Create your own candlestick pattern in ThinkorSwim?
- Thread starter Buckbull
- Start date
@Buckbull If you are not already aware you might like to know that TOS has a library of candlestick patterns available.
Just go to the TOS platform, click on charts. Then on the top right, there is a button called "Patterns"
There is a drop down menu, so you can go and explore that area. Many examples of chart of candlestick patterns there
Just go to the TOS platform, click on charts. Then on the top right, there is a button called "Patterns"
There is a drop down menu, so you can go and explore that area. Many examples of chart of candlestick patterns there
Ben Can you please check them out see if you would change anything I think they are good
https://tos.mx/dxP9HlI Tweezer Bottom
https://tos.mx/UI7iQLv Tweezer Top
https://tos.mx/dxP9HlI Tweezer Bottom
https://tos.mx/UI7iQLv Tweezer Top
Yes I know about it but thanks for the heads up
@Buckbull If you need help uploading images, see this thread. We recommend Imgur.
In regards to the candlestick pattern you showed from the screenshot above, maybe you're referring to the Pin bar pattern or something like that. https://usethinkscript.com/threads/pin-bar-reversal-indicator-for-thinkorswim.156/
In regards to the candlestick pattern you showed from the screenshot above, maybe you're referring to the Pin bar pattern or something like that. https://usethinkscript.com/threads/pin-bar-reversal-indicator-for-thinkorswim.156/
@BenTen That is awesome thank you for that . How would I add a stipulation in a scan that the pin bar has to close within the body of the previous candle ?
@Buckbull - I assume you're referring to the Pinbar indicator that @BenTen posted in the following thread
https://usethinkscript.com/threads/pin-bar-reversal-indicator-for-thinkorswim.156/
Here is your COMPLETED scan. Load the following code directly into the scanner. It scans for a bullish/bearish pinbar that closes within the body of the previous days candle. Please note that I have NOT changed any of the definitions of the pinbar definition that came with the original study
I just added your requirement for closes within the body of the previous candle and some minor clean up to enable the scan.
I have tested the scan on the S&P 500. At the present time, a bullish scan yields 2 results while a bearish scan yields 1 result.
Code:
# Pinbar Scan
# tomsk
# 11.23.2019
# https://usethinkscript.com/threads/create-your-own-candlestick-pattern-in-thinkorswim.1103/#post-10213
# This scans for a bullish/bearish pinbar that closes within the body
# of the previous candle. The conditions for the logic for the pinbar
# conditions were extracted from the following study as posted by BenTen
# in May 2019
#
# https://usethinkscript.com/threads/pin-bar-reversal-indicator-for-thinkorswim.156/
input LastBars = 0;
input MaxNoseBodySize = 0.33; #(default = 0.33) — maximum allowed body/length ratio for the Nose bar.
input NoseBodyPosition = 0.4; #(default = 0.4) — Nose body should be position in top (bottom for bearish pattern) part of the Nose bar.
input LeftEyeOppositeDirection = yes; #(default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.
input NoseSameDirection = yes; #(default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.
input NoseBodyInsideLeftEyeBody = no; #(default = false) — tells the indicator that the Nose body should be inside the Left Eye body.
input LeftEyeMinBodySize = 0.1; #(default = 0.1) — minimum size of the Left Eye body relative to the bar length.
input NoseProtruding = 0.5; #(default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
input NoseBodyToLeftEyeBody = 1; #(default = 1) — maximum size of the Nose body relative to the Left eye body.
input NoseLengthToLeftEyeLength = 0; #(default = 0) — minimum Nose length relative to the Left Eye length.
input LeftEyeDepth = 0.2; #(default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is length of the part of the bar behind the Nose.
# Left Eye and Nose bars's paramaters
def NoseLength = High - Low;
def LeftEyeLength = High[1] - Low[1];
def NoseBody = Absvalue(Open - Close);
def LeftEyeBody = Absvalue(Open[1] - Close[1]);
# Bearish Pinbar
def BearSignalDown = if (High - High[1] >= NoseLength * NoseProtruding) and
(NoseBody / NoseLength <= MaxNoseBodySize) and
(1 - (High - Max(Open, Close)) / NoseLength < NoseBodyPosition) and
if LeftEyeOppositeDirection then (Close[1] > Open[1]) else 1 and
if NoseSameDirection then (Close < Open) else 1 and
(LeftEyeBody / LeftEyeLength >= LeftEyeMinBodySize) and
((Max(Open, Close) <= High[1]) && (Min(Open, Close) >= Low[1])) and
(NoseBody / LeftEyeBody <= NoseBodyToLeftEyeBody) and
(NoseLength / LeftEyeLength >= NoseLengthToLeftEyeLength) and
(Low - Low[1] >= LeftEyeLength * LeftEyeDepth) and
if NoseBodyInsideLeftEyeBody then ((Max(Open, Close) <= Max(Open[1], Close[1]))
&& (Min(Open, Close) >= Min(Open[1], Close[1]))) else 1
then yes
else no ;
def BullSignalUp = if (Low[1] - Low >= NoseLength * NoseProtruding) and
(NoseBody / NoseLength <= MaxNoseBodySize) and
(1 - (Min(Open, Close) - Low) / NoseLength < NoseBodyPosition) and
if LeftEyeOppositeDirection then (Close[1] < Open[1]) else 1 and
if NoseSameDirection then (Close > Open) else 1 and
(LeftEyeBody / LeftEyeLength >= LeftEyeMinBodySize) and
((Max(Open, Close) <= High[1]) && (Min(Open, Close) >= Low[1])) and
(NoseBody / LeftEyeBody <= NoseBodyToLeftEyeBody) and
(NoseLength / LeftEyeLength >= NoseLengthToLeftEyeLength) and
(High[1] - High >= LeftEyeLength * LeftEyeDepth) and
if NoseBodyInsideLeftEyeBody then ((Max(Open, Close) <= Max(Open[1], Close[1]))
&& (Min(Open, Close) >= Min(Open[1], Close[1]))) else 1
then yes
else no;
# Scan specific logic. Look for a close within previous bar's body
# Add this to the original scan condition from a user request
def condition = between(close, min(open[1],close[1]),max(open[1],close[1]));
# Comment out (#) the ONE not needed
plot bullish_signal = BullSignalup and condition;
# plot bearish_signal = BearSignalDown and condition;
# End Pinbar Scan
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Bullish scan
# Comment out (#) the ONE not needed
plot bullish_signal = BullSignalup and condition;
# plot bearish_signal = BearSignalDown and condition;
# End Pinbar Scan
Bearish Scan
# Comment out (#) the ONE not needed
# plot bullish_signal = BullSignalup and condition;
plot bearish_signal = BearSignalDown and condition;
# End Pinbar Scan
I would just save as different scans.
# Comment out (#) the ONE not needed
plot bullish_signal = BullSignalup and condition;
# plot bearish_signal = BearSignalDown and condition;
# End Pinbar Scan
Bearish Scan
# Comment out (#) the ONE not needed
# plot bullish_signal = BullSignalup and condition;
plot bearish_signal = BearSignalDown and condition;
# End Pinbar Scan
I would just save as different scans.
You seem to be new to scans - please note that the scanner only accepts one plot statement
I have listed two in the code, one commented out. Just switch those round for theopposite case
You should get 1 result for the bearish case if you ran the scan today
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Not to worry, with practice you'll get the hang of it in no time!
DudeDastic
New member
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