Dead Simple Reversal Indicator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
This indicator finds possible points of reversion, you can use it to stack positions and get a good average price for when the price changes direction, it is the trader responsibility to manage the position and make a profit.


thinkScript Code

Code:
# Dead Simple Reversal Points
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/QJ5VgF0D-Simple-Reversal-Point/

# Define Conditions
def c1 = close[1] < open[1] and close > open;
def c2 = close > open[1];
def c3 = lowest(low, 3) < lowest(low, 50)[1] or lowest(low,3) < lowest(low,50)[2] or lowest(low,3) < lowest(low,50)[3];
def buy = c1 and c2 and c3;
def c4 = close[1] > open[1] and close<open;
def c5 = close<open[1];
def c6 = highest(high, 3) > highest(high, 50)[1] or highest(high,3) > highest(high,50)[2] or highest(high,3) > highest(high,50)[3];
def sell = c4 and c5 and c6;

# Plot Signals
plot bullish = buy;
bullish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bullish.SetDefaultColor(Color.CYAN);
bullish.SetLineWeight(1);
plot bearish = sell;
bearish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bearish.SetDefaultColor(Color.CYAN);
bearish.SetLineWeight(1);
 
H

HighBredCloud

Active member
VIP
@BenTen are these arrows delayed in anyway like the TTM Scalper or realtime?
 
H

HBDL Trader

New member
@BenTen , thanks for the code.

I was wondering if the code can modified for use with moving average values instead of bar high or bar low.

Since this strategy has an averaging component, we want to average only the lowest MA values for buys and highest MA values for sells.

Thanks in advance.
 
I

iamaterp

New member
is this meant to be used to be constantly averaging in on 1 direction when the arrows appear and covering when the first arrow of the opposite direction comes up? in that case you are constantly buying/shorting against the trend and averaging a bad trade until it makes you right? I am just curious asking if its meant to be read that way.
 
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