Bullish Shooting Star

[ssmike123]

Hello BenTen, Condition Wizard is one of the least used sections of ThinkOrSwim Platform. Yet for people that do not know coding this may be very useful.
Please can you make a tutorial, step by step how to use Condition Wizard? For Example How to make a scan for Shooting Star candles (upside & Down side) with ability to adjust Ratio of Shadow / Real body.

 

[BenTen]

@ssmike123 We have plenty of examples throughout this forum.

Your best bet would be to fire up TOS, go to the Scan tab, and then play with the conditional wizard. Come back if you have a specific question or problem that you need help with. The video posted on the first page of this thread can also be useful.

How to make a scan for Shooting Star candles

 

[ssmike123]

Hi, Any idea why the dropdown menu has only Bearish? What if I am looking for Bullish Shooting Star.

 

[MerryDay]

@ssmike123

Read more:
https://tlc.thinkorswim.com/center/reference/Patterns/candlestick-patterns-library/bearish-only/ShootingStar

 

[ssmike123]

Thank you MerryDay. In that case I thing I have to use a "Hammer" & learn how to make the shadow longer, in condition wizard. Is there a way just to describe a candle with no name in condition wizard, disregarding previous candles?

 

[MerryDay]

@ssmike123
To get someone on here excited to help you in your quest, it helps to do some of the research on your own, it makes it feel like a team effort. If you searched hammer scripts like this Hammer Script or one of the others on the forum and then you mark up the Hammer Script chart and show how you want it changed and explain how this might help our trading, you are likely to get someone who might be interested enough to modify your study into the type of scan you are looking for.

Forum etiquette is a learning curve. I probably broke every rule when I first joined.
So, I wrote this post: Best Etiquette When Posting.
Remember to search the forum for your questions before posting and to post screenshots with your posts.
How To Post An Image

 

[ssmike123]

@MerryDay, thank you for the post.

Below I will explain what I am trying to achieve , then place the Scripts I have toward this & explain what is the problem with the Script.
I am looking for price to be at an extreme. Using Bollinger Bands & Liner Regression Channel. If price has closed outside of these two, then price is at an extreme. I.E, if Closed below BB & LRC then a move to upside is "expected" & if Closed above BB & LRC a move to downside is "expected."

I am adding an additional requisite , that is shape of the bar (I am mainly working with daily charts). I don't want to call the bar a Shooting Star or a Hammer. Think using these terms will limit the search scan. I describe the Shape of Daily Candle.

For a long trade, If daily bar closes below BB & LRC, I am looking for a T shape or a cross shape candle where open & close of the day are very near the top of the candle has a long tail (shadow), color of body is not important, having a wick is not important.
For a short trade, the opposite positions. If daily bar closes above BB & LRC, I am looking for a Inverted T or Inverted cross shape candle where open & close of the day are very near the bottom of the candle has a long tail (shadow), color of body is not important, having a wick is not important.

Here is the scripts I have

For Buy Side:

(LinearRegChVar("width of channel" = 50.0, length = 100, "full range" = No).LowerLR is greater than close) and
( BollingerBands()."LowerBand" is greater than close )

and AbsValue(close - low ) > 6 * AbsValue ( open - close )
and AbsValue(close - open ) < .1 * AbsValue ( high - low )

For Sale Side:

(LinearRegChVar("width of channel" = 50.0, length = 100, "full range" = No).UpperLR is less than close) and
( BollingerBands().UpperBand is less than close )

and AbsValue(close - high ) > 6 * AbsValue ( open - close )
and AbsValue(close - open ) < .1 * AbsValue ( high - low )

Here is a picture of candle on the Buy Side: & then I will explain problem I have with this script

https://imgur.com/a/kbBBVod

This image is result of buy side scan on 4-8 & 4-9 & at that time the price was below & outside BB & LRC.
For most parts I think the first part of script is working fine. i.e for long side below BB & LRC.

The problem I have is with second part trying to describe the candle bar. issues that I see
1. On the candle describes a shadow length to body length of 6/1. This is very limiting. How can we change that Shadow length to Body Length of > 2/1, this way it covers any Shadow/body length grater than 2 to 1.
2. this happens both on buy side & sell side. On buy side I only want upright T candles or upright crosses. search brings some inverted Ts & crosses on the buy side & opposite happens on the sell Side. I want only Inverted Ts & crosses , but search produces upright Ts & crosses.

Any help is appreciated.

 

[tradecombine]

I compared your code to the built-in Hammer Candlestick pattern code. It appears that you are missing the Max() and Min() functions which helps you determine whether you're looking at an upper-shadow or a lower-shadow. (See the code below, for context.)
https://usethinkscript.com/threads/defining-candle-patterns.7834/

 

[ssmike123]

Hi, Tradecombine, I tried this. Get an "invalid Statement" message.
think this part
def yourSellCondition =
(LinearRegChVar("width of channel" = 50.0, length = 100, "full range" = No).UpperLR is less than close) and
and ( BollingerBands().UpperBand is less than close )
and body >= minBody
and upperWick >= wickBodyRatio * body
and upperWick >= wickWickRatio * lowerWick;

And I don't know coding to correct this!

Thanks

 

[MerryDay]

@ssmike123 There was a typo in the script referenced in post#8. It has been corrected.