B4 Balanced BB Breakout For ThinkOrSwim

[Chuck]

That’s just my thoughts I’m not the expert you guys are let me know what you think

 

[barbaros]

MACD_BB is the lines with dots and bollinger band. So, I think we are saying the same thing. There can be an option with entries and exit arrows are selectable, just like we have it for PnL calculation.

In the long run, I think we need to combine all options into a cohesive selections. This includes the scanner additions as well. I'll try to organize and present.

 

[Chuck]

MACD_BB is the lines with dots and bollinger band. So, I think we are saying the same thing. There can be an option with entries and exit arrows are selectable, just like we have it for PnL calculation.

In the long run, I think we need to combine all options into a cohesive selections. This includes the scanner additions as well. I'll try to organize and present.

You and I are on the exact same page!!!

 

[Chuck]

You and I are on the exact same page!!!

For some reason I was calling that the RSI....? Anyway we are in total agreement!

 

[barbaros]

MACD_BB is the lines with dots and bollinger band. So, I think we are saying the same thing. There can be an option with entries and exit arrows are selectable, just like we have it for PnL calculation.

In the long run, I think we need to combine all options into a cohesive selections. This includes the scanner additions as well. I'll try to organize and present.

@AspaTrader let me know when you finalize the scanner code so we can integrate all together and possibly not have multiple versions posted around. Unexperienced trades reading the history may get confused. Trying to help everyone.

 

[Chuck]

@AspaTrader let me know when you finalize the scanner code so we can integrate all together and possibly not have multiple versions posted around. Unexperienced trades reading the history may get confused. Trying to help everyone.

I agree totally and perhaps once we get some of this worked out I’ll go back and make a master page and try to delete some of these entries to cut down on any confusion

 

[barbaros]

I agree totally and perhaps once we get some of this worked out I’ll go back and make a master page and try to delete some of these entries to cut down on any confusion

Good idea.

 

[barbaros]

@Chuck I have been experimenting with https://usethinkscript.com/threads/insync-index-indicator-for-thinkorswim.5992/ to see if can complement or it is repetitive. So far, there is an interesting relation to the trend. Let me know what you think about including this to the mix with BOP and RSI_IFT.

Here is ES, and experimental integration of the indicator with InSync.

 

[barbaros]

Well, further improvement with InSync. Check it out from today. Look at the vertical buy and sell levels. It is missing a long signal, I'll get that sorted out soon.

 

[Joseph Patrick 18]

Well, further improvement with InSync. Check it out from today. Look at the vertical buy and sell levels.

Looks amazing!!

 

[barbaros]

Looks amazing!!

v2.3 is inbound. I'm reviewing the changes.

 

[Chuck]

@Chuck I have been experimenting with c/ to see if can complement or it is repetitive. So far, there is an interesting relation to the trend. Let me know what you think about including this to the mix with BOP and RSI_IFT.

Here is ES, and experimental integration of the indicator with InSync.

Hey, That’s awesome, I personally like slim ribbons as well. The more withought bogging down the performance the more flexible it is.

v2.3 is inbound. I'm reviewing the changes.

Insync is one of my newest favorites. I tested it a few weeks back and loved it. Have so many indicators that I lost it. I have been looking for it for a week. I just realized what it was. I was looking off my phone and did not notice. This is going to be AWS in of you included that. Man you are awesome!!!!!!

 

[tem2005]

Thank you very much. Looks like a great one I ever seen!

I have so many questions please if you have time:
Green dots mean long and red short?
Works on mobile?
Which version is the updated one? Can you guys update the first post?

 

[tem2005]

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

# 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

Good job sir! Can you give more explaining for which plot we scan for? Signal?

 

[Chuck]

Thank you very much. Looks like a great one I ever seen!

I have so many questions please if you have time:
Green dots mean long and red short?
Works on mobile?
Which version is the updated one? Can you guys update the first post?

Green dots are Bullish trend, Red dots are Bearish trend. It works on mobile with limitations......the alerts, dots, P/L and candle color do not work on mobile. The latest update is “......v2.2 on post #70”....(edited) Barbaros is working on the latest improvements and will be posting soon. We are also working on some examples to show how we live to trade this indicator. I will try and update that next week as well as cleaning up this post a bit to have the latest version available on the first page. We are still making improvements to this. It is a work in progress. If while monitoring it you notice any improvements or notice any way to execute better trades using this indicator, please don't hesitate to let us know.

 

[barbaros]

Green dots are Bullish trend, Red dots are Bearish trend. It works on mobile with limitations......the alerts, dots, P/L and candle color do not work on mobile. The latest update is v2.3 on post #114. Barbaros is working on the latest improvements and will be posting soon. We are also working on some examples to show how we live to trade this indicator. I will try and update that next week as well as cleaning up this post a bit to have the latest version available on the first page. We are still making improvements to this. It is a work in progress. If while monitoring it you notice any improvements or notice any way to execute better trades using this indicator, please don't hesitate to let us know.

Guys, latest indicator is v2.2 and it is on post #70. I'll be releasing v2.3 to make it continue from the latest release.

v2.3 on post #114 is scanner only. It is barebones to make scanner work quickly.

@AspaTrader do you mind editing your post and change "v2.3" to "scanner"? I'm currently thinking that we'll have 2 scripts. One for scanner and another for the indicator. I can maintain the indicator and may be you can maintain the scanner. Then, @Chuck can update the original post to include latest version of both scripts.

 

[AspaTrader]

Guys, latest indicator is v2.2 and it is on post #70. I'll be releasing v2.3 to make it continue from the latest release.

v2.3 on post #114 is scanner only. It is barebones to make scanner work quickly.

@AspaTrader do you mind editing your post and change "v2.3" to "scanner"? I'm currently thinking that we'll have 2 scripts. One for scanner and another for the indicator. I can maintain the indicator and may be you can maintain the scanner. Then, @Chuck can update the original post to include latest version of both scripts.

Sure ... I will work on it...

 

[AspaTrader]

Done .. Modified the post..

 

[Chuck]

Sorry about that Barbaros, My bad. You are correct that is just the scan. I only glanced at it....Forgot about it only being the bare bones. Thanks for the correction. I will also go back and edit that post for clarity. I’m kind of new to all his forum stuff lol.

 

[Zlotko]

Good work Guys!