High & Low Reversals Indicator Questions

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High & Low Reversals Indicator:
Only to be used during Regular Trading Hours
Is ONLY a INTRADAY Strategy.

If you have pre-market data turned 'on', it will show both buy and sell signals. If pre-market is turned off it will only show sell signals.

The purple line indicates where to cut your losses. If any of the candles after the initial signal closed above the purple line then the reversal play is no longer playable. It's time to cut.
 
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High & Low Reversals Indicator: Questions
This thread will be dedicated to Questions and Answers concerning the High & Low Reversals Indicator

Study --> https://usethinkscript.com/threads/high-and-low-reversals-indicator-intraday-strategy.49/
Scanners --> https://usethinkscript.com/threads/high-low-reversals-indicator-questions.7841/#post-75177
Watchlists --> https://usethinkscript.com/threads/...cator-intraday-strategy.49/page-10#post-70343

High & Low Reversals Indicator provides signals for potential reversals during Regular Trading Hours.
This indicator look for potential reversal after a stock just hit the high of the day. It will tell you when to short via a down arrow. The purple line indicates where to cut your losses.

Rules:
  1. Buy when up or down arrow appears
  2. If any of the candles after the initial signal closed above the purple line then the reversal play is no longer playable. It's time to cut.
  3. If you have pre-market data set to 'on', it will show both buy and sell signals. If pre-market is turned off it will only show sell signals.

PLEASE NOTE: THIS INDICATOR REPAINTS
If you really take a look at this indicator all it is doing is telling you when price has closed above the high of the lowest bar and below the low of the highest bar intraday for the day.

It is no different than if you have a support and resistance line on your chart in which price moves above or below it throughout the course of the trading session.

If you are using this as a trigger to get into a position then just like anything else, you need evidence of an oversold or overbought condition or something to suggest price will reverse.

I think what is misleading about this indicator, for those that take it at face value, is that after the trading day is done, there will be the perfect buy or sell signal. However, if you watch this indicator in action it will/can print and erase multiple signals throughout the trading session before it displays that perfect signal at the end of the trading day. ~@thanos https://usethinkscript.com/threads/...icator-intraday-strategy.49/page-7#post-21396
Click to expand...
 
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High & Low Reversals Indicator: Repainting

This is a Repainting Indicator. It will signal a buy and then after you enter a trade, it will erase the signal as the stock price falls.
The repainting is more abundant on lower timeframes. You can read more --> Repainting Explained
 
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High & Low Reversals Indicator: Scanner
a3.png

Part One --
Load Shared Link: https://tos.mx/rNBdj3 Save the study under the name: hiloreversal. (if you skip this part the scanner in part two will not work)
Click here for --> Easiest way to load shared links

Part Two --
Import the link for the scanner:
Load Shared Link: http://tos.mx/Gdtpjee
7jXAY0w.png



It goes without saying, but I will say it anyway :)... No trade should ever be entered into based on one indicator or one time frame
Read more: Basic Tenets Of A Good Strategy
 
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Some posters have compared The Trend Reversal Indicator with this Indicator and feel that the Trend Reversal seems to indicate an earlier entry sometimes. This indicator has (semi) working watchlists and scanners which the Trend Reversal Indicator does not.
 
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High & Low Reversals Indicator: BACKTESTING: This indicator will repaint, it erases all false signals therefore, not compatible for backtesting.
With all bad signals deleted, backtesting will always come back with 100% win-rate, which is not reflected in live trading.
 
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High & Low Reversals Indicator: Alerts
You must be looking at the chart (or have it run in the background) to receive sound alerts.
or
Set up the Scanner and set alerts when scan results change.
 
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Great watch column Mr.Rice
Highly appreciate it...however I couldn't see them ( both) either I copy/paste it

def h = high;
def l = low;
def c = close;

Those 3 rows seems to "not work" ( I might be wrong, of course)

What I am doing wrong ?

Thanks for your help and advice
 
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BenTen said:
Wanted to share with ya'll a new indicator I just found called Regular Trading Hours High and Low Reversals. It was created by Mobius.

vhQWn7H.png


thinkScript Code

Rich (BB code): 
# Regular Trading Hours High and Low Reversals
# Mobius
# V01.08.20.2018 Chat Room Request
# Alerts added by BenTen at useThinkScript.com

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;

     LOD_h_line.SetDefaultColor(createColor(25,180,25));

     LOD_h_line.hideBubble();

     LOD_h_line.hideTitle();

def upBar = if c crosses above LOD_H_line and RTH

            then x

            else upBar[1];

plot ArrowUP = if x == highestAll(upBar)

               then l - (2*TickSize())

               else nan;

     ArrowUP.SetPaintingStrategy(PaintingStrategy.Arrow_UP);

     ArrowUP.SetLineWeight(3);

     ArrowUP.SetDefaultColor(createColor(25,180,25));

     ArrowUP.HideBubble();

     ArrowUP.HideTitle();

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;

     HOD_l_line.SetDefaultColor(createColor(75, 55, 175));

     HOD_l_line.HideTitle();

     HOD_l_line.HideBubble();

def dnBar = if c crosses below HOD_l_line

            then x

            else dnBar[1];

plot ArrowDN = if x == highestAll(dnBar)

               then h + (2*TickSize())

               else nan;

     ArrowDN.SetPaintingStrategy(PaintingStrategy.Arrow_DOWN);

     ArrowDN.SetLineWeight(3);

     ArrowDN.SetDefaultColor(createColor(75,55,175));

     ArrowDN.HideBubble();

     ArrowDN.HideTitle();

# Alerts
Alert(ArrowUP, " ", Alert.Bar, Sound.Chimes);
Alert(ArrowDN, " ", Alert.Bar, Sound.Bell);
# End Code

Shareable Link

https://tos.mx/rNBdj3

High and Low Reversals Strategy for Day Trading

This indicator look for potential reversal after a stock just hit high of the day. It will tell you when to short via a down arrow. The purple line indicates where to cut your losses.

Rules:
  1. Buy when up or down arrow appears
  2. If any of the candles after the initial signal closed above the purple line then the reversal play is no longer playable. It's time to cut.

Examples:

Ap4bA99.png


tfVW3Sr.png


sHNQ1A7.png


I personally use this strategy on the 5 min. timeframe.

Happy trading.

Video Tutorial

Click to expand...
Thanks for sharing. I have two questions. 1. Could this be used on higher time frames? 2.Could you explain "initial signal closed above the purple line"? Is the initial signal the arrow?
 
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BenTen said:
Wanted to share with ya'll a new indicator I just found called Regular Trading Hours High and Low Reversals. It was created by Mobius.

vhQWn7H.png


thinkScript Code

Rich (BB code): 
# Regular Trading Hours High and Low Reversals
# Mobius
# V01.08.20.2018 Chat Room Request
# Alerts added by BenTen at useThinkScript.com

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;

     LOD_h_line.SetDefaultColor(createColor(25,180,25));

     LOD_h_line.hideBubble();

     LOD_h_line.hideTitle();

def upBar = if c crosses above LOD_H_line and RTH

            then x

            else upBar[1];

plot ArrowUP = if x == highestAll(upBar)

               then l - (2*TickSize())

               else nan;

     ArrowUP.SetPaintingStrategy(PaintingStrategy.Arrow_UP);

     ArrowUP.SetLineWeight(3);

     ArrowUP.SetDefaultColor(createColor(25,180,25));

     ArrowUP.HideBubble();

     ArrowUP.HideTitle();

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;

     HOD_l_line.SetDefaultColor(createColor(75, 55, 175));

     HOD_l_line.HideTitle();

     HOD_l_line.HideBubble();

def dnBar = if c crosses below HOD_l_line

            then x

            else dnBar[1];

plot ArrowDN = if x == highestAll(dnBar)

               then h + (2*TickSize())

               else nan;

     ArrowDN.SetPaintingStrategy(PaintingStrategy.Arrow_DOWN);

     ArrowDN.SetLineWeight(3);

     ArrowDN.SetDefaultColor(createColor(75,55,175));

     ArrowDN.HideBubble();

     ArrowDN.HideTitle();

# Alerts
Alert(ArrowUP, " ", Alert.Bar, Sound.Chimes);
Alert(ArrowDN, " ", Alert.Bar, Sound.Bell);
# End Code

Shareable Link

https://tos.mx/rNBdj3

High and Low Reversals Strategy for Day Trading

This indicator look for potential reversal after a stock just hit high of the day. It will tell you when to short via a down arrow. The purple line indicates where to cut your losses.

Rules:
  1. Buy when up or down arrow appears
  2. If any of the candles after the initial signal closed above the purple line then the reversal play is no longer playable. It's time to cut.

Examples:

Ap4bA99.png


tfVW3Sr.png


sHNQ1A7.png


I personally use this strategy on the 5 min. timeframe.

Happy trading.

Video Tutorial

Click to expand...
i really like this,

what are the conditions for the repaint ?

also how can i set a notifications based on this indicator ?

thanks
 
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Thomas said:
Here's my chart,...seems to be alot on it, but, if you wait awhile before changing anything and study what's available,...it's a simple chart that uses the volstops as exits to stay in trade or out, plus the candle colors......https://tos.mx/l3gN0pq
Click to expand...
Thomas so on your chart only the arrows repaint or the cyan and magenta candles also repaint?
 
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Does anyone know if there is a version of "High Low Reversal for Day Trading" which can be applied to Day chart or Weekly chart? That would be good for Swing trading. Thanks.
 
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