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Help with price action indicator

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sonnyjitsu

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I'm writing a script to display price action signals. I've got most of it written and working, but I noticed that on some candles, both an up arrow and a down arrow will be printed on the same candle. The solution I want to use is to figure out what color the candle is and use the appropriate arrow. So, if it's a green candle, print a green arrow underneath, if it's a red candle print a red arrow above. I have it all working except for that little caveat. Any help would be appreciated.

-Noob.

mod note: Updated script can be found:
https://usethinkscript.com/threads/wicks-tails-price-action-indicator.12375/

thinkscript.png
 
Last edited by a moderator:
I’m noticing a lot of the arrows plotting on the same candle are because of wedges. They are all potentially good signals the next bar determines if the wedge may succeed.
 
I'm writing a script to display price action signals. I've got most of it written and working, but I noticed that on some candles, both an up arrow and a down arrow will be printed on the same candle. The solution I want to use is to figure out what color the candle is and use the appropriate arrow. So, if it's a green candle, print a green arrow underneath, if it's a red candle print a red arrow above. I have it all working except for that little caveat. Any help would be appreciated.

-Noob.

Ruby:
# This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
# sonnyjitsu

input largeSpread = 0.60;
input irregularBody = 0.10;

input EMALength = 50;
input volumeMA = 12;
def lowerTail;
def upperTail;

if close > open {
    upperTail = (high - close);
    lowerTail = (open - low);
} else {
    upperTail = (high - open);
    lowerTail = (close - low);
}

def e1 = ExpAverage(close, EMALength);
def e2 = ExpAverage(e1, EMALength);
def dema = 2 * e1 - e2;

input showMovingAverage = no;
plot DoubleEMA = if showMovingAverage then dema else Double.NaN;

def candleBody = AbsValue(close - open);
def thePlot = close;

def cond1 = volume >= ExpAverage(volume, volumeMA);

def cond2 = (open < dema and (lowerTail > upperTail));
def cond3 = (open > dema and (upperTail > lowerTail));
def cond4 = candleBody > largeSpread and cond1;

plot priceActionIrregularUp = if open < dema and candleBody < irregularBody and cond1 and lowerTail < upperTail then close else Double.NaN;
priceActionIrregularUp.SetDefaultColor(Color.MAGENTA);
priceActionIrregularUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

plot priceActionIrregularDown = if open > dema and candleBody < irregularBody and cond1 and upperTail > lowerTail then close else Double.NaN;
priceActionIrregularDown.SetDefaultColor(Color.MAGENTA);
priceActionIrregularDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot priceActionArrowUp = if close > open and cond4 or cond1 and cond2 then close else Double.NaN;
priceActionArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
priceActionArrowUp.SetDefaultColor(Color.GREEN);

plot priceActionArrowDown = if open > close and cond4 or cond1 and cond3 then close else Double.NaN;
priceActionArrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
priceActionArrowDown.SetDefaultColor(Color.RED);

thinkscript.png
https://tlc.tdameritrade.com.sg/center/reference/thinkScript/Functions/Look---Feel/TakeValueColor
 

Try replacing those in the code with the only change is placement of parentheses ()

Code:
plot priceActionArrowUp = if close > open and cond4 or cond1 and cond2 then close else Double.NaN;
priceActionArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
priceActionArrowUp.SetDefaultColor(Color.GREEN);

plot priceActionArrowDown = if open > close and cond4 or cond1 and cond3 then close else Double.NaN;
priceActionArrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
priceActionArrowDown.SetDefaultColor(Color.RED);

with

Code:
plot priceActionArrowUp = if close > open and (cond4 or cond1 and cond2) then close else Double.NaN;
priceActionArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
priceActionArrowUp.SetDefaultColor(Color.GREEN);

plot priceActionArrowDown = if open > close and (cond4 or  cond1 and cond3) then close else Double.NaN;
priceActionArrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
priceActionArrowDown.SetDefaultColor(Color.RED);
 
Here's the solution. The indicator isn't perfect, I have to find a better way of figuring out if we're at the top or bottom of a trend than using a moving average, but here's the updated code.


Ruby:
# This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
# sonnyjitsu

input largeSpread = 0.60;
input irregularBody = 0.10;

input EMALength = 50;
input volumeMA = 12;
def lowerTail;
def upperTail;

if close > open {
    upperTail = (high - close);
    lowerTail = (open - low);
} else {
    upperTail = (high - open);
    lowerTail = (close - low);
}

def e1 = ExpAverage(close, EMALength);
def e2 = ExpAverage(e1, EMALength);
def dema = 2 * e1 - e2;

input showMovingAverage = no;
plot DoubleEMA = if showMovingAverage then dema else Double.NaN;

def candleBody = AbsValue(close - open);
def thePlot = close;

def goodVolume = volume >= ExpAverage(volume, volumeMA);

def cond2 = (open < dema and (lowerTail > upperTail) and goodVolume and lowerTail > candleBody / 3);
def cond3 = (open > dema and (upperTail > lowerTail) and goodVolume and upperTail > candleBody / 3);
def largeBodyGoodVolumeUp = close > open and candleBody > largeSpread and goodVolume;
def largeBodyGoodVolumeDown = close < open and candleBody > largeSpread and goodVolume;

plot priceActionIrregularUp = if open < dema and candleBody < irregularBody and goodVolume and lowerTail < upperTail then close else Double.NaN;
priceActionIrregularUp.SetDefaultColor(Color.MAGENTA);
priceActionIrregularUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

plot priceActionIrregularDown = if open > dema and candleBody < irregularBody and goodVolume and upperTail > lowerTail then close else Double.NaN;
priceActionIrregularDown.SetDefaultColor(Color.MAGENTA);
priceActionIrregularDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot priceActionArrowUp = if largeBodyGoodVolumeUp or cond2 and !largeBodyGoodVolumeDown then close else Double.NaN;
priceActionArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
priceActionArrowUp.SetDefaultColor(Color.GREEN);

plot priceActionArrowDown = if largeBodyGoodVolumeDown or cond3 and !largeBodyGoodVolumeUp then close else Double.NaN;
priceActionArrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
priceActionArrowDown.SetDefaultColor(Color.RED);
 
Last edited:
Here's the solution. The indicator isn't perfect, I have to find a better way of figuring out if we're at the top or bottom of a trend than using a moving average, but here's the updated code.


Ruby:
# This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
# sonnyjitsu

input largeSpread = 0.60;
input irregularBody = 0.10;

input EMALength = 50;
input volumeMA = 12;
def lowerTail;
def upperTail;

if close > open {
    upperTail = (high - close);
    lowerTail = (open - low);
} else {
    upperTail = (high - open);
    lowerTail = (close - low);
}

def e1 = ExpAverage(close, EMALength);
def e2 = ExpAverage(e1, EMALength);
def dema = 2 * e1 - e2;

input showMovingAverage = no;
plot DoubleEMA = if showMovingAverage then dema else Double.NaN;

def candleBody = AbsValue(close - open);
def thePlot = close;

def goodVolume = volume >= ExpAverage(volume, volumeMA);

def cond2 = (open < dema and (lowerTail > upperTail) and goodVolume);
def cond3 = (open > dema and (upperTail > lowerTail) and goodVolume);
def largeBodyGoodVolumeUp = close > open and candleBody > largeSpread and goodVolume;
def largeBodyGoodVolumeDown = close < open and candleBody > largeSpread and goodVolume;

plot priceActionIrregularUp = if open < dema and candleBody < irregularBody and goodVolume and lowerTail < upperTail then close else Double.NaN;
priceActionIrregularUp.SetDefaultColor(Color.MAGENTA);
priceActionIrregularUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

plot priceActionIrregularDown = if open > dema and candleBody < irregularBody and goodVolume and upperTail > lowerTail then close else Double.NaN;
priceActionIrregularDown.SetDefaultColor(Color.MAGENTA);
priceActionIrregularDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot priceActionArrowUp = if largeBodyGoodVolumeUp or cond2 and !largeBodyGoodVolumeDown then close else Double.NaN;
priceActionArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
priceActionArrowUp.SetDefaultColor(Color.GREEN);

plot priceActionArrowDown = if largeBodyGoodVolumeDown or cond3 and !largeBodyGoodVolumeUp then close else Double.NaN;
priceActionArrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
priceActionArrowDown.SetDefaultColor(Color.RED);
Unfortunately that’s all relative, on one timeframe can be the top, another middle of the trend, another bottom of the trend. The way I figure out if it’s top or bottom is simply using pivots, certain price points but it all depends on the time frame you’re viewing, it’s an art not a science
 
plot priceActionArrowDown = if open > close and (cond4 or cond1 and cond3) then close else Double.NaN;
Do you know what the order of precedence is for ToS? Is this:
Code:
A:    open > close and ( cond4 or ( cond1 and cond3 ) )
B:    open > close and ( ( cond4 or cond1 ) and cond3 )
C:    something else I hadn't thought of...

-mashume
 
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