Help with Label code

Mightymorphinchris

Active member
Overview
I would like to create a label on a study that will always be one of four colors:
1. Long: Cyan
2. Long Exit: Green
3. Short: Magenta
4. Short Exit: Red

Current Problems:
1. It's not holding the label to the last color that should be shown (ex. if the last signal was Long then stay cyan until Long Exit).
2. Another potential problem once I get over that first hurdle is that Short Exit signal may come after a Long which should be ignored. Like the first problem, if the current label is Long then the only thing that should change the label is a LongExit or Short signal. Likewise if the current label is Short then the only thing that should change the label is ShortExit or Long.

My broken code:
Ruby:
def LongBuy = if Uptrend == 1 and Uptrend[1] == 0 then 1 else 0;
def LongExit = if ExitUpTrend == 1 and ExitUpTrend[1] == 0 then 1 else 0;

def ShortSell = if DownTrend == 1 and DownTrend[1] == 0 then 1 else 0;
def ShortExit = if ExitDownTrend == 1 and ExitDownTrend[1] == 0 then 1 else 0;

AddLabel(yes,
         text = if LongBuy == 1
                then "Long"
                else if LongExit == 1
                then "Exit Long"
                else if ShortSell == 1
                then "Short"
                else "Short Exit",
         color = if LongBuy == 1
                then Color.Cyan
                else if LongExit == 1
                then Color.Green
                else if ShortSell == 1
                then Color.Magenta
                else Color.Red
        );

If someone could help me out it would be greatly appreciated!
 

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take a look at this study and see if the formulas help you. it keeps track of longs and shorts.
https://usethinkscript.com/threads/label-with-information-related-to-strategy.7902/#post-75825
I had high hopes but it seems I've failed. I'm pretty sure this is what you were talking about in your code and thought that I translated it correctly and it made sense to fit my need but it still doesn't seem to be working correctly.

Here's what I tried:
Ruby:
def LongBuy = if Uptrend == 1 and Uptrend[1] == 0 then 1 else 0;
def LongExit = if ExitUpTrend == 1 and ExitUpTrend[1] == 0 then 1 else 0;

def ShortSell = if DownTrend == 1 and DownTrend[1] == 0 then 1 else 0;
def ShortExit = if ExitDownTrend == 1 and ExitDownTrend[1] == 0 then 1 else 0;

def bn = barnumber();

def LongTrade = if bn == 1 then 0 else if LongBuy then 1 else if LongExit or ShortSell then 0 else LongTrade[1];
def ShortTrade = if bn == 1 then 0 else if ShortSell then 1 else if ShortExit or LongBuy then 0 else ShortTrade[1];
def LongTradeExit = if bn == 1 then 0 else if LongExit and LongTrade[1] then 1 else if LongBuy or ShortSell then 0 else LongTradeExit[1];
def ShortTradeExit = if bn == 1 then 0 else if ShortExit and ShortTrade[1] then 1 else if ShortSell or LongBuy then 0 else ShortTradeExit[1];

AddLabel(yes,
         text = if LongTrade == 1
                then "Long"
                else if LongTradeExit == 1
                then "Exit Long"
                else if ShortTrade == 1
                then "Short"
                else "Short Exit",
         color = if LongTrade == 1
                then Color.Cyan
                else if LongTradeExit == 1
                then Color.Green
                else if ShortTrade == 1
                then Color.Magenta
                else Color.Red
        );
 
Here is a link to something that might answer maintaining persistent values . The Compound expression might be needed. I think I'm having a a similar issue with a strategy I'm using.
Questions about persistent values
There's a lot of good information in that, thanks for sharing. @halcyonguy solution seems to match up perfectly with the answer in that post as well. I don't think I would need to go the compoundValue route but maybe that's what's going on here.
 

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