur.com/vnWTqj1
 
Last edited:
Chuck said:
Ha!!!!! I Just nailed a 6pt move with /ES on 5m TF. Could not let you be beating me. Learning a lot about this indicator and it's advantages...that I dont see on others.
Click to expand...
hello friend a question any scan for rsm script?
 
AspaTrader said:
I created a scan for it , See if this helps, this is only for bullish.

Ruby: 
# 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 - AspaTrader - added Scan code for bullish

# Market Forecast
def pIntermediate = MarketForecast().Intermediate;

def signal_Forecasat = if (pIntermediate > pIntermediate[1] or pIntermediate >= 80) then 1 else 0;

# MACD_BB
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);


def BB_Upper = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
def BB_Lower = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
def BB_Midline = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;

def signal_MACD = if MACD_Data > MACD_Data[1] and MACD_Data >= BB_Upper or  MACD_Data < MACD_Data[1] and MACD_Data >= BB_Upper then 1 else 0;

# Keltner Channels
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, close, length);
def Upper_Band = average + shift;
def Lower_Band = average - shift;

# 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 = close, length = BBLength2);
def MidLine = MovingAverage(bb_averageType, data = close, length = BBLength2);
def LowerBand = MidLine + Num_Dev_Dn * sDev;
def UpperBand = MidLine + Num_Dev_up * sDev;


# BB Alert

input BBCrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input BBCrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};

def BBCrossFromAboveVal = if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Lower then BB_Lower
                          else if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Upper then BB_Upper
                          else 0;
def BBCrossFromBelowVal = if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Lower then BB_Lower
                          else if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Upper then BB_Upper
                          else 0;

def signal_BB = if MACD_Data crosses above BBCrossFromBelowVal then 1 else 0;

# RSI/STOCASTIC/MACD CONFLUENCE COMBO

def Value = MovingAverage(averageTypeMACD, close, fastLengthMACD) - MovingAverage(averageTypeMACD, close, slowLengthMACD);
def Avg = MovingAverage(averageTypeMACD, Value, MACDLength);

def Diff = Value - Avg;

def signal_RSI = if Diff >= 0 and Diff > Diff[1] then 1 else 0;

def ZeroLine = 0;

def UpSignalMACD = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;

input lengthRSI = 7;
input averageTypeRSI = AverageType.EXPONENTIAL;

def NetChgAvg = MovingAverage(averageTypeRSI, close - close[1], lengthRSI);
def TotChgAvg = MovingAverage(averageTypeRSI, AbsValue(close - close[1]), lengthRSI);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);

input KPeriod = 5;
input DPeriod = 3;
input averageTypeStoch = AverageType.WILDERS;

def SlowK = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullK;
def SlowD = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullD;

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;

def signal_Stoch = if RSI >= 50 and SlowK >= 50 and Value > Avg then 1 else if RSI < 50 and SlowK < 50 and Value < Avg then 0 else 0;


# Balance of Power

input EMA = 20;
input TEMA = 20;

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];

def BOPshort = s2 < s3 and s2[1] > s3[1];
def BOPlong = s2 > s3 and s2[1] < s3[1];

# RSI IFT

def over_Bought = .5;
def over_Sold = -.5;

def R = reference RSI(5, close) - 50;
def AvgRSI = MovingAverage(AverageType.Exponential,R,9);
def inverseRSI = (Power(Double.E, 2 * AvgRSI) - 1) / (Power(Double.E, 2 * AvgRSI) + 1);
def RSI_IFT_Buy =  (inverseRSI > 0) and (inverseRSI[1] < 0);
def RSI_IFT_Sell = (inverseRSI[1] > 0) and (inverseRSI < 0);


plot signal = if signal_Forecasat and signal_BB and signal_MACD and signal_RSI and signal_Stoch then 1 else 0;



https://imgur.com/Gkrqs9Q

https://imgur.com/vnWTqj1
Click to expand...
Thank you, that is cool . I will try it out today!
 
AspaTrader said:
I created a scan for it , See if this helps, this is only for bullish.

Ruby: 
# 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 - AspaTrader - added Scan code for bullish

# Market Forecast
def pIntermediate = MarketForecast().Intermediate;

def signal_Forecasat = if (pIntermediate > pIntermediate[1] or pIntermediate >= 80) then 1 else 0;

# MACD_BB
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);


def BB_Upper = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
def BB_Lower = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
def BB_Midline = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;

def signal_MACD = if MACD_Data > MACD_Data[1] and MACD_Data >= BB_Upper or  MACD_Data < MACD_Data[1] and MACD_Data >= BB_Upper then 1 else 0;

# Keltner Channels
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, close, length);
def Upper_Band = average + shift;
def Lower_Band = average - shift;

# 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 = close, length = BBLength2);
def MidLine = MovingAverage(bb_averageType, data = close, length = BBLength2);
def LowerBand = MidLine + Num_Dev_Dn * sDev;
def UpperBand = MidLine + Num_Dev_up * sDev;


# BB Alert

input BBCrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input BBCrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};

def BBCrossFromAboveVal = if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Lower then BB_Lower
                          else if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Upper then BB_Upper
                          else 0;
def BBCrossFromBelowVal = if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Lower then BB_Lower
                          else if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Upper then BB_Upper
                          else 0;

def signal_BB = if MACD_Data crosses above BBCrossFromBelowVal then 1 else 0;

# RSI/STOCASTIC/MACD CONFLUENCE COMBO

def Value = MovingAverage(averageTypeMACD, close, fastLengthMACD) - MovingAverage(averageTypeMACD, close, slowLengthMACD);
def Avg = MovingAverage(averageTypeMACD, Value, MACDLength);

def Diff = Value - Avg;

def signal_RSI = if Diff >= 0 and Diff > Diff[1] then 1 else 0;

def ZeroLine = 0;

def UpSignalMACD = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;

input lengthRSI = 7;
input averageTypeRSI = AverageType.EXPONENTIAL;

def NetChgAvg = MovingAverage(averageTypeRSI, close - close[1], lengthRSI);
def TotChgAvg = MovingAverage(averageTypeRSI, AbsValue(close - close[1]), lengthRSI);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);

input KPeriod = 5;
input DPeriod = 3;
input averageTypeStoch = AverageType.WILDERS;

def SlowK = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullK;
def SlowD = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullD;

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;

def signal_Stoch = if RSI >= 50 and SlowK >= 50 and Value > Avg then 1 else if RSI < 50 and SlowK < 50 and Value < Avg then 0 else 0;


# Balance of Power

input EMA = 20;
input TEMA = 20;

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];

def BOPshort = s2 < s3 and s2[1] > s3[1];
def BOPlong = s2 > s3 and s2[1] < s3[1];

# RSI IFT

def over_Bought = .5;
def over_Sold = -.5;

def R = reference RSI(5, close) - 50;
def AvgRSI = MovingAverage(AverageType.Exponential,R,9);
def inverseRSI = (Power(Double.E, 2 * AvgRSI) - 1) / (Power(Double.E, 2 * AvgRSI) + 1);
def RSI_IFT_Buy =  (inverseRSI > 0) and (inverseRSI[1] < 0);
def RSI_IFT_Sell = (inverseRSI[1] > 0) and (inverseRSI < 0);


plot signal = if signal_Forecasat and signal_BB and signal_MACD and signal_RSI and signal_Stoch then 1 else 0;



https://imgur.com/Gkrqs9Q

https://imgur.com/vnWTqj1
Click to expand...
Awesome thanks for the scan!!
 
I've used this on 1m charts for scalping and the breakout signals are pretty damn accurate! RSI_IFT fires a little before hand, then MACD turns green and breakout fires if its going to squeeze.

@Chuck @barbaros thanks for the hard work putting this together. Do you have any advice on tuning the sell signals please? I exclusively trade on 1m charts and find the sell signals a little late (or at least how I'm interpreting them which is likely the problem due to my inexperience).

There doesn't seem to be one rule I can apply for a solid exit. RSI_IFT sell line is very late, MACD turning grey to red again seems a little too late. MACD closes dark green seems too early, as does grey since the momentum can go positive and mean I exit too early. Is the intention to exit once MACD crosses the mid line? This seems the most accurate although not always perfect at securing the maximum portion of the move.

I may need to adjust my settings to apply to the particular type of trading and I know I'm likely to see some commentary from an experienced member of the forum reminding me there is no such thing as the holy grail.......so yes I'm being a bit greedy and asking too much but querying because the entries are flagged so accurately especially when combined with @mashume Hull Concavity indicator!

Example of a sweet setup today to illustrate the waffle above

KGPPuY2.png


13:44 Buy signal on Hull Concavity,
13:54 RSI_IFT Buy signal fires, MACD is already green,
13:56 Breakout signal followed by a move from $10.24 to $11.
14:30 was a solid exit on a MACD crossing the midline and Hull Concavity Sell signal but as I said this is a really nice example (I still missed out on $0.17 of a $0.76 move) but at times the drop off is not so graceful and quite a lot of profit can be lost.
 
From what I am seeing, the RSI_IFT fires great for entries, that is entries bullish or bearish. That being said from my experience it has not been the best exit for either bullish positions of bearish positions. Not every trade is going to reverse on the dime. For exits on a bullish position I like to bump up the" bb number dev" up. To do that I look at the present chart and adjust the setting till the top red line crosses exactly where I feel comfortable exiting. Then I set the the indicator to be alerted when the "bb crosses from above aler/Upper" (double check that) with simulation and see if that will generate a better exit. And just the opposite on bearish trades. This is not trading advice and you need to calculate your own risk tolerance levels. But that is how I personally like to do it. This is a brand new work and hopefully it will continue to improve and progress. A lot of talented genourus people have gotten involved with this project and it is making strides everyday. Perhaps just monitor for a while till you can tweak it to your preference. Any feedback and sujestions are always welcomed. Thats how we pull together as a team and grow here on this forum. Our ultimate goal is to share tools in an effort to help one another out.
 
Chuck said:
From what I am seeing, the RSI_IFT fires great for entries, that is entries bullish or bearish. That being said from my experience it has not been the best exit for either bullish positions of bearish positions. Not every trade is going to reverse on the dime. For exits on a bullish position I like to bump up the" bb number dev" up. To do that I look at the present chart and adjust the setting till the top red line crosses exactly where I feel comfortable exiting. Then I set the the indicator to be alerted when the "bb crosses from above aler/Upper" (double check that) with simulation and see if that will generate a better exit. And just the opposite on bearish trades. This is not trading advice and you need to calculate your own risk tolerance levels. But that is how I personally like to do it. This is a brand new work and hopefully it will continue to improve and progress. A lot of talented genourus people have gotten involved with this project and it is making strides everyday. Perhaps just monitor for a while till you can tweak it to your preference. Any feedback and sujestions are always welcomed. Thats how we pull together as a team and grow here on this forum. Our ultimate goal is to share tools in an effort to help one another out.
Click to expand...
@Chuck Alerts right now are not visualized on the chart and the current arrows are for the MACD crossing, which is separate than the MACD_BB. Do you think we should also add arrows to visualize the alerts too? or would it crowd the chart too much?
 
AspaTrader said:
I created a scan for it , See if this helps, this is only for bullish.

Ruby: 
# 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 - AspaTrader - added Scan code for bullish

# Market Forecast
def pIntermediate = MarketForecast().Intermediate;

def signal_Forecasat = if (pIntermediate > pIntermediate[1] or pIntermediate >= 80) then 1 else 0;

# MACD_BB
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);


def BB_Upper = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).UpperBand;
def BB_Lower = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).Lowerband;
def BB_Midline = reference BollingerBands(price = MACD_Data, length = BBlength, Num_Dev_Dn = -BBNum_Dev, Num_Dev_Up = BBNum_Dev).MidLine;

def signal_MACD = if MACD_Data > MACD_Data[1] and MACD_Data >= BB_Upper or  MACD_Data < MACD_Data[1] and MACD_Data >= BB_Upper then 1 else 0;

# Keltner Channels
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, close, length);
def Upper_Band = average + shift;
def Lower_Band = average - shift;

# 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 = close, length = BBLength2);
def MidLine = MovingAverage(bb_averageType, data = close, length = BBLength2);
def LowerBand = MidLine + Num_Dev_Dn * sDev;
def UpperBand = MidLine + Num_Dev_up * sDev;


# BB Alert

input BBCrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input BBCrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};

def BBCrossFromAboveVal = if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Lower then BB_Lower
                          else if BBCrossFromAboveAlert == BBCrossFromAboveAlert.Upper then BB_Upper
                          else 0;
def BBCrossFromBelowVal = if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Lower then BB_Lower
                          else if BBCrossFromBelowAlert == BBCrossFromBelowAlert.Upper then BB_Upper
                          else 0;

def signal_BB = if MACD_Data crosses above BBCrossFromBelowVal then 1 else 0;

# RSI/STOCASTIC/MACD CONFLUENCE COMBO

def Value = MovingAverage(averageTypeMACD, close, fastLengthMACD) - MovingAverage(averageTypeMACD, close, slowLengthMACD);
def Avg = MovingAverage(averageTypeMACD, Value, MACDLength);

def Diff = Value - Avg;

def signal_RSI = if Diff >= 0 and Diff > Diff[1] then 1 else 0;

def ZeroLine = 0;

def UpSignalMACD = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;

input lengthRSI = 7;
input averageTypeRSI = AverageType.EXPONENTIAL;

def NetChgAvg = MovingAverage(averageTypeRSI, close - close[1], lengthRSI);
def TotChgAvg = MovingAverage(averageTypeRSI, AbsValue(close - close[1]), lengthRSI);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);

input KPeriod = 5;
input DPeriod = 3;
input averageTypeStoch = AverageType.WILDERS;

def SlowK = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullK;
def SlowD = reference StochasticFull(80, 20, KPeriod, DPeriod, high, low, close, 3, averageTypeStoch).FullD;

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;

def signal_Stoch = if RSI >= 50 and SlowK >= 50 and Value > Avg then 1 else if RSI < 50 and SlowK < 50 and Value < Avg then 0 else 0;


# Balance of Power

input EMA = 20;
input TEMA = 20;

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];

def BOPshort = s2 < s3 and s2[1] > s3[1];
def BOPlong = s2 > s3 and s2[1] < s3[1];

# RSI IFT

def over_Bought = .5;
def over_Sold = -.5;

def R = reference RSI(5, close) - 50;
def AvgRSI = MovingAverage(AverageType.Exponential,R,9);
def inverseRSI = (Power(Double.E, 2 * AvgRSI) - 1) / (Power(Double.E, 2 * AvgRSI) + 1);
def RSI_IFT_Buy =  (inverseRSI > 0) and (inverseRSI[1] < 0);
def RSI_IFT_Sell = (inverseRSI[1] > 0) and (inverseRSI < 0);


plot signal = if signal_Forecasat and signal_BB and signal_MACD and signal_RSI and signal_Stoch then 1 else 0;



https://imgur.com/Gkrqs9Q

https://imgur.com/vnWTqj1
Click to expand...
Thanks for the scan addition. I'll test and incorporate for long and short into it officially. :) Good job on the addition.
 
barbaros said:
@Chuck Alerts right now are not visualized on the chart and the current arrows are for the MACD crossing, which is separate than the MACD_BB. Do you think we should also add arrows to visualize the alerts too? or would it crowd the chart too much?
Click to expand...
I was thinking the bb line crossing would b the best exit and have a “Sell to Close”line avalible. I am not Familiar with the “MACD_BB”, perhaps I just don’t understand the terminology. But I do think an exit signal needs to be build for the RSI_IFT. What ever is easiest and beast in your opinio.
 
Chuck said:
I was thinking the bb line crossing would b the best exit and have a “Sell to Close”line avalible. I am not Familiar with the “MACD_BB”, perhaps I just don’t understand the terminology. But I do think an exit signal needs to be build for the RSI_IFT. What ever is easiest and beast in your opinio.
Click to expand...
What might be a good idea to it have a third strategy option and that would be using that Bollinger band instead of just an alert let that place lines on the strategy.

That way the gray areas which is the areas that we don’t take trades in is not involved in the buy or sell. That may be the best solution
 
Chuck said:
What might be a good idea to it have a third strategy option and that would be using that Bollinger band instead of just an alert let that place lines on the strategy.

That way the gray areas which is the areas that we don’t take trades in is not involved in the buy or sell. That may be the best solution
Click to expand...
That way you close out clean on a long entry when it comes back through the top line and your inner clean I wanna short entry well let’s say it passes over the middle line, or bottom line
 
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