BuyLow_MP_SMI_TriggerSystem for ThinkorSwim

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tomsk said:
@Playstation An excellent effort, you almost have all the right pieces.
Very well done. Here's how I would implement it. Add the following code snippet

Code: 
# Plot the Breakout/Breakdown Signals

plot UpSignal = if SMI crosses above AvgSMI then SMI * 0.996 else Double.NaN;
UpSignal.SetHiding(!showBreakoutSignals);
UpSignal.SetDefaultColor(Color.PINK);
UpSignal.SetLineWeight(5);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
UpSignal.HideTitle();

plot DownSignal = if SMI crosses below AvgSMI then SMI * 1.004 else Double.NaN;
DownSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetDefaultColor(Color.YELLOW);
DownSignal.SetLineWeight(5);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
DownSignal.HideTitle();


I noticed that you used the user input variable showBreakoutSignals. Don't forget to define that early in your code.
In case you get stuck, here is the completed code with all the changes incorporated

Code: 
# IronRod SMI Histogram (Lower)
# BuyLow
# Modified by tomsk, 1.18.2020 to add breakout/breakdown signals

# V1.0 - 02.09.2015 - BuyLow  - Initial release of IronRod SMI Histogram (Lower) study
# V1.1 - 01.18.2020 - tomsk   - Added the breakout/breakdown signals at @Playstation's request

# MA - yellow hma's are weak, red is bearish, green bullish.
# On the lower (shows hma angle)- anything above (green) the 0 angle line is bullish, below (red) bearish.
#
# The angle size is directly proportional to trend strength, so you easily see increasing or decreasing trend strength/momentum.
# I use the dark/light graduation as a doubling signal for strong moves.

declare lower;

input audioalarm=yes;
input Price = hlc3;
input RsqLength = 5;
input RsqLimit = .5;
input SmiLimit = 30;
input chopband2= 70;
input smibarbufr = 4;
input showBreakoutSignals = yes;

def overbought = SmiLimit;
def oversold = -SmiLimit;
def percentDLength = 4;
def percentKLength = 5;

# Stochastic Momentum Index (SMI)

def min_low = Lowest(low, percentKLength);
def max_high = Highest(high, percentKLength);
def rel_diff = close - (max_high + min_low) / 2;
def diff = max_high - min_low;
def avgrel = ExpAverage(ExpAverage(rel_diff, percentDLength), percentDLength);
def avgdiff = ExpAverage(ExpAverage(diff, percentDLength), percentDLength);

plot chopband = if IsNaN(close) then Double.NaN else 0;
plot SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;

#SMI.SetDefaultColor(Color.BLUE);

SMI.DefineColor("Up", CreateColor(0, 153, 51));
SMI.definecolor("Weak", Color.LIGHT_GRAY);
SMI.DefineColor("Down", Color.RED);
SMI.AssignValueColor(if SMI > SMI[1] then SMI.Color("Up") else if SMI < SMI[1] then SMI.Color("Down") else SMI.Color("Weak"));
SMI.SetLineWeight(2);
SMI.SetStyle(Curve.SHORT_DASH);
SMI.SetLineWeight(3);

plot AvgSMI = ExpAverage(SMI, percentDLength);

AvgSMI.DefineColor("Up", CreateColor(0, 153, 51));
AvgSMI.definecolor("Weak", Color.LIGHT_GRAY);
AvgSMI.DefineColor("Down", Color.RED);
AvgSMI.AssignValueColor(if AvgSMI > AvgSMI[1] then AvgSMI.Color("Up") else if AvgSMI < AvgSMI[1] then AvgSMI.Color("Down") else AvgSMI.Color("Weak"));
AvgSMI.SetLineWeight(3);

# Plot the Breakout/Breakdown Signals

plot UpSignal = if SMI crosses above AvgSMI then SMI * 0.996 else Double.NaN;
UpSignal.SetHiding(!showBreakoutSignals);
UpSignal.SetDefaultColor(Color.PINK);
UpSignal.SetLineWeight(5);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
UpSignal.HideTitle();

plot DownSignal = if SMI crosses below AvgSMI then SMI * 1.004 else Double.NaN;
DownSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetDefaultColor(Color.YELLOW);
DownSignal.SetLineWeight(5);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
DownSignal.HideTitle();

#SMI1.SetPaintingStrategy(PaintingStrategy.DASHES);

plot SMIBAR = AvgSMI;

SMIBAR.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SMIBAR.SetLineWeight(3);
SMIBAR.DefineColor("Upstrong", CreateColor (0, 255, 0));
SMIBAR.DefineColor("Weak", Color.LIGHT_GRAY);
SMIBAR.DefineColor("Downstrong", CreateColor(255, 51, 51));
SMIBAR.AssignValueColor (if (SMI + smibarbufr) >= SMI[1] and SMI > -SmiLimit then SMIBAR.Color("Upstrong") else if (SMI - smibarbufr) <= SMI[1] and SMI < SmiLimit then SMIBAR.Color("Downstrong") else SMIBAR.Color("Weak"));

# r-Square Centerline Indicator

#def sma = Average(close, RsqLength);
#def RSq = Sqr(WMA(close, RsqLength) - sma) / (Average(Sqr(close), RsqLength) - Sqr(sma)) * 3 * (RsqLength + 1) / (RsqLength - 1);

chopband.HideBubble();
chopband.SetLineWeight(5);
chopband.DefineColor("Trade", CreateColor(0, 150,200));
chopband.DefineColor("Hold", Color.ORANGE);
chopband.AssignValueColor(if SMI > -smiLimit and SMI < smilimit then chopband.Color("Hold") else chopband.Color("Trade"));

# Chop Cloud

plot upper= smilimit;
plot lower= -smilimit;

upper.setDefaultColor(Color.GRAY);
lower.setDefaultColor(Color.GRAY);

def choplimits = SmiLimit;

#input choplimits= 1;

AddCloud(choplimits, -choplimits, CreateColor(210,210,210));

#addcloud(-choplimits, -chopband2, CreateColor(175,175,175));
#addcloud(chopband2, choplimits, CreateColor(175,175,175));

# Labels

AddLabel(yes, "SMI Legend: ", Color.WHITE);
AddLabel(yes, "Bullish", Color.UPTICK);
AddLabel(yes, "Bearish", Color.DOWNTICK);
AddLabel(yes, "Changing", Color.GRAY);
AddLabel(yes, "MidLine: ", Color.WHITE);
AddLabel(yes, "Trending", CreateColor(0,150,200));
AddLabel(yes, "In ChopZone", Color.ORANGE);
AddLabel(yes, "SmiLimit: " + SmiLimit, Color.GRAY);

alert (audioalarm and SMI crosses AvgSMI and SMI <= -smilimit or SMI crosses AvgSMI AND SMI >= smilimit, "SMI CROSS", alert.bar, sound.ring);
# End Study
Click to expand...
Good morning. I've recently found the IronRod lower study. Can you speak on if it repaints? Ive spent some time watching it live and I feel like the SMI moves some within a candle or two and can change from green/red. Thoughts?
 
DB01 said:
Good morning. I've recently found the IronRod lower study. Can you speak on if it repaints? Ive spent some time watching it live and I feel like the SMI moves some within a candle or two and can change from green/red. Thoughts?
Click to expand...
No, the IronRod is not a "repainter"
For prior candles, the calculations used in the IronRod are set and final and do not repaint.

However, this study, like the majority of indicators on this forum, will continually update the current bar until it is closed.
Think about it, we can not know, as a candle is forming, what the final close, high, low, of the current bar is going to be, so of course, it updates with the most recent tick.
 
Last edited:
tomsk said:
Folks, seems like there is recent interest in this indicator, so I looked into my files and found the following study from 2015 entitled "IronRod SMI Histogram" that uses SMI and the r-Square Centerline Indicator, complete with color coded legend - bullish, bearish, changing, etc. Thought I'd share with the community here. Just another version for you to play with

Code: 
# IronRod SMI Histogram (Lower)
# BuyLow

# MA - yellow hma's are weak, red is bearish, green bullish.
# On the lower (shows hma angle)- anything above (green) the 0 angle line is bullish, below (red) bearish.
#
# The angle size is directly proportional to trend strength, so you easily see increasing or decreasing trend strength/momentum.
# I use the dark/light graduation as a doubling signal for strong moves.

declare lower;

input audioalarm=yes;
input Price = hlc3;
input RsqLength = 5;
input RsqLimit = .5;
input SmiLimit = 30;
input chopband2= 70;
input smibarbufr = 4;

def overbought = SmiLimit;
def oversold = -SmiLimit;
def percentDLength = 4;
def percentKLength = 5;

# Stochastic Momentum Index (SMI)

def min_low = Lowest(low, percentKLength);
def max_high = Highest(high, percentKLength);
def rel_diff = close - (max_high + min_low) / 2;
def diff = max_high - min_low;
def avgrel = ExpAverage(ExpAverage(rel_diff, percentDLength), percentDLength);
def avgdiff = ExpAverage(ExpAverage(diff, percentDLength), percentDLength);

plot chopband = if IsNaN(close) then Double.NaN else 0;
plot SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;

#SMI.SetDefaultColor(Color.BLUE);

SMI.DefineColor("Up", CreateColor(0, 153, 51));
SMI.definecolor("Weak", Color.LIGHT_GRAY);
SMI.DefineColor("Down", Color.RED);
SMI.AssignValueColor(if SMI > SMI[1] then SMI.Color("Up") else if SMI < SMI[1] then SMI.Color("Down") else SMI.Color("Weak"));
SMI.SetLineWeight(2);
SMI.SetStyle(Curve.SHORT_DASH);
SMI.SetLineWeight(3);

plot AvgSMI = ExpAverage(SMI, percentDLength);

AvgSMI.DefineColor("Up", CreateColor(0, 153, 51));
AvgSMI.definecolor("Weak", Color.LIGHT_GRAY);
AvgSMI.DefineColor("Down", Color.RED);
AvgSMI.AssignValueColor(if AvgSMI > AvgSMI[1] then AvgSMI.Color("Up") else if AvgSMI < AvgSMI[1] then AvgSMI.Color("Down") else AvgSMI.Color("Weak"));
AvgSMI.SetLineWeight(3);

#SMI1.SetPaintingStrategy(PaintingStrategy.DASHES);

plot SMIBAR = AvgSMI;

SMIBAR.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SMIBAR.SetLineWeight(3);
SMIBAR.DefineColor("Upstrong", CreateColor (0, 255, 0));
SMIBAR.DefineColor("Weak", Color.LIGHT_GRAY);
SMIBAR.DefineColor("Downstrong", CreateColor(255, 51, 51));
SMIBAR.AssignValueColor (if (SMI + smibarbufr) >= SMI[1] and SMI > -SmiLimit then SMIBAR.Color("Upstrong") else if (SMI - smibarbufr) <= SMI[1] and SMI < SmiLimit then SMIBAR.Color("Downstrong") else SMIBAR.Color("Weak"));

# r-Square Centerline Indicator

#def sma = Average(close, RsqLength);
#def RSq = Sqr(WMA(close, RsqLength) - sma) / (Average(Sqr(close), RsqLength) - Sqr(sma)) * 3 * (RsqLength + 1) / (RsqLength - 1);

chopband.HideBubble();
chopband.SetLineWeight(5);
chopband.DefineColor("Trade", CreateColor(0, 150,200));
chopband.DefineColor("Hold", Color.ORANGE);
chopband.AssignValueColor(if SMI > -smiLimit and SMI < smilimit then chopband.Color("Hold") else chopband.Color("Trade"));

# Chop Cloud

plot upper= smilimit;
plot lower= -smilimit;

upper.setDefaultColor(Color.GRAY);
lower.setDefaultColor(Color.GRAY);

def choplimits = SmiLimit;

#input choplimits= 1;

AddCloud(choplimits, -choplimits, CreateColor(210,210,210));

#addcloud(-choplimits, -chopband2, CreateColor(175,175,175));
#addcloud(chopband2, choplimits, CreateColor(175,175,175));

# Labels

AddLabel(yes, "SMI Legend: ", Color.WHITE);
AddLabel(yes, "Bullish", Color.UPTICK);
AddLabel(yes, "Bearish", Color.DOWNTICK);
AddLabel(yes, "Changing", Color.GRAY);
AddLabel(yes, "MidLine: ", Color.WHITE);
AddLabel(yes, "Trending", CreateColor(0,150,200));
AddLabel(yes, "In ChopZone", Color.ORANGE);
AddLabel(yes, "SmiLimit: " + SmiLimit, Color.GRAY);

alert (audioalarm and SMI crosses AvgSMI and SMI <= -smilimit or SMI crosses AvgSMI AND SMI >= smilimit, "SMI CROSS", alert.bar, sound.ring);
# End Study
Click to expand...

Thank you @tomsk for sharing this.

If interested, I added the SMI Oscillator, Average SMI Oscillator, Histogram Bars, and Midband (Chop/Trend) labels respectively with the option to turn them on or off.


Code: 
# IronRod SMI Histogram (Lower)
# BuyLow

# MA - yellow hma's are weak, red is bearish, green bullish.
# On the lower (shows hma angle)- anything above (green) the 0 angle line is bullish, below (red) bearish.
#
# The angle size is directly proportional to trend strength, so you easily see increasing or decreasing trend strength/momentum.
# I use the dark/light graduation as a doubling signal for strong moves.
#
# Added SMI Oscillator, Average SMI Oscillator, Histogram Bars, and Midband (Chop/Trend) labels respectively with the option to turn them on or off.

declare lower;

input showlabels=yes;
input audioalarm=yes;
input Price = hlc3;
input RsqLength = 5;
input RsqLimit = .5;
input SmiLimit = 30;
input chopband2= 70;
input smibarbufr = 4;

def overbought = SmiLimit;
def oversold = -SmiLimit;
def percentDLength = 4;
def percentKLength = 5;

# Stochastic Momentum Index (SMI)

def min_low = Lowest(low, percentKLength);
def max_high = Highest(high, percentKLength);
def rel_diff = close - (max_high + min_low) / 2;
def diff = max_high - min_low;
def avgrel = ExpAverage(ExpAverage(rel_diff, percentDLength), percentDLength);
def avgdiff = ExpAverage(ExpAverage(diff, percentDLength), percentDLength);

plot chopband = if IsNaN(close) then Double.NaN else 0;
plot SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;

#SMI.SetDefaultColor(Color.BLUE);

SMI.DefineColor("Up", CreateColor(0, 153, 51));
SMI.definecolor("Weak", Color.LIGHT_GRAY);
SMI.DefineColor("Down", Color.RED);
SMI.AssignValueColor(if SMI > SMI[1] then SMI.Color("Up") else if SMI < SMI[1] then SMI.Color("Down") else SMI.Color("Weak"));
SMI.SetLineWeight(2);
SMI.SetStyle(Curve.SHORT_DASH);
SMI.SetLineWeight(3);

plot AvgSMI = ExpAverage(SMI, percentDLength);

AvgSMI.DefineColor("Up", CreateColor(0, 153, 51));
AvgSMI.definecolor("Weak", Color.LIGHT_GRAY);
AvgSMI.DefineColor("Down", Color.RED);
AvgSMI.AssignValueColor(if AvgSMI > AvgSMI[1] then AvgSMI.Color("Up") else if AvgSMI < AvgSMI[1] then AvgSMI.Color("Down") else AvgSMI.Color("Weak"));
AvgSMI.SetLineWeight(3);

#SMI1.SetPaintingStrategy(PaintingStrategy.DASHES);

plot SMIBAR = AvgSMI;

SMIBAR.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
SMIBAR.SetLineWeight(3);
SMIBAR.DefineColor("Upstrong", CreateColor (0, 255, 0));
SMIBAR.DefineColor("Weak", Color.LIGHT_GRAY);
SMIBAR.DefineColor("Downstrong", CreateColor(255, 51, 51));
SMIBAR.AssignValueColor (if (SMI + smibarbufr) >= SMI[1] and SMI > -SmiLimit then SMIBAR.Color("Upstrong") else if (SMI - smibarbufr) <= SMI[1] and SMI < SmiLimit then SMIBAR.Color("Downstrong") else SMIBAR.Color("Weak"));

# r-Square Centerline Indicator

#def sma = Average(close, RsqLength);
#def RSq = Sqr(WMA(close, RsqLength) - sma) / (Average(Sqr(close), RsqLength) - Sqr(sma)) * 3 * (RsqLength + 1) / (RsqLength - 1);

chopband.HideBubble();
chopband.SetLineWeight(5);
chopband.DefineColor("Trade", CreateColor(0, 150,200));
chopband.DefineColor("Hold", Color.ORANGE);
chopband.AssignValueColor(if SMI > -smiLimit and SMI < smilimit then chopband.Color("Hold") else chopband.Color("Trade"));

# Chop Cloud

plot upper= smilimit;
plot lower= -smilimit;

upper.setDefaultColor(Color.GRAY);
lower.setDefaultColor(Color.GRAY);

def choplimits = SmiLimit;

#input choplimits= 1;

AddCloud(choplimits, -choplimits, CreateColor(210,210,210));

#addcloud(-choplimits, -chopband2, CreateColor(175,175,175));
#addcloud(chopband2, choplimits, CreateColor(175,175,175));

# Labels

AddLabel(showlabels, if SMI > SMI[1] then "SMI Up" else if SMI < SMI[1] then "SMI Down" else "SMI Weak", if SMI > SMI[1] then SMI.Color("Up") else if SMI < SMI[1] then SMI.Color("Down") else SMI.Color("Weak"));# SMI

AddLabel(showlabels, if AvgSMI > AvgSMI[1] then "Avg SMI Bullish" else if AvgSMI < AvgSMI[1] then "Avg SMI Bearish" else   "Avg SMI Weak", if AvgSMI > AvgSMI[1] then AvgSMI.Color("Up") else if AvgSMI < AvgSMI[1] then AvgSMI.Color("Down") else AvgSMI.Color("Weak"));# Avg SMI

AddLabel(showlabels, if (SMI + smibarbufr) >= SMI[1] and SMI > -SmiLimit then "Strong Uptrend" else if (SMI - smibarbufr) <= SMI[1] and SMI < SmiLimit then "Strong Downtrend" else "Weak", if (SMI + smibarbufr) >= SMI[1] and SMI > -SmiLimit then SMIBAR.Color("Upstrong") else if (SMI - smibarbufr) <= SMI[1] and SMI < SmiLimit then SMIBAR.Color("Downstrong") else SMIBAR.Color("Weak"));# SMI Histogram

AddLabel(showlabels, if SMI > -smiLimit and SMI < smiLimit then "Chop" else "Trend", if SMI > -smiLimit and SMI < smiLimit then chopband.Color("Hold") else chopband.Color("Trade"));# MidBar/Line

#Coded out the Legend

#AddLabel(yes, "SMI Legend: ", Color.WHITE);
#AddLabel(yes, "Bullish", Color.UPTICK);
#AddLabel(yes, "Bearish", Color.DOWNTICK);
#AddLabel(yes, "Changing", Color.GRAY);
#AddLabel(yes, "MidLine: ", Color.WHITE);
#AddLabel(yes, "Trending", CreateColor(0,150,200));
#AddLabel(yes, "In ChopZone", Color.ORANGE);
#AddLabel(yes, "SmiLimit: " + SmiLimit, Color.GRAY);

alert (audioalarm and SMI crosses AvgSMI and SMI <= -smilimit or SMI crosses AvgSMI AND SMI >= smilimit, "SMI CROSS", alert.bar, sound.ring);
# End Study
 
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