# Fractal Chaos Bands Indicator for ThinkorSwim

#### BenTen

Staff member
Staff
VIP
The Fractal Chaos Bands Indicator was originally coded for TradingView. It helps to identify whether the stock is trending or not. Requested for conversion to ThinkorSwim by @cherif.

Here is a quick snippet of what it does and how the Chaos Bands works:

When a market is trending, the bands will have a slope and if market is not trending the bands will flatten out. As the slope of the bands decreases, it signifies that the market is choppy, insecure and variable. As the graph becomes more and more abrupt, be it going up or down, the significance is that the market becomes trendy, or stable. Fractal Chaos Bands Indicator is used similarly to other bands-indicator (Bollinger bands for instance), offering trading opportunities when price moves above or under the fractal lines.

We also added buy and sell signals into the indicator so that you can test out its potential.

### thinkScript Code

Rich (BB code):
``````# Chaos Bands Conversion by WalkingBallista and BenTen for cherif
# https://usethinkscript.com/d/134-fractal-chaos-bands-indicator-for-thinkorswim

input sequenceCount = 1;

def maxSideLength = sequenceCount + 10;
def upRightSide = fold i1 = 1 to maxSideLength + 1 with count1 while count1 != sequenceCount and count1 != -1 do
if GetValue(high, -i1) > high or (GetValue(high, -i1) == high and count1 == 0) then -1
else if GetValue(high, -i1) < high then count1 + 1 else count1;
def upLeftSide = fold i2 = 1 to maxSideLength + 1 with count2 while count2 != sequenceCount and count2 != -1 do
if GetValue(high, i2) > high or (GetValue(high, i2) == high and count2 >= 1) then -1
else if GetValue(high, i2) < high then count2 + 1 else count2;

def downRightSide = fold i3 = 1 to maxSideLength + 1 with count3 while count3 != sequenceCount and count3 != -1 do
if GetValue(low, -i3) < low or (GetValue(low, -i3) == low and count3 == 0) then -1
else if GetValue(high, -i3) > low then count3 + 1 else count3;
def downLeftSide = fold i4 = 1 to maxSideLength + 1 with count4 while count4 != sequenceCount and count4 != -1 do
if GetValue(low, i4) < low or (GetValue(low, i4) == low and count4 >= 1) then -1
else if GetValue(low, i4) > low then count4 + 1 else count4;

def fractalUp = if upRightSide == sequenceCount and upLeftSide == sequenceCount then high else fractalUp[1];
def fractalDown = if downRightSide == sequenceCount and downLeftSide == sequenceCount then low else fractalDown[1];

plot UpFractal = fractalUp;
plot DownFractal = fractalDown;

AddOrder(OrderType.BUY_AUTO, close > UpFractal, tickcolor = GetColor(1), arrowcolor = GetColor(1), name = "FCB_L");

AddOrder(OrderType.SELL_AUTO, close < DownFractal, tickcolor = GetColor(1), arrowcolor = GetColor(1), name = "FCB_S");``````

https://tos.mx/S1Z9HZ

Credits:

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#### BenTen

Staff member
Staff
VIP
Quick note: I tried to merge the other discussions posted by @WalkingBallista comments but ended up deleting all the content in that post. I do apologize.

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##### Member
2019 Donor
VIP
Your guys are awesome. so fast to convert it into thinkscript.

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##### Member
2019 Donor
VIP
I loaded the indicator into TOS but noticed one difference from original indicator from Tradeview. In Tradeview indicator picture, the system seemed to sell short when the price is out of upper band and to buy long when the price is out of lower band.

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#### BenTen

Staff member
Staff
VIP
@laketrader Isn't that how it's supposed so be? I didn't look too much into the TradingView version.

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#### cherif

##### Member
The rule is go long when price breaks out of upper fractal and and go short when price breaks out of the downfractal. Exits will depend on peoples risk tolerance, but the farthest u should go before exiting is when price hit the opposite fractal.

One observation as far as the upfractal and downfractal are concerned, when i move the n sequence to 3 or 4, the fractals stops to respond to price movements unless i refresh and hit apply. Any idea why?

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#### aceboogie_11

##### Member
oddly enough when I type this script into tos it does not show anything up. Any ideas why?

#### BenTen

Staff member
Staff
VIP
@aceboogie_11 The code above is a backtesting script. You need to add it as a strategy instead of a regular indicator.

#### DudeDastic

##### Member
Just discovering this indicator. Very nice. Is there a way to hide the pivot candle values and display arrows/wedges instead?

#### sellitmarin

##### New member
VIP
How would you add alerts as the lines are crossed? I'd like to setup a johnny quotron addition with this to trigger buy / sell alarms when it crosses in either direction, then use the quotron to get the supply and demand zone ranges.

I've got a zscore strategy installed and shooting off alarms, and I have a feeling with this, it will be a two prong approach and when it hits, its gonna be amazing every single time. I've been using zscore to find bottoms. So far the zscore is always before the lift off, but I'd like to learn how to get things setup as alarms. Does anyone have any tutorials?

#### MerryDay

Staff member
Staff
VIP
How would you add alerts as the lines are crossed? I'd like to setup a johnny quotron addition with this to trigger buy / sell alarms when it crosses in either direction, then use the quotron to get the supply and demand zone ranges.

I've got a zscore strategy installed and shooting off alarms, and I have a feeling with this, it will be a two prong approach and when it hits, its gonna be amazing every single time. I've been using zscore to find bottoms. So far the zscore is always before the lift off, but I'd like to learn how to get things setup as alarms. Does anyone have any tutorials?

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