Gann-OverExtended Indicator for ThinkorSwim

BenTen

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This indicator is developed from Gann overextended (Gann's square of nine).

e7kWPhN.png


thinkScript Code

Code:
# Gann-OverExtended
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/YRUMUXkz-Gann-OverExtended/

declare lower;

input MAS = 15;
def SMA = simpleMovingAvg(close, MAS);
def Price_adjust = close * 10;
def SMA_adjust = SMA * 10;
def sqPrice_adjust = sqrt(Price_adjust);
def SqSMA_adjust = sqrt(SMA_adjust);
def Diff_sqr = sqPrice_adjust - SqSMA_adjust;
def Diff_angel = (Diff_sqr * 360) / 2;
def g8 = simpleMovingAvg(Diff_angel, 2);
plot gann = Diff_angel;

plot h = 90;
plot ZeroLine = 0;
plot l = -90;
 

sinistralleo

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I'm familiar with Gann Sq of 9's . I use the calculator frequently. Not sure what the overextended meant...
Usually you input a price and it gives you targets and SL values.
 

MerryDay

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Welcome to the Forum @sinistralleo. This Gann is an oscillator. Oscillators have high and low bands between two extreme values, the indicator fluctuates within these bounds. When it exceeds the top or lower band (in this case, >90 or <-90) an oscillator is said to be overextended. This is thought to signal a reversal.
 
Last edited:

sinistralleo

New member
VIP
Welcome to the Forum @sinistralleo. This Gann is an oscillator. Oscillators have high and low bands between two extreme values, the indicator fluctuates within these bounds. When it exceeds the top or lower band (in this case, >90 or <-90) an oscillator is said to be overextended. This is thought to signal a reversal.
Thank you. I'm learning SO much here.
 

cabe1332

Active member
Welcome to the Forum @sinistralleo. This Gann is an oscillator. Oscillators have high and low bands between two extreme values, the indicator fluctuates within these bounds. When it exceeds the top or lower band (in this case, >90 or <-90) an oscillator is said to be overextended. This is thought to signal a reversal.
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
 
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