Bulkowski's Downside Weekly Reversal for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
Warehouse
This is an interesting one; it's called Bulkowski's Downside Weekly Reversals. Meant to be used on the weekly chart.

Blue candle represent reversal signal. There will be a green or red candle after the blue candle to confirm the direction.
Some examples:









As the name suggested, this is a downside reversal indicator. So you will often find more bearish signals than bullish signals.

Although it was recommended and designed for the weekly chart, you can use this indicator on any timeframe. Some provides excellent opportunity for swing trading and day trading. For swing traders, I would look at the weekly (duh!), daily, and hourly charts. For day traders, I would look at the hourly going all the way to the 5 minutes chart.

thinkScript Code

 
Last edited:
M

mastaandy

New member
Marketplace
Can a scanner be made for this indicator?
 
BenTen

BenTen

Administrative
Staff
VIP
Warehouse
@mastaandy Add this to the end of your script:

Code:
# Plot Signals
plot reversal_warning = weekly_reversal;
reversal_warning.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
reversal_warning.SetDefaultColor(Color.CYAN);
reversal_warning.SetLineWeight(1);
plot bullish = breakout_up;
bullish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bullish.SetDefaultColor(Color.CYAN);
bullish.SetLineWeight(1);
plot bearish = breakout_down;
bearish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bearish.SetDefaultColor(Color.CYAN);
bearish.SetLineWeight(1);
If you don't know how to use the scanner then watch this video: https://usethinkscript.com/threads/how-to-use-the-tos-scanner.284/
 
Thread starter Similar threads Forum Replies Date
BenTen Indicators 2

Top