DEEPWATER_THE ONE For ThinkOrSwim

[Deepwater]

Deepwater, thanks for sharing it with the community. I have seen many Buy signals than Sell Signals missing out on shorts. On the sell signal, what is the difference between Pink and Purple color signals?

Your welcome Tek. Without getting into too much code if you look at TSLA for today 1D 1Min or Two Minutes you will get small red spikes top downward marking overbought area entered and if you see a bunch of longer Red Down Spikes and magenta RSI Compounded Sell Spikes those mark very strong SELL Signals with my code. If it looks like Stalactites from a ceiling you better seriously think about selling. If I was Shorting I would look for those Stalactite formations or the long red spike down. Depending on how your computer monitor colors are tuned, my colors are Red and Magenta (ThinkScript Colors also I think)

 

[Deepwater]

I updated the indicator with this update. However, I noticed that I lost very strong Buy signals towards morning open on Tesla and other stocks i trade on 1 min and 2 min chart. The previous code has been working really well for me for lower timeframes especially during when the market opens. I also use it with the slight Deepwater variant for lower-timeframe based on a contribution by another user on this thread. Do you mind re-sharing the previous build dated 05/07 as I did an overwrite on that version with the version you just updated. Thank you!

If you change 'and RSIAvg3 < 40' to 'and RSIAvg3 < 45' it makes it just a little broader but filters a quick spurious buy signal. Try this.
Worked on TSLA for me
plot TrendReversal1 = (twoBarPivotMACD and RSIAvg3 < 45 and Highest(overSoldRSIHeavy, 6) > 0) / 1.2;

 

[Deepwater]

Deepwater, thanks for sharing it with the community. I have seen many Buy signals than Sell Signals missing out on shorts. On the sell signal, what is the difference between Pink and Purple color signals?

Deepwater just want to say thank you again this has been a big help for for me

Your welcome SSIMonn

 

[nitrous]

What I have noticed is if you add a 2 line MACD (the one) indicator will fire first then the macd cross confirms which usually comes a few bars later.

Can you please clarify what is meant by " if you add a 2 line MACD (the one) indicator".

Thanks

 

[nitrous]

@Deepwater Looking at TSLA, 1m chart, does the big green spike and a yellow spike inside means a strong buy?

 

[Deepwater]

@Deepwater Looking at TSLA, 1m chart, does the big green spike and a yellow spike inside means a strong buy?

Yes it is stronger than the yellow spike. If you see two big green spike and a yellow spike inside in quick succession (like within say 10 candles +/-) I consider the second Spike to be even greater buy signal and if you see the Green RSI Compound buy signal with them probably the greatest buy signal.

AXSM today had a very strong Buy signal combo. Stalagmites lots of Green Signals on the 1D 1Minute chart

 

[ssimonn]

Can you please clarify what is meant by " if you add a 2 line MACD (the one) indicator".

Thanks

look in TOS for two line MACD and add it to bottom indicator

 

[Deepwater]

look in TOS for two line MACD and add it to bottom indicator

Yes a built in TOS Study indicator. It mirrors the stock price peak for peak trough for trough.

 

[nitrous]

Yes it is stronger than the yellow spike. If you see two big green spike and a yellow spike inside in quick succession (like within say 10 candles +/-) I consider the second Spike to be even greater buy signal and if you see the Green RSI Compound buy signal with them probably the greatest buy signal.

AXSM today had a very strong Buy signal combo. Stalagmites lots of Green Signals on the 1D 1Minute chart

Is it possible to label the spikes as buy/sell?

 

[Deepwater]

Is it possible to label the spikes as buy/sell?

I am not sure if you have been watching a chart when the Buy or Sell signal first comes in, as there is a sound alert and a buy or sell message but to keep clutter down it doesn't stick. The spikes Visually give you the buy sell cue. Use it for a couple weeks and it will grow on you. Once the spike paint they don't disappear. From the bottom pointing up, GREEN is Buy. from the top pointing down, REDs are Sells. Go look at a bunch of symbols. You'll get it.

 

[greenalert20]

I personally like the way the buy/sell signal is visualized. I have a hard time trusting arrow as most arrow indicators repaint. This appears as raw data spikes over time. Perhaps the only recommendation i would have is to have text/bubble compliment each spike. My chart is usually very busy as is and i can't keep up with which color represents what.

 

[tomsey]

Has anybody had any success with this indicator on Futures, specifically the Mini S & P 500 (/ES)?

I put the indicator on the /ES chart but the signals are really not at significant buy (uptrend) or sell (downtrend) areas....

Otherwise, I love the indicator on numerous other stocks that I follow..... Great job Deepwater, thank you for sharing your work....

 

[Christopher84]

I personally like the way the buy/sell signal is visualized. I have a hard time trusting arrow as most arrow indicators repaint. This appears as raw data spikes over time. Perhaps the only recommendation i would have is to have text/bubble compliment each spike. My chart is usually very busy as is and i can't keep up with which color represents what.

Just curious why you think "most arrow indicators repaint"? Arrows don't really have anything to do with repainting, and the majority of studies I've encountered that use arrows do not repaint (though there definitely are some such as the TTM Scalper). It's definitely important to know if your indicator repaints or not. Repainting indicators are virtually worthless in my opinion. It would be unfortunate for people to write off a perfectly good indicators based on them thinking the arrows mean that the indicator must be repainting.

 

[fingerlakes]

Really nice indicator, has anyone tried to add divergence to the RSI candles? I see some real nice divergences on the chart to potentially trade. I dont have the knowledge to create the divergence. Mobius has some nice divergence studies that could be applied?

 

[Chence27]

Just curious why you think "most arrow indicators repaint"? Arrows don't really have anything to do with repainting, and the majority of studies I've encountered that use arrows do not repaint (though there definitely are some such as the TTM Scalper). It's definitely important to know if your indicator repaints or not. Repainting indicators are virtually worthless in my opinion. It would be unfortunate for people to write off a perfectly good indicators based on them thinking the arrows mean that the indicator must be repainting.

Saying that most arrow indicators repaint is like saying most Chinese people look the same. Indicator racism. Not cool man.

 

[Deepwater]

Has anybody had any success with this indicator on Futures, specifically the Mini S & P 500 (/ES)?

I put the indicator on the /ES chart but the signals are really not at significant buy (uptrend) or sell (downtrend) areas....

Otherwise, I love the indicator on numerous other stocks that I follow..... Great job Deepwater, thank you for sharing your work....

you tried it on SPY as a substitute?

 

[Deepwater]

5/20/2021 Added a stronger buy signal (taller) if a second buy comes within 14 candles of a previous strong buy. Changed Line Width to 2 or 3 to sharpen signal visibility. Reordered plot of yellow line to be after plot of stronger Green buys therefore you should only see Yellow Spike for over sold and only a larger Green Spike for the Strong Buy. No more yellow/Green Spikes.

Hope you like the changes. Page 1 code updated.

 

[mansor]

5/20/2021 Added a stronger buy signal if a second buy comes within 14 candles of a previous buy. Changed Line Width to 2 or 3 to sharpen signal visibility

Hope you like the changes. Page 1 code updated.

what time frame do you use this on? I have tried it on 1D 2M and I do see two spikes (orange & blue colors - as I use white background) however, I do not see an uptrend at times... I simply copy & pasted the script w/o modifying it. Please share your experience

 

[Deepwater]

what time frame do you use this on? I have tried it on 1D 2M and I do see two spikes (orange & blue colors - as I use white background) however, I do not see an uptrend at times... I simply copy & pasted the script w/o modifying it. Please share your experience

LOOK at DUST on a 1D 2M chart. What do you see? P.S I use a black background myself. Set this under APPEARANCE in the setup for your charts. There is a background option and I changed the color

 

[mansor]

LOOK at DUST on a 1D 2M chart. What do you see? P.S I use a black background myself. Set this under APPEARANCE in the setup for your charts. There is a background option and I changed the color

Yes, it works at times & doesn't at times - it's not consistent is what I am trying to say. If you look at LEV at 11:54am today, you'd see 2 spikes but uptrend never followed after the following candle. Chart timeframe is 1D2M. Not crtisizing your work at all. Trying to figure out how to understand it better. thats all