Extended Keltner Channels For ThinkOrSwim

[cabe1332]

I would like to share an alternative, which works for me very well, an extended Keltner channel on a chart. Similar to like a Bollinger band, it provides a wedge up or down signal when price action has overextended. It saves on real estate on your TOS chart. Code below and screenshot. Good luck! @cabe1332

# Extended Keltner Channels on chart
# @cabe1332
# credit to TOS Indicators
# provides wedge up or down when price action is overextended

# code start

input kcfactor = 3.0;

#plot extendedLong = close > keltnerChannels(factor = kcfactor).UpperBand;
plot extendedLong = close > keltnerChannels(factor = kcfactor).UpperBand and RSI() > 70;
#plot extendedshort = close < keltnerChannels(factor = kcfactor).LowerBand;
plot extendedshort = close < keltnerChannels(factor = kcfactor).LowerBand and RSI() < 30;

extendedLong.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Up);
extendedShort.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Down);
extendedLong.setDefaultColor(Color.pink);
extendedShort.setDefaultColor(Color.Light_green);

# code end

 

[Piper2808t]

Hello trying to get this indicator in an mtf version thanks


input KCFactor = 3.0;

plot extendedLong = close > KeltnerChannels(factor = KCFactor).UpperBand;
plot extendedShort = close < KeltnerChannels(factor = KCFactor).LowerBand;

extendedLong.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Up);
extendedShort.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Down);
extendedLong.setDefaultColor(Color.pink);
extendedShort.setDefaultColor(Color.Light_green);

assignpricecolor(if extendedlong then color.blue else if extendedshort then color.red else color.gray);

 

[mashume]

@Piper2808t,

https://tlc.thinkorswim.com/center/reference/thinkScript/Constants/AggregationPeriod
https://tlc.thinkorswim.com/center/...s/AggregationPeriod/AggregationPeriod-TEN-MIN

These links will get you a list of available aggregations and sample code like this:

def agg = AggregationPeriod.TEN_MIN;
plot data = close(period = agg);

You can rewrite the "def agg" to be "input agg", if you need to be able to change it on the fly
and then you may use the "data" series in place of "close" in your extendedLong and Short plots.

the inputs for the Keltner Channels is described here:
https://tlc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/G-L/KeltnerChannels

which tells you that you need to change the KeltnerChannels() call to something like this:

... KeltnerChannels(factor = KCFactor, price = data) ...

If, that is, you want the Keltner Channel calculated on the secondary aggregation period.

If you try all of this and still can't sort it out, do come back and show us your code and we can help get it that 'last mile' to be what you need.

-mashume

 

[netarchitech]

@Piper2808t : Try this...

input KCFactor = 1.5;

input agg = AggregationPeriod.DAY;

plot extendedLong = close(period = agg) > KeltnerChannels(factor = KCFactor).Upper_Band;
plot extendedShort = close(period = agg) < KeltnerChannels(factor = KCFactor).Lower_Band;

extendedLong.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Up);
extendedShort.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Down);
extendedLong.setDefaultColor(Color.pink);
extendedShort.setDefaultColor(Color.Light_green);

assignpricecolor(if extendedlong then color.blue else if extendedshort then color.red else color.gray);

Hope this helps...

Good Luck and Good Trading

 

[netarchitech]

@mashume : Thank you for your excellent tutorial...FWIW, I think Schwab/TDA could spend some time and "enhance" their current TOS documentation along the lines of what you posted...

"Give a man a fish, and you feed him for a day; show him how to catch fish, and you feed him for a lifetime..."

​

 

[Piper2808t]

@Piper2808t : Try this...

input KCFactor = 1.5;

input agg = AggregationPeriod.DAY;

plot extendedLong = close(period = agg) > KeltnerChannels(factor = KCFactor).Upper_Band;
plot extendedShort = close(period = agg) < KeltnerChannels(factor = KCFactor).Lower_Band;

extendedLong.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Up);
extendedShort.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Down);
extendedLong.setDefaultColor(Color.pink);
extendedShort.setDefaultColor(Color.Light_green);

assignpricecolor(if extendedlong then color.blue else if extendedshort then color.red else color.gray);

Hope this helps...

Good Luck and Good Trading

Works great thank you