Help me write a trend script with RSI and DMI

[crawford5002]

looking for someone to help me with a script that includes Relative strength index and the directional movement indicator, I'm new to this so bare with me, what I'm looking for is a trend trade indicator that is color coded, with the relative strength index that includes the 15min, 30min, and 1hr at or above the RSI 60 , also including the directional movement indicator at or above 25 to show a bullish move.

Thanks in Advance

 

[BenTen]

A few questions:

1. You want an MTF (multi timeframe) version of the RSI indicator?
2. You want to combine the RSI and DMI indicator together?

 

[crawford5002]

A few questions:

1. You want an MTF (multi timeframe) version of the RSI indicator?
2. You want to combine the RSI and DMI indicator together?

yes, if all timeframe are at or above the RSI 60 with the DMI over 25 its a bullish trend

 

[crawford5002]

yes, if all timeframe are at or above the RSI 60 with the DMI over 25 its a bullish trend

or scanner

 

[BenTen]

@crawford5002 What about the DMI indicator? Which timeframe needs to be above 25 on the DMI indicator?

 

[BenTen]

Here is an example scanner. You can get started by clicking on the Scan tab in your ThinkorSwim and add the same conditions below.

 

[crawford5002]

Here is an example scanner. You can get started by clicking on the Scan tab in your ThinkorSwim and add the same conditions below.

the DMI greater than or equal to 25 on the same timeframes 15 30 1hr to start off, then I will make adjustment if need be, thanks again I just started using thinkorswim so I'm trying to figure this out

 

[crawford5002]

how would I turn this scan into a script indicator?

 

[BenTen]

@crawford5002 For the scanner, you can create more conditions like that and just change the timeframe, similar to how I did it with the RSI condition.

 

[FOTM_8888]

@crawford5002 For the scanner, you can create more conditions like that and just change the timeframe, similar to how I did it with the RSI condition.

very interest it, ben can you do it like a indicator, the idea is very good..

 

[BenTen]

Shouldn't be a problem but the issue with multi timeframe indicator is that you always have to wait for the candle from the highest timeframe to close in order to confirm the trend direction otherwise you may see fluctuation between signals. I am not sure if you guys are well aware of that.

 

[crawford5002]

Shouldn't be a problem but the issue with multi timeframe indicator is that you always have to wait for the candle from the highest timeframe to close in order to confirm the trend direction otherwise you may see fluctuation between signals. I am not sure if you guys are well aware of that.

ok understand, how about just the the Trend indicator with the RSI at or above 60 and the DMI at or above 25 for just the time frame you have your chart on, if anything I can watch all 3 time frames

 

[MerryDay]

@crawford5002
When you searched this site for MTF RSI
Did this one not do what you want?
https://usethinkscript.com/threads/multiple-time-frame-mtf-rsi-indicator-for-thinkorswim.616/
It places 3 RSIs of different timeframes on one chart so you can watch them

 

[Rojo Grande]

Hello,
Is it possible to get the down arrows on top of trend line, and the up arrows below the trend line?

Here is the code I have

declare lower;

input length = 7;
input over_Bought = 60;
input over_Sold = 40;
input mid_line = 50;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot MidLine = mid_line;
plot UpSignal = if RSI crosses above RSI[1] then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below RSI[1] then OverBought else Double.NaN;


UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > RSI[1] then color.GREEN else if RSI < RSI[1] then color.RED else color.gray);
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
MidLine.SetDefaultColor(Color.MAGENTA);
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

 

[horserider]

@crawford5002 Just playing around , take a look.

declare lower;

input length = 14;
input over_Bought = 60;
input over_Sold = 25;
input mid_line = 50;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot MidLine = mid_line;



RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > RSI[5] then color.GREEN else if RSI < RSI[5] then color.RED else color.gray);

##################################################################
input lengthdmi = 14;
input averageTypedmi = AverageType.WILDERS;

def hiDiff = high - high[1];
def loDiff = low[1] - low;

def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM =  if loDiff > hiDiff and loDiff > 0 then loDiff else 0;

def ATR = MovingAverage(averageTypedmi, TrueRange(high, close, low), lengthdmi);
plot "DI+" = 100 * MovingAverage(averageTypedmi, plusDM, lengthdmi) / ATR;


"DI+".AssignValueColor(if "DI+" > 25 then color.LIME else if "DI+" < 25 then color.PINK else color.gray);


plot UpSignal = if RSI >= 60 and "DI+" crosses above 25 then OverSold else Double.NaN;
UpSignal.SetHiding(!showBreakoutSignals);
OverSold.SetDefaultColor(Color.WHITE);
OverBought.SetDefaultColor(Color.WHITE);
MidLine.SetDefaultColor(Color.GRAY);
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

 

[crawford5002]

@crawford5002 Just playing around , take a look.

declare lower;

input length = 14;
input over_Bought = 60;
input over_Sold = 25;
input mid_line = 50;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot MidLine = mid_line;



RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > RSI[5] then color.GREEN else if RSI < RSI[5] then color.RED else color.gray);

##################################################################
input lengthdmi = 14;
input averageTypedmi = AverageType.WILDERS;

def hiDiff = high - high[1];
def loDiff = low[1] - low;

def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM =  if loDiff > hiDiff and loDiff > 0 then loDiff else 0;

def ATR = MovingAverage(averageTypedmi, TrueRange(high, close, low), lengthdmi);
plot "DI+" = 100 * MovingAverage(averageTypedmi, plusDM, lengthdmi) / ATR;


"DI+".AssignValueColor(if "DI+" > 25 then color.LIME else if "DI+" < 25 then color.PINK else color.gray);


plot UpSignal = if RSI >= 60 and "DI+" crosses above 25 then OverSold else Double.NaN;
UpSignal.SetHiding(!showBreakoutSignals);
OverSold.SetDefaultColor(Color.WHITE);
OverBought.SetDefaultColor(Color.WHITE);
MidLine.SetDefaultColor(Color.GRAY);
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

Perfect Thank you

 

[crawford5002]

Shouldn't be a problem but the issue with multi timeframe indicator is that you always have to wait for the candle from the highest timeframe to close in order to confirm the trend direction otherwise you may see fluctuation between signals. I am not sure if you guys are well aware of that.

can help me with labels on the chart showing the 1min RSI 5minRSI and the 15min RSI labels turning green if =60 or greater , yellow if= 50-59, red under 50

 

[BenTen]

@crawford5002 Here is one https://usethinkscript.com/threads/does-anyone-have-multi-timeframe-rsi.1629/post-37181

Just turn them into labels.

 

[crawford5002]

@crawford5002 Here is one https://usethinkscript.com/threads/does-anyone-have-multi-timeframe-rsi.1629/post-37181

Just turn them into labels.

Use the code but the rsi labels showing up N/A and not showing the 15 min rsi

 

[BenTen]

@crawford5002 You need to adjust the timeframe within the code to 15m. Plus, you can only display data from a higher timeframe onto a lower timeframe.

Example: you can add a label to show 15min RSI on the 5m chart but not the other way around.