Follow Line Indicator For ThinkOrSwim

Hi @JP782 - Here is the follow line indicator implemented in thinkscript. I'm curious to hear your thoughts on the strategy!

Code: 
# Follow Line Indicator
# Coverted to ToS from TV by bigboss. Original © Dreadblitz

input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def BBUpper=SimpleMovingAvg(close,BBperiod)+stdev(close, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(close,BBperiod)-stdev(close, BBperiod)*BBdeviations;

def BBSignal = if close>BBUpper then 1 else if close<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(low-atr(ATRperiod),TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(high+atr(ATRperiod),TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(low,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(high,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);
 
JP782 said:
Wow thank you!
Strategy looks too easy you know!? Im gonna use OnDemand and see how it all works on some old gappers that ran... Im always open to anything new or a piece of one strategy with another. !
Click to expand...
bigboss said:
Hi @JP782 - Here is the follow line indicator implemented in thinkscript. I'm curious to hear your thoughts on the strategy!

Code: 
# Follow Line Indicator
# Coverted to ToS from TV by bigboss. Original © Dreadblitz

input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def BBUpper=SimpleMovingAvg(close,BBperiod)+stdev(close, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(close,BBperiod)-stdev(close, BBperiod)*BBdeviations;

def BBSignal = if close>BBUpper then 1 else if close<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(low-atr(ATRperiod),TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(high+atr(ATRperiod),TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(low,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(high,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);
Click to expand...
Thank you , it helped me to get into profitable trades in SPX today and avoid false signals. I will continue to test.
 
JP782 said:
Wow thank you!
Strategy looks too easy you know!? Im gonna use OnDemand and see how it all works on some old gappers that ran... Im always open to anything new or a piece of one strategy with another. !
Click to expand...
Here is an MTF version
Code: 
# Follow Line Indicator MTF
# Coverted to ToS from TV by bigboss. Original © Dreadblitz
input period        = AggregationPeriod.FIFTEEN_MIN;
input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def h = high(period=period);
def l = low(period=period);
def c = close(period=period);

def ATR = MovingAverage(AverageType.WILDERS, TrueRange(h, c, l), AtrPeriod);


def BBUpper=SimpleMovingAvg(c,BBperiod)+stdev(c, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(c,BBperiod)-stdev(c, BBperiod)*BBdeviations;

def BBSignal = if c>BBUpper then 1 else if c<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(l-ATR,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(h+ATR,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(l,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(h,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);
 
bigboss said:
Here is an MTF version
Code: 
# Follow Line Indicator MTF
# Coverted to ToS from TV by bigboss. Original © Dreadblitz
input period        = AggregationPeriod.FIFTEEN_MIN;
input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def h = high(period=period);
def l = low(period=period);
def c = close(period=period);

def ATR = MovingAverage(AverageType.WILDERS, TrueRange(h, c, l), AtrPeriod);


def BBUpper=SimpleMovingAvg(c,BBperiod)+stdev(c, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(c,BBperiod)-stdev(c, BBperiod)*BBdeviations;

def BBSignal = if c>BBUpper then 1 else if c<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(l-ATR,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(h+ATR,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(l,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(h,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);
Click to expand...
Whoa!! Dude your a machine, I wish I could "see" the code like so many of you
Im thinking 5m data on 1min chart will give better signals
 
JP782 said:
Whoa!! Dude your a machine, I wish I could "see" the code like so many of you
Im thinking 5m data on 1min chart will give better signals
Click to expand...
Just curious when do we MTF version compared to earlier version?. I mainly use for day trading.
 
Kitchasap said:
When I backtested the buy and sell signals were different on both strategy and MTF versons.So I was just trying to clarify. Please do let me know your analysis too.
Click to expand...
Did you try setting the MTF version to the timeframe your chart is set to? The non-MTF and MTF version should display identical.
 
Thank you for posting this indicator. I was curious so plotted it this morning and watched it during a trade. I prefer charts that aren't cluttered with so many lines, but this indicator did a great job showing the trend. Here it is plotted on a 5 minute micro crude chart with Consensus Candles.

Solid Line- FollowLine 5 minute
Long Dashed Line- FollowLine MTF (15 min)
Short Dashed Line- FollowLine MTF (30 min)
White Dashed Line- VWAP

Just after midnight, when price broke out of a squeeze at VWAP, the MACD BB confirmed a long entry. FollowLine was blue on 5, 15, 30 min intervals. If using the 5 min FollowLine as a stop loss, the trade would have scalped a small profit. If using the 15 min FollowLine as a stop loss, the trade would have been more profitable. If using the 30 min FollowLine as a stop loss, the trade would be ongoing*.

Price hit my profit target so I'm out, but it was interesting to watch this indicator during the trade. Thanks for posting it!

*NOT a trade recommendation!

https://imgur.com/a/Wcgxagx
 
Kitchasap said:
I used same timeframe, I will test furthee and share the discrepancies.
Click to expand...
Hi @Kitchasap - It's entirely possible I missed something when I coded up the MTF version. I compared 5 min FLI MTF on a 5 min chart to 5 min FLI non-MTF on a 5 minute chart and the signals were the same. If you can post an example of discrepancy I can figure out what's causing it.
 
bigboss said:
Hi @Kitchasap - It's entirely possible I missed something when I coded up the MTF version. I compared 5 min FLI MTF on a 5 min chart to 5 min FLI non-MTF on a 5 minute chart and the signals were the same. If you can post an example of discrepancy I can figure out what's causing it.
Click to expand...
It worked fine for me as well. I'm 99% sure Kitchasap isn't changing the MTF aggregation period to match their current chart timeframe.
 
I came across a study that I thought was cool but I felt like it could use small improvement tweaks such as displaying the buy & sell prices for a swing trade.

It seems like the 3 day - 15 minute chart - minus extended hours seems to be the best intraday settings.
Code: 
# Follow Line Indicator
# Coverted to ToS from TV by bigboss. Original © Dreadblitz
#https://usethinkscript.com/threads/follow-line-indicator.9789/

input BbPeriod      = 9;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def BBUpper=SimpleMovingAvg(close,BBperiod)+stdev(close, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(close,BBperiod)-stdev(close, BBperiod)*BBdeviations;

def BBSignal = if close>BBUpper then 1 else if close<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(low-atr(ATRperiod),TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(high+atr(ATRperiod),TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(low,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(high,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy_price = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy_price.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
buy_price.SetDefaultColor(Color.GREEN);
buy_price.SetLineWeight(3);

plot sell_price = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell_price.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);
sell_price.SetDefaultColor(Color.white);
sell_price.SetLineWeight(3);

plot buy_arrow = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy_arrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy_arrow.SetDefaultColor(Color.GREEN);
buy_arrow.SetLineWeight(3);

plot sell_arrow = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell_arrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell_arrow.SetDefaultColor(Color.RED);
sell_arrow.SetLineWeight(3);


plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetPaintingStrategy(PaintingStrategy.DASHES);
tline.SetLineWeight(2);

https://tos.mx/NIJ9woa - this is my version.

Source for the original study. -
 
Last edited by a moderator:
bigboss said:
Hi @JP782 - Here is the follow line indicator implemented in thinkscript. I'm curious to hear your thoughts on the strategy!

Code: 
# Follow Line Indicator
# Coverted to ToS from TV by bigboss. Original © Dreadblitz

input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def BBUpper=SimpleMovingAvg(close,BBperiod)+stdev(close, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(close,BBperiod)-stdev(close, BBperiod)*BBdeviations;

def BBSignal = if close>BBUpper then 1 else if close<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(low-atr(ATRperiod),TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(high+atr(ATRperiod),TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(low,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(high,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);
Click to expand...
Added color to bars

Ruby: 
# Follow Line Indicator
# Coverted to ToS from TV by bigboss. Original © Dreadblitz
# Added PaintBars by NPTechs

input BbPeriod      = 21;
input BbDeviations  = 1;
input UseAtrFilter  = yes;
input AtrPeriod     = 5;
input HideArrows    = no;

def BBUpper=SimpleMovingAvg(close,BBperiod)+stdev(close, BBperiod)*BBdeviations;
def BBLower=SimpleMovingAvg(close,BBperiod)-stdev(close, BBperiod)*BBdeviations;

def BBSignal = if close>BBUpper then 1 else if close<BBLower then -1 else 0;

def TrendLine =
    if BBSignal == 1 and UseATRfilter == 1 then
        max(low-atr(ATRperiod),TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 1 then
        min(high+atr(ATRperiod),TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 1 then
        TrendLine[1]
    else if BBSignal == 1 and UseATRfilter == 0 then
        max(low,TrendLine[1])
    else if BBSignal == -1 and UseATRfilter == 0 then
        min(high,TrendLine[1])
    else if BBSignal == 0 and UseATRfilter == 0 then
        TrendLine[1]
    else TrendLine[1];

def iTrend = if TrendLine>TrendLine[1] then 1 else if TrendLine < TrendLine[1] then -1 else iTrend[1];
 
plot buy = if iTrend[1]==-1 and iTrend==1 and !HideArrows then TrendLine else Double.NaN;
buy.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
buy.SetDefaultColor(Color.GREEN);
buy.SetLineWeight(3);

plot sell = if iTrend[1]==1 and iTrend==-1 and !HideArrows then  TrendLine else Double.NaN;
sell.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
sell.SetDefaultColor(Color.RED);
sell.SetLineWeight(3);

plot tline = TrendLine;
tline.AssignValueColor(if iTrend > 0 then CreateColor(33,150,243) else CreateColor(255,82,82));
tline.SetLineWeight(2);

input PaintBars = Yes;
AssignPriceColor (if !PaintBars then Color.CURRENT else if iTrend > 0 then Color.GREEN else Color.RED);
 

Hey @Mr_Wheeler​

I liked the addition of the price of the follow line on the trigger bar showing what the stop value should be. That was cool. Any way to add targets too, especially variable amount targets like 1:2, 1:2.5, etc. Either way, great addition to the script. Thank you
 
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