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

Well-known 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.
 
T

Tiredoflosing

Member
VIP
Hi everyone,

I hope this thread finds you all well and in good health.

I came across this reversal indicator, so I thought I would share and give my back to the community. Currently, I'm trying to find something that can cut down some of the fake signals. I do like to trade reversals just an FYI. (Blue Arrows in this case)

Potential ideas for cleaning up false signals:
1. Long signals only above VWAP & shorts only below VWAP ( testing this right now, so far doesn't look too promising)
2. Use other indicators to confirm signals ( wavetrend, BTD..etc)

Things I noticed:
1. In a hard uptrend/downtrend, most of the signals will fail due to momentum being so high but small losses.
2. The winners can be quiet large.
3. The 800 tick on ES was interesting to me.
4. the author didn't mean for the script to be used like I am for scalps ( you can look at the link in the code)
5. When WaveTrend and Dead Reversal are signaling on the same bar, its usually a high probability trade.
6. Doesn't repaint to my knowledge.



Lastly,

This Is not my script, nor do i claim it to be. Credit to whoever is the rightful owner! I hope you all are staying positive & testing negative. ( Cheesey Corona Virus Joke)

Best,

TiredOfLosing

Code:
# Dead Simple Reversal Points
# Converted from https://www.tradingview.com/script/QJ5VgF0D-Simple-Reversal-Point/

input shortTerm = 3;
input longTerm = 50;

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

#plot debug = sell;

# 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);

Heres the link to the grid. On the grid you will find Wavetrend as well: https://tos.mx/MtWNoqF
 
Last edited by a moderator:
H

HighBredCloud

Well-known member
VIP
@Tiredoflosing interesting indicator...BTW...can you post WaveTrend separately...I don't see it being included in the link.
 

Similar threads

Top