High and Low Reversals Indicator + Intraday Strategy For ThinkOrSwim

[ukd1506]

Hello Ben/Team,

I'm watching NFLX on 5 mins chart, it shows down arrow for 1 mint and disappeared, after down/up arrow do I need to wait for any confirmation to take position?

 

[BenTen]

@ukd1506 This indicator will repaint, it is similar to the trend reversal indicator. Both uses the ZigZag function. If the signal is wrong it will disappear regardless if you wait for the candle to close or not.

 

[sirjay]

@BenTen thank you very much for this article.
Can you make an advise: I don't understand, how to trade with this indicator, if it repaints? So if it makes failed short signal after I sold stock (for shorting) and the stock price is going up, I should wait again a new signal and sell again?

 

[BenTen]

@sirjay This is a repainting indicator. I would avoid it.

 

[MrRice81]

Hello everyone,
I'd like to thank all for a great forum with so much resource I can learn to be successful trading. I was able to create a watchlist column for this indicator by splitting the code to ArrowUP and ArrowDN separately. I tested it using scanner watchlist and seems to work as I was able to capture the UP/DN change with ticker NCLH.
1. UP on U15 column appear from 15m scanner.
2. DN on D5 column appear as the next candle is red .
3. Moved ticker to static watchlist and DN appear on D15 column for 15m.
I don't know how to code, but can somewhat understand the logic within code then play with it. I must have gotten lucky

[/IMG]

ArrowUP:

def h = high;
def l = low;
def c = close;
def x = barNumber();
def nan = double.nan;
def rth = getTime() >= RegularTradingStart(getYYYYMMDD()) and
getTime() <= RegularTradingEnd(getYYYYMMDD());

def LOD = if rth and !rth[1] then l else if rth and l < LOD[1] then l else LOD[1];

def LOD_x = if l == LOD and rth then x else nan;

def LOD_h = if l == LOD then h else LOD_h[1];

plot LOD_h_line = if x >= highestAll(LOD_x)
then highestAll(if isNaN(c[-1])then LOD_h else nan) else nan;

def upBar = if c crosses above LOD_H_line and RTH then x else upBar[1];

def ArrowUP = if x == highestAll(upBar)then l - (2*TickSize()) else nan;

AddLabel(yes, if ArrowUP then "UP" else " ");

ArrowDN:

def h = high;
def l = low;
def c = close;
def x = barNumber();
def nan = double.nan;
def rth = getTime() >= RegularTradingStart(getYYYYMMDD()) and
getTime() <= RegularTradingEnd(getYYYYMMDD());

def HOD = if rth and !rth[1] then h else if rth and h > HOD[1] then h else HOD[1];

def HOD_x = if h == HOD and rth then x else nan;

def HOD_l = if h == HOD then l else HOD_l[1];

plot HOD_l_line = if x >= highestAll(HOD_x)
then highestAll(if isNaN(c[-1]) then HOD_l else nan) else nan;

def dnBar = if c crosses below HOD_l_line then x else dnBar[1];

def ArrowDN = if x == highestAll(dnBar) then h + (2*TickSize()) else nan;

AddLabel(yes, if ArrowDN then "DN" else " ");

 

[MerryDay]

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