Bulkowski's Downside Weekly Reversal for ThinkorSwim

[BenTen]

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

# Bulkowski's Downside Weekly Reversal
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/6gvr4rDR-Downside-Weekly-Reversal/

def weekly_reversal = high > high[1] and close<low[1] and open> open[1];
def breakout_up = high[1] > high[2] and close[1] < low[2] and open[1] >open[2] and close > high[1];
def breakout_down = high[1] > high[2] and close[1] < low[2] and open[1] >open[2] and close<low[1];

assignPriceColor(if weekly_reversal then Color.Blue else if breakout_up then color.green else if breakout_down then color.red else color.white);

 

[Billions]

@BenTen have you backtested this one? looks nice. Is there anyway to add an alert on this study? Thanks

 

[mc01439]

@BenTen is there anyway to add an alert on this study? Thanks

@Billions - https://tos.mx/KAIkaOM

#Alert
def alerttrigger1 = weekly_reversal;

input alerttext = "!!!!!! Bulkowski's Reversal !!!!!";

input UseAlerts = {false, default true};

input AlertType = {default "BAR", "ONCE", "TICK"};

def at = AlertType;

input AlertSound = {"Chimes", "Ring", default "Bell", "NoSound", "Ding"};

Alert (alerttrigger1 and UseAlerts, alerttext, if at == 1 then Alert.ONCE else if at == 2 then Alert.TICK else Alert.BAR, AlertSound);

 

[allpozitiv]

Awesome. Thank you!

 

[3AMBH]

BenTen, This looks interesting.....thank you.

 

[venkym]

@BenTen Nice Indicator looks like its only working for few stocks accurately. In 5min or weekly where there is reversal why no Green candle not formed? any other script need to be added for that?

i'll test it anyway tomorrow for 5min candle how it goes for NFLX/ANTM .

 

[BenTen]

@raghavag2004 The blue candle is a warning for potential reversal followed by a green or red candle to confirm the trend. If there is no green or red, then the trend has not been confirmed. Depending on whether you're a conservative or aggressive trader, you may choose to take the trade right after the blue candle or wait for the confirmation candle.

 

[Billions]

@BenTen I want to use this on 5 min is there any adjustments to the script I need to make?

 

[BenTen]

@Billions No adjustments. If there was any I will always mention it in the original thread.

 

[Billions]

@Billions No adjustments. If there was any I will always mention it in the original thread.

Thank you

 

[Playstation]

This is my best, combined with trend reversal.

 

[BenTen]

@Playstation Here you go

# Bulkowski's Downside Weekly Reversal
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/6gvr4rDR-Downside-Weekly-Reversal/

def weekly_reversal = high > high[1] and close<low[1] and open> open[1];
def breakout_up = high[1] > high[2] and close[1] < low[2] and open[1] >open[2] and close > high[1];
def breakout_down = high[1] > high[2] and close[1] < low[2] and open[1] >open[2] and close<low[1];

assignPriceColor(if weekly_reversal then Color.Blue else if breakout_up then color.green else if breakout_down then color.red else color.white);

# Plot Confirmed Signals
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);

 

[veerasareddy]

@BenTen Scanner is not working for some reason. Alert doesn't pop up for SPY/SPX. I did some tests on TOS Demand. Could you please advise if any changes can be made to this script. I combined the scripts you posted for Alerts + Scan. Looking for email/alert on the Warning phase.

Thank you.

 

[BenTen]

@veerasareddy Try this for the alerts:

Alert(breakout_up, " ", Alert.Bar, Sound.Chimes);
Alert(breakout_down, " ", Alert.Bar, Sound.Bell);

 

[J007RMC]

This is a great indictor I use it for shorts as I trade off the daily this indicator will alert down to the 15min and up. When I find a ticker to short switch over to this and ride it down.

 

[J007RMC]

s
@Billions No adjustments. If there was any I will always mention it in the original thread.

Ben I discovered something today that may be of interest, I dont understand it. While using this indicator I set my time frame to 3min and changed the candle type to HEIKIN ASHI and bam I see a tradeable signal where it did not exist set as candle? see todays DE on 3min chart.. all red divergents well majorly show bulloski on 3 min just tried tgt. This would have been a game changer for me today shorting DE..... way cool

 

[bmann777]

Is there a way to set up a scan for this? I've tried the route that I have previously used for scans in the past and this time a around it's not working. The study isn't displaying any options to select in the wizard.

 

[FOTM_8888]

Hi BenTen, thank you for share this indicator with us.. a quick question, do you have the scan for the indicator? thank you very much and keep up the good job

 

[MerryDay]

Hi BenTen, thank you for share this indicator with us.. a quick question, do you have the scan for the indicator? thank you very much and keep up the good job

To create the scan script, edit the 'def' to 'plot' in the statement you are scanning for.